Avita Medical (NASDAQ:RCEL) Reaches New 52-Week High – What’s Next?

Avita Medical Inc. (NASDAQ:RCEL)’s stock price hit a new 52-week high during trading on Wednesday. The company traded as high as $16.56 and last traded at $16.5150, with a volume of 205,422 shares changing hands. The stock had previously closed at $16.08.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Lake Street Capital boosted their price objective on Avita Medical from $8.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Wall Street Zen raised Avita Medical from a “sell” rating to a “hold” rating in a research note on Sunday, August 2nd. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a research note on Monday, September 21st. TD Cowen lifted their target price on Avita Medical from $12.00 to $14.00 and gave the stock a “buy” rating in a report on Wednesday, August 19th. Finally, BTIG Research lifted their target price on Avita Medical from $11.00 to $15.00 and gave the stock a “buy” rating in a report on Monday, October 12th. Five investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $12.20.

Avita Medical Stock Performance

The company’s fifty day moving average price is $11.84 and its 200-day moving average price is $6.35. The stock has a market cap of $508.79 million, a P/E ratio of -11.49 and a beta of 1.99.

Avita Medical (NASDAQ:RCEL) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.25) EPS for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The firm had revenue of $21.70 million for the quarter, compared to analysts’ expectations of $20.25 million. Analysts anticipate that Avita Medical Inc. will post -0.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of RCEL. Harpswell Capital Advisors LLC purchased a new stake in shares of Avita Medical in the third quarter worth approximately $150,000. R Squared Ltd purchased a new position in Avita Medical during the 1st quarter valued at $57,000. China Universal Asset Management Co. Ltd. boosted its holdings in 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 valued at $191,000 after acquiring an additional 3,500 shares during the period. Abel Hall LLC purchased a new position in Avita Medical during the 1st quarter valued at $62,000. Finally, Quantinno Capital Management LP bought a new position in Avita Medical in the 1st quarter valued at $83,000. Institutional investors own 27.66% of the company’s stock.

Avita Medical Company Profile

Avita Medical, Inc (NASDAQ: RCEL) is a regenerative medicine company focused on developing and commercializing therapies that use a patient’s own cells to help restore damaged skin and tissue. Its lead product is the RECELL System, an autologous cell-harvesting device designed to prepare a suspension of a patient’s skin cells at the point of care for application to wounds.

RECELL is used in the treatment of certain thermal burn wounds and other skin injuries. The system is intended to support wound healing and may reduce the amount of donor skin required for grafting by enabling clinicians to create a cell suspension from a small sample of the patient’s healthy skin.