Avita Medical (NASDAQ:RCEL) Reaches New 52-Week High - What's Next?

Key Points

• Avita Medical shares reached a new 52-week high of $16.56, trading about 2.8% higher at $16.5150 during midday trading.
• Analyst sentiment is generally positive, with five Buy ratings, one Hold, and one Sell; the stock carries a “Moderate Buy” consensus, although the average price target of $12.20 is below its current price.
• The company exceeded quarterly expectations, reporting a loss of $0.25 per share versus the expected $0.29 loss and revenue of $21.7 million versus the $20.25 million consensus estimate.

Avita Medical Inc. (NASDAQ:RCEL - Get Free Report) shares hit a new 52-week high during mid-day trading on Wednesday. The company traded as high as $16.56 and last traded at $16.5150, with a volume of 205,422 shares changing hands. The stock had previously closed at $16.08.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on the stock. BTIG Research lifted their price objective on shares of Avita Medical from $11.00 to $15.00 and gave the company a "buy" rating in a research report on Monday, October 12th. TD Cowen boosted their target price on shares of Avita Medical from $12.00 to $14.00 and gave the stock a "buy" rating in a report on Wednesday, August 19th. Wall Street Zen upgraded shares of Avita Medical from a "sell" rating to a "hold" rating in a research report on Sunday, August 2nd. Weiss Ratings reaffirmed a "sell (e+)" rating on shares of Avita Medical in a research note on Monday, September 21st. Finally, Lake Street Capital lifted their price target on shares of Avita Medical from $8.00 to $12.00 and gave the company a "buy" rating in a report on Friday, August 28th. 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.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $12.20.

Avita Medical Stock Up 2.8%

The stock has a market capitalization of $508.79 million, a P/E ratio of -11.49 and a beta of 1.99. The company has a fifty day moving average price of $11.84 and a 200-day moving average price of $6.35.

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

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. purchased a new stake in Avita Medical during the second quarter valued at $2,333,000. NewEdge Advisors LLC grew its stake in shares of Avita Medical by 8,588.5% in the 1st quarter. NewEdge Advisors LLC now owns 86,885 shares of the company's stock worth $321,000 after buying an additional 85,885 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Avita Medical in the 2nd quarter worth $213,000. Ieq Capital LLC purchased a new position in shares of Avita Medical in the 2nd quarter worth $134,000. Finally, Squarepoint Ops LLC bought a new stake in shares of Avita Medical in the 2nd quarter worth about $95,000. 27.66% of the stock is owned by hedge funds and other institutional investors.

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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