Avita Medical Inc. (NASDAQ:RCEL) Receives $6.63 Consensus Price Target from Analysts

Shares of Avita Medical Inc. (NASDAQ:RCEL) have been given an average recommendation of “Hold” by the six research firms that are presently covering the stock, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $6.6250.

A number of equities research analysts recently commented on the company. Lake Street Capital increased their price target on Avita Medical from $3.00 to $3.50 and gave the company a “hold” rating in a research report on Friday, January 16th. Zacks Research upgraded shares of Avita Medical from a “strong sell” rating to a “hold” rating in a research note on Friday, December 19th. Northland Securities initiated coverage on shares of Avita Medical in a report on Thursday, March 5th. They issued an “outperform” rating and a $10.00 target price for the company. D. Boral Capital reissued a “buy” rating and set a $10.00 price target on shares of Avita Medical in a research report on Tuesday, February 17th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Avita Medical in a report on Monday, December 29th.

Avita Medical Stock Performance

Shares of NASDAQ RCEL opened at $3.84 on Friday. The stock has a market cap of $117.62 million, a price-to-earnings ratio of -2.19 and a beta of 1.77. Avita Medical has a fifty-two week low of $3.22 and a fifty-two week high of $10.29. The firm’s 50-day simple moving average is $4.36 and its 200 day simple moving average is $4.23.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Geode Capital Management LLC increased its position in shares of Avita Medical by 44.6% during the 4th quarter. Geode Capital Management LLC now owns 479,185 shares of the company’s stock valued at $1,654,000 after purchasing an additional 147,722 shares during the last quarter. Divisadero Street Capital Management LP purchased a new position in shares of Avita Medical in the 3rd quarter worth about $511,000. AQR Capital Management LLC bought a new position in Avita Medical during the first quarter valued at about $799,000. Bridgeway Capital Management LLC grew its position in Avita Medical by 213.8% during the third quarter. Bridgeway Capital Management LLC now owns 118,004 shares of the company’s stock valued at $603,000 after buying an additional 80,404 shares during the period. Finally, Brooklyn Investment Group increased its holdings in Avita Medical by 48,965.5% during the third quarter. Brooklyn Investment Group now owns 58,388 shares of the company’s stock worth $298,000 after buying an additional 58,269 shares during the last quarter. Hedge funds and other institutional investors own 27.66% of the company’s stock.

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.