AVITA Medical (NASDAQ:RCEL) Upgraded by Zacks Investment Research to “Buy”

AVITA Medical (NASDAQ:RCELGet Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Thursday, Zacks.com reports. The brokerage presently has a $6.00 target price on the stock. Zacks Investment Research‘s price objective indicates a potential upside of 10.29% from the stock’s current price.

According to Zacks, “AVITA Medical Inc. is a regenerative medicine company. It engages in developing and commercializing a technology platform which enables point-of-care autologous skin restoration for multiple unmet needs. AVITA Medical Inc., formerly known as AVITA Therapeutics Inc., is based in VALENCIA, Calif. “

Several other research firms have also issued reports on RCEL. Piper Sandler lowered their target price on shares of AVITA Medical from $23.00 to $15.00 in a report on Tuesday, March 1st. BTIG Research lowered their target price on shares of AVITA Medical from $37.00 to $21.00 in a report on Tuesday, March 1st.

Shares of NASDAQ:RCEL opened at $5.44 on Thursday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 13.68 and a current ratio of 13.96. The firm has a fifty day moving average price of $7.00 and a 200 day moving average price of $9.81. AVITA Medical has a fifty-two week low of $5.06 and a fifty-two week high of $22.49. The firm has a market cap of $135.76 million, a price-to-earnings ratio of -4.73 and a beta of 1.24.

AVITA Medical (NASDAQ:RCELGet Rating) last issued its earnings results on Thursday, May 12th. The company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.02). AVITA Medical had a negative return on equity of 26.41% and a negative net margin of 89.96%. The company had revenue of $7.54 million for the quarter, compared to the consensus estimate of $6.53 million. As a group, research analysts predict that AVITA Medical will post -1.44 earnings per share for the current year.

A number of hedge funds have recently bought and sold shares of the stock. BlackRock Inc. increased its position in AVITA Medical by 1.1% during the 4th quarter. BlackRock Inc. now owns 1,588,592 shares of the company’s stock valued at $19,031,000 after purchasing an additional 17,239 shares during the period. Vanguard Group Inc. increased its position in AVITA Medical by 0.5% during the 1st quarter. Vanguard Group Inc. now owns 1,276,977 shares of the company’s stock valued at $10,830,000 after purchasing an additional 6,467 shares during the period. State Street Corp increased its position in AVITA Medical by 6.8% during the 4th quarter. State Street Corp now owns 783,005 shares of the company’s stock valued at $9,380,000 after purchasing an additional 50,130 shares during the period. Geode Capital Management LLC increased its position in AVITA Medical by 0.6% during the 4th quarter. Geode Capital Management LLC now owns 421,920 shares of the company’s stock valued at $5,054,000 after purchasing an additional 2,319 shares during the period. Finally, Northern Trust Corp increased its position in AVITA Medical by 1.5% during the 4th quarter. Northern Trust Corp now owns 228,809 shares of the company’s stock valued at $2,741,000 after purchasing an additional 3,431 shares during the period. 29.96% of the stock is currently owned by institutional investors.

AVITA Medical Company Profile (Get Rating)

AVITA Medical Inc operates as a commercial-stage regenerative tissue company in the United States, Australia, and the United Kingdom. It offers regenerative products to address unmet medical needs in burn injuries, trauma injuries, chronic wounds, and dermatological and aesthetics indications, including vitiligo.

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