Avita Medical Inc. (NASDAQ:RCEL) Receives $5.50 Average Price Target from Brokerages

Avita Medical Inc. (NASDAQ:RCEL) has been given an average rating of “Hold” by the five research firms that are presently covering the company, MarketBeat Ratings reports. One investment analyst has rated the stock with a sell rating, three have given a hold rating and one has assigned a buy rating to the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $5.50.

A number of brokerages have weighed in on RCEL. D. Boral Capital restated a “buy” rating and issued a $10.00 target price on shares of Avita Medical in a research note on Tuesday, February 17th. Weiss Ratings reiterated a “sell (e+)” rating on shares of Avita Medical in a research report on Monday, December 29th. Lake Street Capital upped their price objective on shares of Avita Medical from $3.00 to $3.50 and gave the stock a “hold” rating in a research report on Friday, January 16th. Zacks Research raised shares of Avita Medical from a “strong sell” rating to a “hold” rating in a research note on Friday, December 19th. Finally, BTIG Research upgraded shares of Avita Medical from a “sell” rating to a “neutral” rating in a research report on Thursday, November 20th.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Rhumbline Advisers increased its stake in Avita Medical by 8.8% in the second quarter. Rhumbline Advisers now owns 42,168 shares of the company’s stock valued at $223,000 after acquiring an additional 3,393 shares during the last quarter. Russell Investments Group Ltd. lifted its holdings in Avita Medical by 122.2% in the 4th quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock worth $28,000 after buying an additional 4,425 shares during the period. Farther Finance Advisors LLC bought a new stake in Avita Medical in the third quarter valued at $32,000. Deutsche Bank AG increased its position in Avita Medical by 1,351.5% during the 4th quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock valued at $27,000 after purchasing an additional 7,352 shares during the period. Finally, Wells Fargo & Company MN increased its position in Avita Medical by 98.5% during the 4th quarter. Wells Fargo & Company MN now owns 18,832 shares of the company’s stock valued at $65,000 after purchasing an additional 9,345 shares during the period. 27.66% of the stock is currently owned by hedge funds and other institutional investors.

Avita Medical Stock Performance

Avita Medical stock opened at $5.03 on Wednesday. The stock has a market cap of $154.07 million, a P/E ratio of -2.87 and a beta of 1.78. Avita Medical has a fifty-two week low of $3.22 and a fifty-two week high of $10.29. The firm’s fifty day moving average price is $3.99 and its 200-day moving average price is $4.27.

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.