Northland Securities Begins Coverage on Avita Medical (NASDAQ:RCEL)

Equities researchers at Northland Securities assumed coverage on shares of Avita Medical (NASDAQ:RCEL) in a research report issued on Thursday. The brokerage set an “outperform” rating and a $10.00 price target on the stock. Northland Securities’ price target indicates a potential upside of 101.61% from the company’s current price.

A number of other equities research analysts have also issued reports on RCEL. BTIG Research raised shares of Avita Medical from a “sell” rating to a “neutral” rating in a report on Thursday, November 20th. Lake Street Capital upped their price objective on shares of Avita Medical from $3.00 to $3.50 and gave the company 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 research note on Monday, December 29th. Zacks Research upgraded Avita Medical from a “strong sell” rating to a “hold” rating in a research report on Friday, December 19th. Finally, D. Boral Capital reiterated a “buy” rating and set a $10.00 price objective on shares of Avita Medical in a research report on Tuesday, February 17th. Two equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $6.63.

Avita Medical Price Performance

Shares of Avita Medical stock opened at $4.96 on Thursday. The stock has a market capitalization of $151.92 million, a P/E ratio of -2.83 and a beta of 1.77. The business has a 50 day simple moving average of $4.08 and a two-hundred day simple moving average of $4.25. Avita Medical has a 12 month low of $3.22 and a 12 month high of $10.29.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in RCEL. Deutsche Bank AG grew its stake in shares of Avita Medical by 1,351.5% in the fourth quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock valued at $27,000 after buying an additional 7,352 shares in the last quarter. Russell Investments Group Ltd. lifted its holdings in Avita Medical by 122.2% during the 4th quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock worth $28,000 after buying an additional 4,425 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in Avita Medical in the 3rd quarter valued at approximately $32,000. Aristides Capital LLC acquired a new position in shares of Avita Medical in the fourth quarter worth $48,000. Finally, The Manufacturers Life Insurance Company acquired a new position in shares of Avita Medical in the second quarter worth $58,000. 27.66% of the stock is currently 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.