Avita Medical (NASDAQ:RCEL) Reaches New 52-Week High on Earnings Beat

Shares of Avita Medical Inc. (NASDAQ:RCEL) hit a new 52-week high during trading on Friday following a better than expected earnings announcement. The stock traded as high as $18.07 and last traded at $16.7030, with a volume of 167,394 shares. The stock had previously closed at $15.68.

The company reported ($0.20) earnings per share for the quarter, beating the consensus estimate of ($0.24) by $0.04. The firm had revenue of $26.11 million during the quarter, compared to analysts’ expectations of $22.35 million.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on RCEL. TD Cowen reissued a “buy” rating on shares of Avita Medical in a research note on Tuesday. Lake Street Capital upped their price target on Avita Medical from $8.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, August 28th. Wall Street Zen raised Avita Medical from a “sell” rating to a “hold” rating in a report on Sunday, August 2nd. Weiss Ratings reiterated a “sell (e+)” rating on shares of Avita Medical in a research report on Monday, September 21st. Finally, BTIG Research lifted 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. Five equities research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $13.40.

Hedge Funds Weigh In On Avita Medical

Several large investors have recently modified their holdings of RCEL. China Universal Asset Management Co. Ltd. increased its position in shares of Avita Medical by 28.0% during the third quarter. China Universal Asset Management Co. Ltd. now owns 16,000 shares of the company’s stock valued at $191,000 after acquiring an additional 3,500 shares during the last quarter. Harpswell Capital Advisors LLC purchased a new stake in shares of Avita Medical in the 3rd quarter valued at approximately $150,000. R Squared Ltd acquired a new position in shares of Avita Medical in the 1st quarter worth approximately $57,000. Abel Hall LLC acquired a new position in shares of Avita Medical in the 1st quarter worth approximately $62,000. Finally, Quantinno Capital Management LP acquired a new position in shares of Avita Medical in the 1st quarter worth approximately $83,000. Institutional investors and hedge funds own 27.66% of the company’s stock.

Avita Medical Stock Performance

The stock has a market cap of $508.52 million, a PE ratio of -11.50 and a beta of 2.03. The stock’s 50-day moving average is $12.64 and its two-hundred day moving average is $6.79.

About Avita Medical

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.