Avita Medical (NASDAQ:RCEL) Rating Lowered to Sell at Wall Street Zen

Avita Medical (NASDAQ:RCEL) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued on Saturday.

Several other research analysts also recently commented on the stock. TD Cowen reissued a “buy” rating on shares of Avita Medical in a research note on Tuesday, June 30th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a research note on Wednesday, June 24th. D. Boral Capital reaffirmed a “buy” rating and set a $10.00 target price on shares of Avita Medical in a report on Wednesday, April 8th. Finally, Lake Street Capital upgraded shares of Avita Medical from a “hold” rating to a “buy” rating and lifted their target price for the stock from $3.50 to $6.00 in a research report on Friday, May 15th. Four investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Avita Medical presently has an average rating of “Hold” and an average target price of $7.25.

Avita Medical Stock Performance

Shares of Avita Medical stock opened at $4.61 on Friday. The firm has a market capitalization of $141.90 million, a PE ratio of -2.94 and a beta of 1.86. Avita Medical has a 12 month low of $3.22 and a 12 month high of $7.12. The business’s 50-day moving average price is $4.37 and its 200-day moving average price is $4.32.

Avita Medical (NASDAQ:RCEL) last released its earnings results on Thursday, May 14th. The company reported ($0.35) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.35). The firm had revenue of $19.25 million during the quarter, compared to the consensus estimate of $18.30 million. As a group, analysts predict that Avita Medical will post -1.09 earnings per share for the current fiscal year.

Insider Transactions at Avita Medical

In related news, Director Joseph Fralin Woody purchased 10,000 shares of Avita Medical stock in a transaction that occurred on Tuesday, June 9th. The shares were acquired at an average cost of $4.19 per share, for a total transaction of $41,900.00. Following the transaction, the director directly owned 102,761 shares in the company, valued at $430,568.59. The trade was a 10.78% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In the last 90 days, insiders purchased 37,200 shares of company stock worth $155,080. 2.24% of the stock is owned by company insiders.

Institutional Trading of Avita Medical

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Deutsche Bank AG boosted its stake in shares of Avita Medical by 1,351.5% during the fourth quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock valued at $27,000 after purchasing an additional 7,352 shares during the period. Russell Investments Group Ltd. increased its stake in shares of Avita Medical by 122.2% in the fourth 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 during the period. The Manufacturers Life Insurance Company purchased a new position in shares of Avita Medical in the second quarter worth $58,000. Aristides Capital LLC bought a new stake in Avita Medical during the 4th quarter valued at $48,000. Finally, Strs Ohio bought a new stake in Avita Medical during the 1st quarter valued at $116,000. 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.