Avita Medical (NASDAQ:RCEL) Price Target Raised to $22.00

Avita Medical (NASDAQ:RCEL) had its price target upped by TD Cowen from $20.00 to $22.00 in a research note published on Thursday,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts also recently commented on the stock. BTIG Research upped their price objective on shares of Avita Medical from $15.00 to $21.00 and gave the company a “buy” rating in a report on Friday, November 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Avita Medical in a research note on Monday, September 21st. Lake Street Capital lifted their target price on shares of Avita Medical from $12.00 to $20.00 and gave the stock a “buy” rating in a report on Friday, November 6th. Finally, Wall Street Zen upgraded shares of Avita Medical from a “sell” rating to a “hold” rating in a research note on Sunday, August 2nd. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $16.60.

Avita Medical Stock Performance

NASDAQ:RCEL traded down $0.57 during mid-day trading on Thursday, hitting $15.63. The stock had a trading volume of 497,276 shares, compared to its average volume of 575,372. The company’s 50 day simple moving average is $13.40 and its 200 day simple moving average is $7.16. The stock has a market cap of $491.09 million, a price-to-earnings ratio of -13.25 and a beta of 2.03. Avita Medical has a twelve month low of $3.22 and a twelve month high of $18.43.

Avita Medical (NASDAQ:RCEL) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.24) by $0.04. The business had revenue of $26.11 million during the quarter, compared to the consensus estimate of $22.35 million. As a group, equities analysts forecast that Avita Medical will post -0.94 earnings per share for the current year.

Institutional Investors Weigh In On Avita Medical

Hedge funds and other institutional investors have recently modified their holdings of the company. Marshall Wace LLP raised its stake in Avita Medical by 107.1% in the 3rd quarter. Marshall Wace LLP now owns 700,745 shares of the company’s stock worth $8,220,000 after purchasing an additional 362,358 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in Avita Medical by 47.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 41,449 shares of the company’s stock valued at $486,000 after purchasing an additional 13,395 shares during the period. Jefferies Financial Group Inc. acquired a new position in shares of Avita Medical during the 3rd quarter worth approximately $440,000. China Universal Asset Management Co. Ltd. grew its position in shares of Avita Medical by 28.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 16,000 shares of the company’s stock worth $191,000 after purchasing an additional 3,500 shares in the last quarter. Finally, Harpswell Capital Advisors LLC acquired a new position in shares of Avita Medical during the 3rd quarter worth approximately $150,000. Institutional investors and hedge funds own 27.66% of the company’s stock.

Avita Medical Company Profile

AVITA Medical is a regenerative medicine company focused on treatments for skin restoration. Its flagship technology, the RECELL System, enables clinicians to use a small sample of a patient’s healthy skin to prepare a suspension of skin cells for application to wounds. The company’s RECELL products are used in the treatment of burns and certain other skin injuries, including full-thickness skin defects. The approach is intended to support wound coverage while reducing the amount of donor skin needed compared with conventional skin-grafting procedures.