Avita Medical (NASDAQ:RCEL) Coverage Initiated by Analysts at Northland Securities

Northland Securities initiated coverage on shares of Avita Medical (NASDAQ:RCEL) in a research note published on Thursday morning, Marketbeat reports. The firm issued an outperform rating and a $10.00 price target on the stock.

Other equities analysts have also recently issued reports about the company. Zacks Research raised Avita Medical from a “strong sell” rating to a “hold” rating in a report on Friday, December 19th. Lake Street Capital upped their price target on Avita Medical from $3.00 to $3.50 and gave the company a “hold” rating in a research report on Friday, January 16th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Avita Medical in a research note on Monday, December 29th. BTIG Research upgraded shares of Avita Medical from a “sell” rating to a “neutral” rating in a research note on Thursday, November 20th. Finally, D. Boral Capital reaffirmed a “buy” rating and issued a $10.00 target price on shares of Avita Medical in a report on Tuesday, February 17th. Two equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $6.63.

Avita Medical Stock Performance

Shares of Avita Medical stock opened at $4.78 on Thursday. The firm has a market cap of $146.41 million, a P/E ratio of -2.73 and a beta of 1.77. The firm’s 50-day simple moving average is $4.10 and its 200-day simple moving average is $4.25. Avita Medical has a twelve month low of $3.22 and a twelve month high of $10.29.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in RCEL. Jain Global LLC bought a new stake in Avita Medical during the 4th quarter worth about $83,000. Curi Capital LLC bought a new position in shares of Avita Medical in the second quarter worth about $100,000. Gabelli Funds LLC acquired a new position in shares of Avita Medical during the second quarter worth approximately $185,000. Bridgeway Capital Management LLC bought a new stake in shares of Avita Medical during the second quarter valued at approximately $199,000. Finally, Rhumbline Advisers increased its holdings in shares of Avita Medical by 8.8% in the second quarter. Rhumbline Advisers now owns 42,168 shares of the company’s stock valued at $223,000 after purchasing an additional 3,393 shares in the last quarter. 27.66% of the stock is owned by institutional investors.

Avita Medical Company Profile

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.