Analysts Set Avita Medical Inc. (NASDAQ:RCEL) Target Price at $5.50

Avita Medical Inc. (NASDAQ:RCEL) has received a consensus recommendation of “Hold” from the five brokerages that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $5.50.

RCEL has been the subject of a number of research reports. BTIG Research raised Avita Medical from a “sell” rating to a “neutral” rating in a report on Thursday, November 20th. Lake Street Capital lifted their price objective on shares of Avita Medical from $3.00 to $3.50 and gave the stock a “hold” rating in a research note on Friday, January 16th. Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a report on Monday, December 29th. Zacks Research raised shares of Avita Medical from a “strong sell” rating to a “hold” rating in a report on Friday, December 19th. Finally, D. Boral Capital reiterated a “buy” rating and issued a $10.00 price target on shares of Avita Medical in a research note on Monday, January 26th.

Avita Medical Stock Down 3.9%

Shares of NASDAQ:RCEL opened at $4.24 on Friday. Avita Medical has a 12-month low of $3.22 and a 12-month high of $11.25. The business has a 50 day moving average of $3.67 and a 200-day moving average of $4.39. The stock has a market cap of $129.28 million, a PE ratio of -2.34 and a beta of 1.78.

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

Institutional Trading of Avita Medical

Several large investors have recently modified their holdings of the stock. Farther Finance Advisors LLC acquired a new position in Avita Medical in the third quarter valued at about $32,000. The Manufacturers Life Insurance Company acquired a new stake in Avita Medical during the second quarter worth about $58,000. Strs Ohio bought a new position in Avita Medical in the 1st quarter valued at about $116,000. PharVision Advisers LLC acquired a new position in shares of Avita Medical in the 2nd quarter valued at approximately $87,000. Finally, Curi Capital LLC bought a new stake in shares of Avita Medical during the 2nd quarter worth approximately $100,000. 27.66% of the stock is owned by institutional investors and hedge funds.

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.