Avita Medical (NASDAQ:RCEL) Price Target Raised to $20.00

Avita Medical (NASDAQ:RCEL) had its price target lifted by Lake Street Capital from $12.00 to $20.00 in a report published on Friday morning,Benzinga reports. They currently have a buy rating on the stock.

A number of other analysts also recently weighed in on RCEL. Wall Street Zen raised shares of Avita Medical from a “sell” rating to a “hold” rating in a report on Sunday, August 2nd. TD Cowen restated a “buy” rating on shares of Avita Medical in a research report on Tuesday, November 3rd. BTIG Research boosted their price objective on shares of Avita Medical from $15.00 to $21.00 and gave the stock a “buy” rating in a report on Friday. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Avita Medical in a report on Monday, September 21st. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.00.

Avita Medical Price Performance

Shares of RCEL stock opened at $16.59 on Friday. Avita Medical has a 12 month low of $3.22 and a 12 month high of $18.07. The firm has a market cap of $521.26 million, a PE ratio of -14.06 and a beta of 2.03. The stock has a 50 day moving average of $12.77 and a 200-day moving average of $6.85.

Avita Medical (NASDAQ:RCEL) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.24) by $0.04. The company had revenue of $26.11 million during the quarter, compared to analyst estimates of $22.35 million. As a group, equities analysts predict that Avita Medical will post -0.98 EPS for the current fiscal year.

Institutional Trading of Avita Medical

Several institutional investors have recently modified their holdings of RCEL. BlackRock Inc. bought a new stake in shares of Avita Medical during the second quarter valued at approximately $2,333,000. NewEdge Advisors LLC raised its stake in shares of Avita Medical by 71.4% in the second quarter. NewEdge Advisors LLC now owns 148,931 shares of the company’s stock valued at $615,000 after purchasing an additional 62,046 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Avita Medical by 47.7% in the third 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 in the last quarter. Jefferies Financial Group Inc. bought a new position in Avita Medical in the third quarter worth $440,000. Finally, Bank of America Corp DE lifted its position in Avita Medical by 145.3% in the first quarter. Bank of America Corp DE now owns 62,128 shares of the company’s stock worth $230,000 after purchasing an additional 36,799 shares during the period. Institutional investors and hedge funds own 27.66% of the company’s stock.

About Avita Medical

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.