Lake Street Capital Issues Positive Forecast for Avita Medical (NASDAQ:RCEL) Stock Price

Avita Medical (NASDAQ:RCEL) had its price target raised by equities research analysts at Lake Street Capital from $12.00 to $20.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Lake Street Capital‘s price objective points to a potential upside of 20.55% from the stock’s current price.

Several other analysts have also commented on RCEL. Wall Street Zen raised Avita Medical from a “sell” rating to a “hold” rating in a report on Sunday, August 2nd. TD Cowen reissued a “buy” rating on shares of Avita Medical in a report on Tuesday, November 3rd. BTIG Research upped their price objective on Avita Medical from $15.00 to $21.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Avita Medical in a research report on Monday, September 21st. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $15.00.

Avita Medical Stock Performance

NASDAQ:RCEL opened at $16.59 on Friday. The firm’s fifty day moving average is $12.77 and its two-hundred day moving average is $6.85. The firm has a market cap of $521.26 million, a price-to-earnings ratio of -14.06 and a beta of 2.03. Avita Medical has a one year low of $3.22 and a one year high of $18.07.

Avita Medical (NASDAQ:RCEL) last released its quarterly earnings data on Thursday, November 5th. The company reported ($0.20) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.04. The company had revenue of $26.11 million for the quarter, compared to analysts’ expectations of $22.35 million. As a group, equities research analysts predict that Avita Medical will post -0.98 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Harpswell Capital Advisors LLC acquired a new position in shares of Avita Medical in the third quarter worth about $150,000. China Universal Asset Management Co. Ltd. boosted its stake in shares of Avita Medical by 28.0% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 16,000 shares of the company’s stock worth $191,000 after acquiring an additional 3,500 shares in the last quarter. Quantinno Capital Management LP acquired a new stake in shares of Avita Medical during the 1st quarter valued at about $83,000. Squarepoint Ops LLC acquired a new stake in shares of Avita Medical during the 2nd quarter valued at about $95,000. Finally, Ieq Capital LLC acquired a new stake in shares of Avita Medical during the 2nd quarter valued at about $134,000. Hedge funds and other institutional investors own 27.66% of the company’s stock.

Avita Medical Company Profile

Avita Medical, Inc (NASDAQ: RCEL) is a regenerative medicine company focused on developing and commercializing therapies that use a patient’s own cells to help restore damaged skin and tissue. Its lead product is the RECELL System, an autologous cell-harvesting device designed to prepare a suspension of a patient’s skin cells at the point of care for application to wounds.

RECELL is used in the treatment of certain thermal burn wounds and other skin injuries. The system is intended to support wound healing and may reduce the amount of donor skin required for grafting by enabling clinicians to create a cell suspension from a small sample of the patient’s healthy skin.