Avita Medical Inc. (NASDAQ:RCEL) Receives $7.25 Average Target Price from Brokerages

Avita Medical Inc. (NASDAQ:RCEL) has been assigned an average rating of “Hold” from the seven brokerages that are presently covering the firm, MarketBeat.com reports. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have given a buy rating to the company. The average 1 year target price among brokerages that have issued ratings on the stock in the last year is $7.25.

A number of research firms recently commented on RCEL. TD Cowen reiterated a “buy” rating on shares of Avita Medical in a report on Tuesday, June 30th. Lake Street Capital raised shares of Avita Medical from a “hold” rating to a “buy” rating and increased their target price for the company from $3.50 to $6.00 in a research note on Friday, May 15th. Wall Street Zen cut shares of Avita Medical from a “hold” rating to a “sell” rating in a report on Saturday. D. Boral Capital restated a “buy” rating and issued a $10.00 price target on shares of Avita Medical in a research report on Wednesday, April 8th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a report on Wednesday, June 24th.

Insider Buying and Selling at Avita Medical

In related news, Director Joseph Fralin Woody acquired 10,000 shares of Avita Medical stock in a transaction dated Tuesday, June 9th. The stock was acquired at an average cost of $4.19 per share, with a total value of $41,900.00. Following the purchase, the director directly owned 102,761 shares in the company, valued at $430,568.59. The trade was a 10.78% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Over the last three months, insiders acquired 37,200 shares of company stock worth $155,080. Company insiders own 2.24% of the company’s stock.

Institutional Investors Weigh In On Avita Medical

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Deutsche Bank AG lifted its holdings 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 last quarter. Russell Investments Group Ltd. increased its stake in Avita Medical by 122.2% in the 4th quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock worth $28,000 after purchasing an additional 4,425 shares in the last quarter. Aristides Capital LLC purchased a new position in Avita Medical in the 4th quarter worth about $48,000. R Squared Ltd purchased a new position in Avita Medical in the 1st quarter worth about $57,000. Finally, The Manufacturers Life Insurance Company acquired a new stake in Avita Medical during the 2nd quarter worth about $58,000. 27.66% of the stock is owned by institutional investors and hedge funds.

Avita Medical Stock Up 3.0%

NASDAQ:RCEL opened at $4.75 on Friday. The business’s 50-day moving average price is $4.38 and its 200 day moving average price is $4.33. Avita Medical has a 52-week low of $3.22 and a 52-week high of $7.12. The firm has a market cap of $146.19 million, a P/E ratio of -3.03 and a beta of 1.86.

Avita Medical (NASDAQ:RCEL) last issued its quarterly earnings results on Thursday, May 14th. The company reported ($0.35) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.35). The business had revenue of $19.25 million during the quarter, compared to analyst estimates of $18.30 million. Sell-side analysts expect that Avita Medical will post -1.09 EPS for the current year.

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.