Avita Medical (NASDAQ:RCEL) Upgraded at Lake Street Capital

Avita Medical (NASDAQ:RCEL) was upgraded by stock analysts at Lake Street Capital from a “hold” rating to a “buy” rating in a research note issued on Friday, MarketBeat.com reports. The firm currently has a $6.00 target price on the stock. Lake Street Capital’s target price would indicate a potential upside of 37.61% from the company’s current price.

RCEL has been the topic of several other reports. Northland Securities began coverage on shares of Avita Medical in a research note on Thursday, March 5th. They set an “outperform” rating and a $10.00 price target on the stock. Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a research report on Friday, March 27th. D. Boral Capital restated a “buy” rating and set a $10.00 target price on shares of Avita Medical in a research report on Wednesday, April 8th. Finally, Wall Street Zen cut shares of Avita Medical from a “sell” rating to a “strong sell” rating in a research note on Saturday, May 2nd. Three investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $7.25.

Avita Medical Stock Up 2.3%

NASDAQ RCEL opened at $4.36 on Friday. Avita Medical has a fifty-two week low of $3.22 and a fifty-two week high of $7.12. The business has a fifty day moving average of $4.39 and a 200-day moving average of $4.05. The stock has a market cap of $134.20 million, a price-to-earnings ratio of -2.49 and a beta of 1.90.

Avita Medical (NASDAQ:RCEL) last posted its quarterly earnings data on Thursday, May 14th. The company reported ($0.35) EPS for the quarter, meeting analysts’ consensus estimates of ($0.35). The company had revenue of $19.25 million for the quarter, compared to analyst estimates of $18.30 million. As a group, analysts anticipate that Avita Medical will post -1.23 EPS for the current year.

Institutional Investors Weigh In On Avita Medical

Hedge funds have recently modified their holdings of the stock. Russell Investments Group Ltd. increased its position in Avita Medical by 122.2% during the fourth quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock worth $28,000 after purchasing an additional 4,425 shares during the last quarter. Aristides Capital LLC acquired a new position in shares of Avita Medical in the 4th quarter valued at $48,000. Bank of America Corp DE grew its stake in shares of Avita Medical by 49.7% during the 2nd quarter. Bank of America Corp DE now owns 62,551 shares of the company’s stock valued at $331,000 after buying an additional 20,767 shares during the period. Rhumbline Advisers grew its stake in shares of Avita Medical by 8.8% during the 2nd quarter. Rhumbline Advisers now owns 42,168 shares of the company’s stock valued at $223,000 after buying an additional 3,393 shares during the period. Finally, XTX Topco Ltd acquired a new stake in shares of Avita Medical during the 2nd quarter worth $153,000. 27.66% of the stock is owned by institutional investors and hedge funds.

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.