Analysts Set Avita Medical Inc. (NASDAQ:RCEL) PT at $7.00

Shares of Avita Medical Inc. (NASDAQ:RCEL) have been given a consensus rating of “Hold” by the five analysts that are presently covering the stock, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has issued a buy recommendation on the company. The average 12 month price target among brokers that have issued ratings on the stock in the last year is $7.00.

Several equities research analysts recently weighed in on the company. BTIG Research upgraded Avita Medical from a “sell” rating to a “neutral” rating in a report on Thursday, November 20th. Lake Street Capital downgraded Avita Medical from a “buy” rating to a “hold” rating and lowered their price objective for the company from $8.00 to $4.00 in a research report on Friday, October 17th. D. Boral Capital reissued a “buy” rating and set a $14.00 price objective on shares of Avita Medical in a research note on Friday, November 7th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a research note on Monday, December 29th. Finally, Zacks Research upgraded shares of Avita Medical from a “strong sell” rating to a “hold” rating in a report on Friday, December 19th.

Avita Medical Stock Down 0.3%

Shares of NASDAQ:RCEL opened at $3.28 on Tuesday. The stock has a market cap of $100.01 million, a PE ratio of -1.81 and a beta of 1.70. The company’s fifty day moving average is $3.60 and its 200 day moving average is $4.57. Avita Medical has a 52 week low of $3.22 and a 52 week high of $11.25.

Avita Medical (NASDAQ:RCEL) last posted its quarterly earnings results on Thursday, November 6th. The company reported ($0.46) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.43) by ($0.03). The business had revenue of $17.06 million for the quarter, compared to analyst estimates of $29.39 million. Sell-side analysts anticipate that Avita Medical will post -0.95 EPS for the current year.

Hedge Funds Weigh In On Avita Medical

Several hedge funds and other institutional investors have recently modified their holdings of RCEL. Divisadero Street Capital Management LP bought a new stake in shares of Avita Medical in the third quarter worth about $511,000. AQR Capital Management LLC bought a new position in Avita Medical during the 1st quarter valued at approximately $799,000. Bridgeway Capital Management LLC lifted its holdings in Avita Medical by 213.8% in the 3rd quarter. Bridgeway Capital Management LLC now owns 118,004 shares of the company’s stock worth $603,000 after buying an additional 80,404 shares during the period. Brooklyn Investment Group grew its position in shares of Avita Medical by 48,965.5% in the 3rd quarter. Brooklyn Investment Group now owns 58,388 shares of the company’s stock worth $298,000 after buying an additional 58,269 shares during the last quarter. Finally, Jacobs Levy Equity Management Inc. bought a new stake in shares of Avita Medical in the 1st quarter worth approximately $374,000. 27.66% of the stock is owned by institutional investors.

About Avita Medical

Avita Medical, Inc (NASDAQ: RCEL) is a regenerative medicine company focused on the development and commercialization of cell‐based therapies for acute and chronic wounds. Its flagship technology, the ReCell® Autologous Cell Harvesting Device, enables clinicians to create a suspension of a patient’s own skin cells at the point of care. The system is designed to accelerate wound healing, minimize donor‐site requirements and reduce scarring for patients suffering from burns, traumatic wounds and a variety of surgical and reconstructive procedures.

Founded in 2009 and headquartered in Carlsbad, California, Avita Medical has secured regulatory clearances in key markets, including CE mark approval in the European Union and 510(k) clearance from the U.S.