Avita Medical (NASDAQ:RCEL) Now Covered by Analysts at Northland Securities

Equities researchers at Northland Securities started coverage on shares of Avita Medical (NASDAQ:RCEL) in a research report issued to clients and investors on Thursday. The firm set an “outperform” rating and a $10.00 price target on the stock. Northland Securities’ price objective suggests a potential upside of 101.61% from the stock’s previous close.

Other research analysts also recently issued reports about the company. BTIG Research upgraded Avita Medical from a “sell” rating to a “neutral” rating in a research note on Thursday, November 20th. Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a report on Monday, December 29th. D. Boral Capital restated a “buy” rating and set a $10.00 price objective on shares of Avita Medical in a report on Tuesday, February 17th. Zacks Research upgraded shares of Avita Medical from a “strong sell” rating to a “hold” rating in a research note on Friday, December 19th. Finally, Lake Street Capital boosted their target price 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. Two analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, Avita Medical has an average rating of “Hold” and a consensus price target of $6.63.

Avita Medical Stock Performance

Shares of Avita Medical stock opened at $4.96 on Thursday. The company has a market capitalization of $151.92 million, a PE ratio of -2.83 and a beta of 1.77. The company has a 50-day simple moving average of $4.08 and a two-hundred day simple moving average of $4.25. Avita Medical has a one year low of $3.22 and a one year high of $10.29.

Hedge Funds Weigh In On Avita Medical

Several institutional investors have recently made changes to their positions in RCEL. Geode Capital Management LLC raised its holdings in Avita Medical by 44.6% in the 4th quarter. Geode Capital Management LLC now owns 479,185 shares of the company’s stock worth $1,654,000 after purchasing an additional 147,722 shares during the period. Divisadero Street Capital Management LP purchased a new stake in shares of Avita Medical in the third quarter valued at approximately $511,000. AQR Capital Management LLC acquired a new position in shares of Avita Medical during the 1st quarter worth approximately $799,000. Bridgeway Capital Management LLC grew its stake in Avita Medical by 213.8% in the 3rd quarter. Bridgeway Capital Management LLC now owns 118,004 shares of the company’s stock valued at $603,000 after acquiring an additional 80,404 shares during the period. Finally, Brooklyn Investment Group increased its holdings in Avita Medical by 48,965.5% in the 3rd quarter. Brooklyn Investment Group now owns 58,388 shares of the company’s stock worth $298,000 after acquiring an additional 58,269 shares in the last quarter. 27.66% of the stock is owned by hedge funds and other institutional investors.

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.