Avita Medical Inc. (NASDAQ:RCEL) Receives $11.40 Consensus Target Price from Analysts

Shares of Avita Medical Inc. (NASDAQ:RCEL) have earned an average rating of “Moderate Buy” from the seven brokerages that are currently covering the company, Marketbeat reports. One analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company. The average 1-year price target among analysts that have issued a report on the stock in the last year is $11.40.

Several analysts have recently commented on the stock. Weiss Ratings restated a “sell (e+)” rating on shares of Avita Medical in a research note on Wednesday, June 24th. Wall Street Zen upgraded shares of Avita Medical from a “sell” rating to a “hold” rating in a research note on Sunday, August 2nd. TD Cowen raised their price objective on shares of Avita Medical from $12.00 to $14.00 and gave the company a “buy” rating in a research report on Wednesday, August 19th. BTIG Research lifted their price objective on Avita Medical from $7.00 to $11.00 and gave the company a “buy” rating in a report on Wednesday, August 19th. Finally, Lake Street Capital boosted their target price on Avita Medical from $8.00 to $12.00 and gave the stock a “buy” rating in a research report on Friday, August 28th.

Avita Medical Stock Down 1.8%

RCEL opened at $11.02 on Friday. The business has a 50 day moving average price of $7.87 and a two-hundred day moving average price of $5.59. The company has a market cap of $339.20 million, a PE ratio of -7.65 and a beta of 2.02. Avita Medical has a 52 week low of $3.22 and a 52 week high of $11.39.

Avita Medical (NASDAQ:RCEL) last released its earnings results on Thursday, August 6th. The company reported ($0.25) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.29) by $0.04. The company had revenue of $21.70 million during the quarter, compared to analyst estimates of $20.25 million. As a group, sell-side analysts expect that Avita Medical will post -0.98 EPS for the current fiscal year.

Institutional Investors Weigh In On Avita Medical

A number of hedge funds and other institutional investors have recently modified their holdings of RCEL. Aristides Capital LLC purchased a new stake in shares of Avita Medical during the 4th quarter worth approximately $48,000. R Squared Ltd purchased a new position in Avita Medical in the 1st quarter valued at approximately $57,000. Abel Hall LLC purchased a new position in Avita Medical in the 1st quarter valued at approximately $62,000. Quantinno Capital Management LP acquired a new position in Avita Medical during the first quarter worth $83,000. Finally, Squarepoint Ops LLC acquired a new position in Avita Medical during the second quarter worth $95,000. 27.66% of the stock is currently owned by institutional investors and hedge funds.

About Avita Medical

AVITA Medical, Inc is a regenerative medicine company focused on developing and commercializing treatments that use a patient’s own skin cells to support the healing of wounds and tissue defects. Its primary product is the RECELL Autologous Cell Harvesting Device, which enables clinicians to prepare a suspension of a patient’s skin cells at the point of care for application to damaged areas.

RECELL is designed to assist with the treatment of thermal burn wounds and certain full-thickness skin defects.