Avita Medical Inc. (NASDAQ:RCEL) Receives $8.25 Average Target Price from Brokerages

Shares of Avita Medical Inc. (NASDAQ:RCEL) have been assigned an average recommendation of “Moderate Buy” from the seven analysts that are presently covering the stock, Marketbeat.com reports. One equities research analyst has rated the stock with a sell recommendation, one has given a hold recommendation and five have issued a buy recommendation on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $10.20.

A number of brokerages recently issued reports on RCEL. Lake Street Capital upgraded Avita Medical from a “hold” rating to a “buy” rating and increased their price objective for the stock from $3.50 to $6.00 in a research report on Friday, May 15th. Weiss Ratings restated a “sell (e+)” rating on shares of Avita Medical in a research report on Wednesday, June 24th. BTIG Research upped their target price on Avita Medical from $7.00 to $11.00 and gave the stock a “buy” rating in a research note on Wednesday, August 19th. TD Cowen raised their price target on Avita Medical from $12.00 to $14.00 and gave the company a “buy” rating in a report on Wednesday, August 19th. Finally, Wall Street Zen upgraded Avita Medical from a “sell” rating to a “hold” rating in a research report on Sunday, August 2nd.

Insider Buying and Selling at Avita Medical

In related news, Director Joseph Fralin Woody bought 10,000 shares of the stock in a transaction that occurred on Tuesday, June 9th. The shares were acquired at an average cost of $4.19 per share, with a total value of $41,900.00. Following the completion of the purchase, the director directly owned 102,761 shares of the company’s stock, valued at $430,568.59. This trade represents a 10.78% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Insiders have purchased 35,200 shares of company stock valued at $146,600 in the last quarter. 2.24% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Avita Medical

Hedge funds and other institutional investors have recently bought and sold shares of the stock. AQR Capital Management LLC purchased a new stake in shares of Avita Medical during the 1st quarter valued at $799,000. Jacobs Levy Equity Management Inc. purchased a new position in Avita Medical in the first quarter worth $374,000. Jane Street Group LLC grew its position in Avita Medical by 20.4% in the first quarter. Jane Street Group LLC now owns 63,744 shares of the company’s stock worth $519,000 after acquiring an additional 10,789 shares in the last quarter. Strs Ohio bought a new position in Avita Medical in the first quarter valued at $116,000. Finally, 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. Hedge funds and other institutional investors own 27.66% of the company’s stock.

Avita Medical Trading Up 6.0%

Shares of NASDAQ:RCEL opened at $10.50 on Wednesday. The company has a 50 day moving average of $5.66 and a 200 day moving average of $4.82. The stock has a market cap of $323.19 million, a P/E ratio of -7.29 and a beta of 1.86. Avita Medical has a 12 month low of $3.22 and a 12 month high of $10.77.

Avita Medical (NASDAQ:RCEL) last posted its earnings results on Thursday, August 6th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The firm had revenue of $21.70 million during the quarter, compared to analysts’ expectations of $20.25 million. On average, equities analysts forecast that Avita Medical will post -0.98 earnings per share for the current fiscal year.

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.