Avita Medical Inc. (NASDAQ:RCEL) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Avita Medical Inc. (NASDAQ:RCEL) have received a consensus rating of “Moderate Buy” from the seven brokerages that are presently covering the firm, Marketbeat.com reports. One analyst has rated the stock with a sell recommendation, one has assigned a hold recommendation and five have given a buy recommendation to the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $10.20.

Several equities analysts have weighed in on the company. Wall Street Zen raised Avita Medical from a “sell” rating to a “hold” rating in a research report on Sunday, August 2nd. Weiss Ratings restated a “sell (e+)” rating on shares of Avita Medical in a research report on Wednesday, June 24th. BTIG Research increased their price objective on Avita Medical from $7.00 to $11.00 and gave the company a “buy” rating in a research note on Wednesday. Lake Street Capital upgraded Avita Medical from a “hold” rating to a “buy” rating and lifted their price objective for the stock from $3.50 to $6.00 in a research report on Friday, May 15th. Finally, TD Cowen upped their target price on shares of Avita Medical from $12.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday.

Avita Medical Price Performance

Shares of NASDAQ RCEL opened at $10.06 on Wednesday. The firm’s 50-day moving average is $5.40 and its two-hundred day moving average is $4.74. The company has a market capitalization of $309.62 million, a PE ratio of -6.99 and a beta of 1.86. Avita Medical has a 12-month low of $3.22 and a 12-month high of $10.41.

Avita Medical (NASDAQ:RCEL) last issued its quarterly earnings data on Thursday, August 6th. The company reported ($0.25) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.29) by $0.04. The business had revenue of $21.70 million for the quarter, compared to analysts’ expectations of $20.25 million. On average, analysts forecast that Avita Medical will post -0.98 EPS for the current fiscal year.

Insider Buying and Selling at Avita Medical

In other news, Director Joseph Fralin Woody acquired 10,000 shares of the business’s stock in a transaction dated Tuesday, June 9th. The stock was acquired at an average price of $4.19 per share, with a total value of $41,900.00. Following the completion of the transaction, the director directly owned 102,761 shares in the company, valued at approximately $430,568.59. This represents a 10.78% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have purchased a total of 35,200 shares of company stock valued at $146,600 over the last ninety days. Insiders own 2.24% of the company’s stock.

Institutional Trading of Avita Medical

Several hedge funds and other institutional investors have recently bought and sold shares of RCEL. Rhumbline Advisers lifted its holdings in shares of Avita Medical by 8.8% during the 2nd quarter. Rhumbline Advisers now owns 42,168 shares of the company’s stock worth $223,000 after acquiring an additional 3,393 shares during the period. Russell Investments Group Ltd. grew its holdings in Avita Medical by 122.2% in the fourth quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock valued at $28,000 after purchasing an additional 4,425 shares during the period. Deutsche Bank AG increased its position in Avita Medical by 1,351.5% during the fourth quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock worth $27,000 after purchasing an additional 7,352 shares during the last quarter. Wells Fargo & Company MN increased its position in Avita Medical by 98.5% during the fourth quarter. Wells Fargo & Company MN now owns 18,832 shares of the company’s stock worth $65,000 after purchasing an additional 9,345 shares during the last quarter. Finally, Jane Street Group LLC raised its stake in Avita Medical by 20.4% during the first quarter. Jane Street Group LLC now owns 63,744 shares of the company’s stock worth $519,000 after purchasing an additional 10,789 shares during the period. 27.66% of the stock is owned by hedge funds and other institutional investors.

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.