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

Research analysts at Northland Securities assumed coverage on shares of Avita Medical (NASDAQ:RCEL) in a research report issued on Thursday, MarketBeat reports. The brokerage set an “outperform” rating and a $10.00 price target on the stock. Northland Securities’ price target would indicate a potential upside of 110.53% from the company’s previous close.

A number of other equities research analysts have also issued reports on the stock. BTIG Research upgraded shares of Avita Medical from a “sell” rating to a “neutral” rating in a report on Thursday, November 20th. 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. Lake Street Capital boosted their target price 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. Zacks Research upgraded Avita Medical from a “strong sell” rating to a “hold” rating in a report on Friday, December 19th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a research report on Monday, December 29th. Two investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $6.63.

Avita Medical Trading Down 0.6%

RCEL stock opened at $4.75 on Thursday. Avita Medical has a one year low of $3.22 and a one year high of $10.29. The firm has a 50-day moving average of $4.13 and a two-hundred day moving average of $4.24. The firm has a market capitalization of $145.49 million, a PE ratio of -2.71 and a beta of 1.77.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. AQR Capital Management LLC acquired a new position in Avita Medical in the 1st quarter valued at approximately $799,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Avita Medical during the 1st quarter valued at $374,000. Jane Street Group LLC grew its holdings in shares of Avita Medical by 20.4% during the 1st quarter. Jane Street Group LLC now owns 63,744 shares of the company’s stock valued at $519,000 after acquiring an additional 10,789 shares in the last quarter. Strs Ohio acquired a new position in shares of Avita Medical in the first quarter worth $116,000. Finally, Rhumbline Advisers raised its holdings in shares of Avita Medical by 8.8% during the second quarter. Rhumbline Advisers now owns 42,168 shares of the company’s stock worth $223,000 after acquiring an additional 3,393 shares in the last quarter. 27.66% of the stock is owned by hedge funds and other institutional investors.

Avita Medical Company Profile

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.