BTIG Research Forecasts Strong Price Appreciation for Avita Medical (NASDAQ:RCEL) Stock

Avita Medical (NASDAQ:RCEL) had its price objective boosted by research analysts at BTIG Research from $15.00 to $21.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. BTIG Research‘s price target would suggest a potential upside of 33.93% from the stock’s previous close.

Several other research analysts have also commented on RCEL. Lake Street Capital lifted their target price on Avita Medical from $8.00 to $12.00 and gave the stock 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 research report on Sunday, August 2nd. TD Cowen restated a “buy” rating on shares of Avita Medical in a research note on Tuesday. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a report on Monday, September 21st. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $13.40.

Avita Medical Stock Performance

Shares of Avita Medical stock opened at $15.68 on Friday. The firm has a market cap of $482.63 million, a PE ratio of -10.89 and a beta of 2.03. The firm’s 50-day simple moving average is $12.64 and its 200-day simple moving average is $6.79. Avita Medical has a 1 year low of $3.22 and a 1 year high of $16.90.

Avita Medical (NASDAQ:RCEL) last issued its quarterly earnings results on Thursday, November 5th. The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.04. The company had revenue of $26.11 million for the quarter, compared to the consensus estimate of $22.35 million. On average, equities analysts predict that Avita Medical will post -0.98 earnings per share for the current year.

Institutional Trading of Avita Medical

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Jefferies Financial Group Inc. bought a new stake in Avita Medical during the third quarter worth approximately $440,000. China Universal Asset Management Co. Ltd. boosted its position 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 valued at $191,000 after purchasing an additional 3,500 shares in the last quarter. Harpswell Capital Advisors LLC bought a new position in shares of Avita Medical during the 3rd quarter valued at about $150,000. NewEdge Advisors LLC boosted its position in shares of Avita Medical by 71.4% during the 2nd quarter. NewEdge Advisors LLC now owns 148,931 shares of the company’s stock valued at $615,000 after purchasing an additional 62,046 shares in the last quarter. Finally, Squarepoint Ops LLC acquired a new position in shares of Avita Medical in the 2nd quarter worth approximately $95,000. 27.66% of the stock is currently owned by institutional investors.

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.