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

Key Points

• BTIG Research raised Avita Medical’s price target from $11 to $15 and maintained a “Buy” rating, implying 13.55% potential upside.
• Analyst sentiment is generally positive: five analysts rate the stock a Buy, one a Hold, and one a Sell, producing a consensus “Moderate Buy” rating and average target of $12.20.
• Avita Medical reported quarterly revenue of $21.7 million and an adjusted loss of $0.25 per share, beating analyst estimates; institutional investors own 27.66% of the company.

Avita Medical (NASDAQ:RCEL - Get Free Report) had its price target raised by equities research analysts at BTIG Research from $11.00 to $15.00 in a report released on Monday, Benzinga reports. The firm presently has a "buy" rating on the stock. BTIG Research's price target points to a potential upside of 13.55% from the company's current price.

RCEL has been the subject of several other reports. Lake Street Capital boosted their price objective on Avita Medical from $8.00 to $12.00 and gave the company a "buy" rating in a report on Friday, August 28th. Weiss Ratings reissued a "sell (e+)" rating on shares of Avita Medical in a report on Monday, September 21st. TD Cowen raised their price target on shares of Avita Medical from $12.00 to $14.00 and gave the stock a "buy" rating in a research report on Wednesday, August 19th. Finally, Wall Street Zen raised shares of Avita Medical from a "sell" rating to a "hold" rating in a report on Sunday, August 2nd. Five investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $12.20.

Avita Medical Price Performance

Shares of Avita Medical stock opened at $13.21 on Monday. Avita Medical has a fifty-two week low of $3.22 and a fifty-two week high of $13.71. The business's fifty day moving average is $10.12 and its two-hundred day moving average is $6.39. The firm has a market cap of $406.56 million, a PE ratio of -9.17 and a beta of 1.99.

Avita Medical (NASDAQ:RCEL - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported ($0.25) EPS for the quarter, beating analysts' consensus estimates of ($0.29) by $0.04. The business had revenue of $21.70 million during the quarter, compared to analysts' expectations of $20.25 million. Equities research 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 modified their holdings of RCEL. Harpswell Capital Advisors LLC acquired a new position in shares of Avita Medical during the 3rd quarter worth about $150,000. Aristides Capital LLC bought a new stake in Avita Medical during the 4th quarter valued at approximately $48,000. R Squared Ltd acquired a new stake in Avita Medical in the 1st quarter valued at approximately $57,000. Abel Hall LLC acquired a new stake in Avita Medical in the 1st quarter valued at approximately $62,000. Finally, Quantinno Capital Management LP bought a new position in Avita Medical in the 1st quarter worth approximately $83,000. Hedge funds and other institutional investors own 27.66% of the company's stock.

About Avita Medical

Avita Medical is a regenerative medicine company focused on developing and commercializing technologies that use a patient's own cells to support skin repair and healing. The company's platform is designed to create a suspension of regenerative cells from a small sample of healthy skin, which can then be applied to damaged areas.

Its primary product is the RECELL Autologous Cell Harvesting Device, a point-of-care system that prepares a patient's skin cells for use in treating thermal burn wounds.

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