Avita Medical (NASDAQ:RCEL) Given New $22.00 Price Target at TD Cowen

Key Points

• TD Cowen raised its price target on Avita Medical from $20 to $22 and maintained a Buy rating, implying 25.93% upside from the stock’s current price.
• Analyst views are broadly positive: five rate RCEL Buy, one Hold, and one Sell; the consensus rating is Moderate Buy with an average price target of $16.60.
• Avita Medical’s latest quarterly results beat expectations, reporting a loss of $0.20 per share versus the $0.24 loss analysts forecast, and revenue of $26.11 million versus $22.35 million expected.

Avita Medical (NASDAQ:RCEL - Get Free Report) had its price target upped by investment analysts at TD Cowen from $20.00 to $22.00 in a report issued on Thursday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. TD Cowen's target price would indicate a potential upside of 25.93% from the stock's current price.

Several other brokerages have also recently weighed in on RCEL. BTIG Research increased their price objective on shares of Avita Medical from $15.00 to $21.00 and gave the stock a "buy" rating in a research note on Friday, November 6th. Wall Street Zen raised shares of Avita Medical from a "sell" rating to a "hold" rating in a report on Sunday, August 2nd. Lake Street Capital upped their target price on shares of Avita Medical from $12.00 to $20.00 and gave the company a "buy" rating in a report on Friday, November 6th. Finally, Weiss Ratings reiterated 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 issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $16.60.

Avita Medical Stock Up 1.0%

Shares of NASDAQ RCEL opened at $17.47 on Thursday. The firm's 50-day moving average price is $13.20 and its 200-day moving average price is $7.05. Avita Medical has a 52-week low of $3.22 and a 52-week high of $18.43. The company has a market cap of $548.91 million, a PE ratio of -14.80 and a beta of 2.03.

Avita Medical (NASDAQ:RCEL - Get Free Report) last issued 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 the consensus estimate of $22.35 million. As a group, equities research analysts anticipate that Avita Medical will post -0.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Avita Medical

A number of hedge funds have recently modified their holdings of RCEL. BlackRock Inc. purchased a new position in shares of Avita Medical during the 2nd quarter valued at $2,333,000. NewEdge Advisors LLC lifted its position in shares of Avita Medical by 71.4% in the second quarter. NewEdge Advisors LLC now owns 148,931 shares of the company's stock valued at $615,000 after acquiring an additional 62,046 shares in the last quarter. Bank of America Corp DE bought a new position in shares of Avita Medical in the second quarter worth about $213,000. Squarepoint Ops LLC bought a new position in shares of Avita Medical in the second quarter worth about $95,000. Finally, Harpswell Capital Advisors LLC purchased a new stake in shares of Avita Medical during the third quarter worth about $150,000. 27.66% of the stock is currently owned by institutional investors.

About Avita Medical

AVITA Medical is a regenerative medicine company focused on treatments for skin restoration. Its flagship technology, the RECELL System, enables clinicians to use a small sample of a patient's healthy skin to prepare a suspension of skin cells for application to wounds. The company's RECELL products are used in the treatment of burns and certain other skin injuries, including full-thickness skin defects. The approach is intended to support wound coverage while reducing the amount of donor skin needed compared with conventional skin-grafting procedures.

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