Avita Medical (NASDAQ:RCEL) Stock Gets Price Target Bump from BTIG Research

Key Points

• BTIG Research raised Avita Medical’s price target from $15 to $21 and maintained a Buy rating, implying 33.93% upside from the prior close.
• Analyst views are mixed but lean positive: five analysts rate RCEL Buy, one Hold and one Sell, giving it a Moderate Buy consensus and an average target of $13.40.
• Avita reported quarterly EPS of negative $0.20, beating estimates of negative $0.24, while revenue of $26.11 million exceeded expectations of $22.35 million.

Avita Medical (NASDAQ:RCEL - Get Free Report) had its price objective increased by research analysts at BTIG Research from $15.00 to $21.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's target price suggests a potential upside of 33.93% from the stock's previous close.

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

Avita Medical Price Performance

Shares of NASDAQ RCEL opened at $15.68 on Friday. The company has a market cap of $482.63 million, a PE ratio of -10.89 and a beta of 2.03. Avita Medical has a 12 month low of $3.22 and a 12 month high of $16.90. The company has a 50-day simple moving average of $12.64 and a 200-day simple moving average of $6.79.

Avita Medical (NASDAQ:RCEL - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported ($0.20) EPS for the quarter, beating analysts' consensus estimates of ($0.24) by $0.04. The business had revenue of $26.11 million during the quarter, compared to analysts' expectations of $22.35 million. On average, analysts anticipate that Avita Medical will post -0.98 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Harpswell Capital Advisors LLC acquired a new position in shares of Avita Medical in the 3rd quarter valued at approximately $150,000. R Squared Ltd purchased a new position in shares of Avita Medical during the 1st quarter valued at approximately $57,000. 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 valued at $191,000 after buying an additional 3,500 shares during the last quarter. Abel Hall LLC acquired a new stake in shares of Avita Medical during the first quarter worth approximately $62,000. Finally, Quantinno Capital Management LP acquired a new stake in shares of Avita Medical during the first quarter worth approximately $83,000. 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.

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