BTIG Research Forecasts Strong Price Appreciation for Avita Medical (NASDAQ:RCEL) Stock

Avita Medical (NASDAQ:RCEL) had its price target raised by equities research analysts at BTIG Research from $11.00 to $15.00 in a research note issued to investors on Monday, Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research’s price target would indicate a potential upside of 12.28% from the company’s previous close.

A number of other equities research analysts also recently issued reports on the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Avita Medical in a research report on Monday, September 21st. TD Cowen boosted their target price on Avita Medical from $12.00 to $14.00 and gave the stock a “buy” rating in a research report on Wednesday, August 19th. Wall Street Zen upgraded Avita Medical from a “sell” rating to a “hold” rating in a research note on Sunday, August 2nd. Finally, Lake Street Capital upped their target price on Avita Medical from $8.00 to $12.00 and gave the stock a “buy” rating in a research note on Friday, August 28th. Five equities research analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $12.20.

Avita Medical Trading Down 0.1%

Avita Medical stock opened at $13.36 on Monday. Avita Medical has a 1-year low of $3.22 and a 1-year high of $13.73. The firm has a market capitalization of $411.22 million, a PE ratio of -9.28 and a beta of 1.99. The firm’s 50 day simple moving average is $10.47 and its 200 day simple moving average is $6.53.

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

Hedge Funds Weigh In On Avita Medical

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Harpswell Capital Advisors LLC bought a new stake in shares of Avita Medical during the 3rd quarter worth $150,000. NewEdge Advisors LLC grew its position in Avita Medical by 71.4% in the second quarter. NewEdge Advisors LLC now owns 148,931 shares of the company’s stock worth $615,000 after acquiring an additional 62,046 shares in the last quarter. Squarepoint Ops LLC bought a new position in Avita Medical in the second quarter valued at $95,000. Bank of America Corp DE bought a new position in Avita Medical in the second quarter valued at $213,000. Finally, Ieq Capital LLC bought a new position in Avita Medical in the second quarter valued at $134,000. Hedge funds and other institutional investors own 27.66% of the company’s stock.

Avita Medical Company Profile

Avita Medical is a regenerative medicine company focused on developing and commercializing technologies that use a patient’s own cells to support skin repair and healing. The company’s platform is designed to create a suspension of regenerative cells from a small sample of healthy skin, which can then be applied to damaged areas.

Its primary product is the RECELL Autologous Cell Harvesting Device, a point-of-care system that prepares a patient’s skin cells for use in treating thermal burn wounds.