AVITA Medical (NASDAQ:RCEL) Downgraded to Neutral at BTIG Research

AVITA Medical (NASDAQ:RCEL) was downgraded by research analysts at BTIG Research from a “buy” rating to a “neutral” rating in a note issued to investors on Thursday, MarketBeat reports.

A number of other research firms also recently weighed in on RCEL. Piper Sandler reissued an “overweight” rating and set a $21.00 price target (up previously from $19.00) on shares of AVITA Medical in a research report on Friday, February 23rd. Cantor Fitzgerald lifted their price objective on shares of AVITA Medical from $22.00 to $25.00 and gave the stock an “overweight” rating in a report on Friday, February 23rd. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $27.80.

AVITA Medical Stock Down 4.5 %

Shares of NASDAQ:RCEL opened at $9.88 on Thursday. The company has a quick ratio of 7.46, a current ratio of 7.88 and a debt-to-equity ratio of 0.81. AVITA Medical has a 52-week low of $9.16 and a 52-week high of $21.70. The company has a 50 day moving average of $16.39 and a two-hundred day moving average of $13.84. The company has a market capitalization of $254.01 million, a price-to-earnings ratio of -7.06 and a beta of 1.33.

AVITA Medical (NASDAQ:RCEL) last issued its quarterly earnings data on Thursday, February 22nd. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.34) by $0.06. AVITA Medical had a negative net margin of 70.56% and a negative return on equity of 54.80%. The company had revenue of $14.20 million during the quarter, compared to the consensus estimate of $14.10 million. As a group, analysts forecast that AVITA Medical will post -1.15 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AVITA Medical

Hedge funds and other institutional investors have recently modified their holdings of the stock. HighMark Wealth Management LLC bought a new stake in shares of AVITA Medical during the fourth quarter valued at about $27,000. Royal Bank of Canada increased its stake in AVITA Medical by 56.9% in the 2nd quarter. Royal Bank of Canada now owns 1,709 shares of the company’s stock worth $30,000 after purchasing an additional 620 shares in the last quarter. Ameritas Investment Partners Inc. purchased a new position in AVITA Medical during the 2nd quarter valued at about $35,000. AQR Capital Management LLC purchased a new position in AVITA Medical during the 2nd quarter valued at about $48,000. Finally, Bank of America Corp DE lifted its holdings in shares of AVITA Medical by 40.8% during the 4th quarter. Bank of America Corp DE now owns 8,067 shares of the company’s stock valued at $53,000 after buying an additional 2,336 shares during the last quarter. 27.66% of the stock is currently owned by institutional investors.

AVITA Medical Company Profile

AVITA Medical, Inc, together with its subsidiaries, operates as a regenerative medicine company in the United States and internationally. The company's lead product is the RECELL System, a cell harvesting device used for the treatment of thermal burn wounds, full-thickness skin defects, and repigmentation of stable depigmented vitiligo lesions.