D. Boral Capital Cuts Avita Medical (NASDAQ:RCEL) Price Target to $10.00

Avita Medical (NASDAQ:RCEL) had its price target trimmed by D. Boral Capital from $14.00 to $10.00 in a research note published on Thursday,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other analysts also recently weighed in on RCEL. Zacks Research upgraded Avita Medical from a “strong sell” rating to a “hold” rating in a research note on Friday, December 19th. Lake Street Capital downgraded Avita Medical from a “buy” rating to a “hold” rating and reduced their target price for the company from $8.00 to $4.00 in a report on Friday, October 17th. BTIG Research upgraded shares of Avita Medical from a “sell” rating to a “neutral” rating in a research report on Thursday, November 20th. Finally, Weiss Ratings reiterated a “sell (e+)” rating on shares of Avita Medical in a report on Monday, December 29th. One research analyst has rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $5.50.

Avita Medical Stock Up 12.7%

Shares of NASDAQ:RCEL opened at $3.90 on Thursday. Avita Medical has a fifty-two week low of $3.22 and a fifty-two week high of $11.25. The firm’s 50-day simple moving average is $3.58 and its 200-day simple moving average is $4.50. The company has a market cap of $118.92 million, a price-to-earnings ratio of -2.15 and a beta of 1.70.

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

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Divisadero Street Capital Management LP purchased a new stake in shares of Avita Medical in the 3rd quarter worth about $511,000. Brooklyn Investment Group lifted its holdings in shares of Avita Medical by 48,965.5% in the third quarter. Brooklyn Investment Group now owns 58,388 shares of the company’s stock valued at $298,000 after purchasing an additional 58,269 shares in the last quarter. Bridgeway Capital Management LLC grew its position in shares of Avita Medical by 213.8% in the third quarter. Bridgeway Capital Management LLC now owns 118,004 shares of the company’s stock valued at $603,000 after purchasing an additional 80,404 shares during the last quarter. Strs Ohio increased its stake in shares of Avita Medical by 233.6% during the 3rd quarter. Strs Ohio now owns 47,700 shares of the company’s stock worth $244,000 after purchasing an additional 33,400 shares in the last quarter. Finally, Farther Finance Advisors LLC acquired a new position in shares of Avita Medical during the 3rd quarter worth approximately $32,000. Hedge funds and other institutional investors own 27.66% of the company’s stock.

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.