Avita Medical (NASDAQ:RCEL) Stock Rating Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Avita Medical from “hold” to “buy.” Five analysts currently rate the stock Buy, one Hold and one Sell; the consensus rating is “Moderate Buy,” with a $16.60 target price.
• Avita reported quarterly adjusted earnings per share of -$0.20, beating the -$0.24 consensus estimate, and revenue of $26.11 million, above expectations of $22.35 million.
• Shares opened at $15.63, with a 12-month trading range of $3.22 to $18.43. Institutional investors own 27.66% of the stock.

Avita Medical (NASDAQ:RCEL - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research note issued to investors on Saturday, Wall Street Zen reports.

RCEL has been the subject of a number of other research reports. BTIG Research boosted their price target 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. Weiss Ratings reissued a "sell (e+)" rating on shares of Avita Medical in a report on Monday, September 21st. Lake Street Capital raised their price objective on shares of Avita Medical from $12.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, November 6th. Finally, TD Cowen upped their target price on shares of Avita Medical from $20.00 to $22.00 and gave the stock a "buy" rating in a research report on Thursday. Five analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Avita Medical presently has an average rating of "Moderate Buy" and a consensus target price of $16.60.

Avita Medical Stock Down 3.5%

NASDAQ:RCEL opened at $15.63 on Friday. The business's 50-day moving average price is $13.40 and its two-hundred day moving average price is $7.16. Avita Medical has a twelve month low of $3.22 and a twelve month high of $18.43. The stock has a market cap of $491.09 million, a P/E ratio of -13.25 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) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.04. The business had revenue of $26.11 million for the quarter, compared to analysts' expectations of $22.35 million. On average, equities research analysts expect that Avita Medical will post -0.94 EPS for the current fiscal year.

Hedge Funds Weigh In On Avita Medical

Large investors have recently modified their holdings of the company. BlackRock Inc. bought a new position in Avita Medical during the second quarter valued at approximately $2,333,000. NewEdge Advisors LLC raised its stake in shares of Avita Medical by 71.4% during the second quarter. NewEdge Advisors LLC now owns 148,931 shares of the company's stock worth $615,000 after acquiring an additional 62,046 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Avita Medical during the second quarter worth approximately $213,000. Marshall Wace LLP lifted its holdings in shares of Avita Medical by 107.1% in the 3rd quarter. Marshall Wace LLP now owns 700,745 shares of the company's stock worth $8,220,000 after acquiring an additional 362,358 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Avita Medical by 47.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 41,449 shares of the company's stock worth $486,000 after acquiring an additional 13,395 shares during the last quarter. 27.66% of the stock is owned by hedge funds and other 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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