Avita Medical Inc. (NASDAQ:RCEL) Stock Has Average Price Target of $12.20 According to Brokerages

Key Points

• Analysts give Avita Medical a “Moderate Buy” consensus, with five buy ratings, one hold, and one sell. The average 12-month price target is $12.20, although recent targets range from $12 to $15.
• RCEL shares opened at $15.65, near their 52-week high of $16.90 and well above the 50-day and 200-day moving averages of $12.21 and $6.54, respectively.
• Avita Medical exceeded quarterly expectations, reporting an adjusted loss of $0.25 per share versus the expected $0.29 loss and revenue of $21.70 million versus the $20.25 million forecast. Institutional investors own 27.66% of the company.

Shares of Avita Medical Inc. (NASDAQ:RCEL - Get Free Report) have received a consensus rating of "Moderate Buy" from the seven ratings firms that are currently covering the company, MarketBeat Ratings reports. One research analyst has rated the stock with a sell rating, one has issued a hold rating and five have given a buy rating to the company. The average 12-month target price among analysts that have updated their coverage on the stock in the last year is $12.20.

RCEL has been the subject of several recent research reports. Lake Street Capital lifted their price target 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 upgraded Avita Medical from a "sell" rating to a "hold" rating in a report on Sunday, August 2nd. TD Cowen raised their price target on Avita Medical from $12.00 to $14.00 and gave the stock a "buy" rating in a report on Wednesday, August 19th. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Avita Medical in a report on Monday, September 21st. Finally, BTIG Research boosted their price target on shares of Avita Medical from $11.00 to $15.00 and gave the company a "buy" rating in a research note on Monday, October 12th.

Institutional Trading of Avita Medical

Hedge funds and other institutional investors have recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. increased its holdings 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 worth $191,000 after buying an additional 3,500 shares during the last quarter. Harpswell Capital Advisors LLC acquired a new stake in Avita Medical during the 3rd quarter valued at $150,000. NewEdge Advisors LLC grew 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 valued at $615,000 after acquiring an additional 62,046 shares in the last quarter. Squarepoint Ops LLC acquired a new stake in shares of Avita Medical in the 2nd quarter valued at about $95,000. Finally, Bank of America Corp DE bought a new stake in shares of Avita Medical in the 2nd quarter valued at approximately $213,000. 27.66% of the stock is owned by hedge funds and other institutional investors.

Avita Medical Stock Performance

Shares of Avita Medical stock opened at $15.65 on Monday. Avita Medical has a 52-week low of $3.22 and a 52-week high of $16.90. The stock has a market capitalization of $481.71 million, a P/E ratio of -10.87 and a beta of 2.03. The stock's 50-day simple moving average is $12.21 and its 200 day simple moving average is $6.54.

Avita Medical (NASDAQ:RCEL - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.25) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.29) by $0.04. The company had revenue of $21.70 million during the quarter, compared to analysts' expectations of $20.25 million. Equities research analysts forecast that Avita Medical will post -0.98 EPS for the current fiscal year.

About Avita Medical

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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