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

Avita Medical Inc. (NASDAQ:RCEL) has been given an average recommendation of “Moderate Buy” by the seven analysts that are currently covering the firm, MarketBeat.com reports. One investment 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 price objective among brokers that have covered the stock in the last year is $11.40.

Several equities research analysts have recently weighed in on the company. Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a research report on Wednesday, June 24th. TD Cowen raised their price target on shares of Avita Medical from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. BTIG Research raised their price target on shares of Avita Medical from $7.00 to $11.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. Wall Street Zen upgraded shares of Avita Medical from a “sell” rating to a “hold” rating in a report on Sunday, August 2nd. Finally, Lake Street Capital upped their price objective on shares of Avita Medical from $8.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, August 28th.

Avita Medical Stock Up 7.4%

NASDAQ:RCEL opened at $11.22 on Friday. The company’s 50 day moving average is $7.73 and its 200-day moving average is $5.55. Avita Medical has a 12 month low of $3.22 and a 12 month high of $11.39. The firm has a market cap of $345.32 million, a price-to-earnings ratio of -7.79 and a beta of 2.02.

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

Hedge Funds Weigh In On Avita Medical

Several large investors have recently added to or reduced their stakes in RCEL. BlackRock Inc. acquired a new stake in shares of Avita Medical during the 2nd quarter worth approximately $2,333,000. NewEdge Advisors LLC increased its position in shares of Avita Medical by 71.4% during the second quarter. NewEdge Advisors LLC now owns 148,931 shares of the company’s stock valued at $615,000 after purchasing an additional 62,046 shares during the period. Bank of America Corp DE raised its stake in shares of Avita Medical by 145.3% in the first quarter. Bank of America Corp DE now owns 62,128 shares of the company’s stock valued at $230,000 after purchasing an additional 36,799 shares in the last quarter. Thompson Davis & CO. Inc. acquired a new position in shares of Avita Medical in the first quarter valued at $144,000. Finally, Ieq Capital LLC acquired a new stake in Avita Medical during the second quarter worth $134,000. Institutional investors and hedge funds own 27.66% of the company’s stock.

Avita Medical Company Profile

AVITA Medical, Inc is a regenerative medicine company focused on developing and commercializing treatments that use a patient’s own skin cells to support the healing of wounds and tissue defects. Its primary product is the RECELL Autologous Cell Harvesting Device, which enables clinicians to prepare a suspension of a patient’s skin cells at the point of care for application to damaged areas.

RECELL is designed to assist with the treatment of thermal burn wounds and certain full-thickness skin defects.