Avita Medical (NASDAQ:RCEL) Earns Outperform Rating from Analysts at Northland Securities

Northland Securities began coverage on shares of Avita Medical (NASDAQ:RCEL) in a report issued on Thursday, Marketbeat Ratings reports. The brokerage issued an outperform rating and a $10.00 price target on the stock.

A number of other research analysts have also recently issued reports on the stock. Lake Street Capital lifted their price target on shares of Avita Medical from $3.00 to $3.50 and gave the company a “hold” rating in a research report on Friday, January 16th. BTIG Research raised shares of Avita Medical from a “sell” rating to a “neutral” rating in a research note on Thursday, November 20th. Zacks Research upgraded shares of Avita Medical from a “strong sell” rating to a “hold” rating in a report on Friday, December 19th. D. Boral Capital reissued a “buy” rating and issued a $10.00 price target on shares of Avita Medical in a research report on Tuesday, February 17th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a research report on Monday, December 29th. Two research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $6.63.

Avita Medical Trading Down 0.6%

Shares of Avita Medical stock opened at $4.75 on Thursday. Avita Medical has a 12 month low of $3.22 and a 12 month high of $10.29. The firm has a market capitalization of $145.49 million, a P/E ratio of -2.71 and a beta of 1.77. The business has a fifty day simple moving average of $4.13 and a two-hundred day simple moving average of $4.24.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Geode Capital Management LLC grew its holdings in shares of Avita Medical by 44.6% during the fourth quarter. Geode Capital Management LLC now owns 479,185 shares of the company’s stock valued at $1,654,000 after buying an additional 147,722 shares during the last quarter. Divisadero Street Capital Management LP purchased a new position in Avita Medical in the 3rd quarter worth approximately $511,000. AQR Capital Management LLC bought a new position in Avita Medical in the 1st quarter valued at approximately $799,000. Bridgeway Capital Management LLC lifted its position in Avita Medical by 213.8% in the 3rd quarter. Bridgeway Capital Management LLC now owns 118,004 shares of the company’s stock valued at $603,000 after acquiring an additional 80,404 shares in the last quarter. Finally, Brooklyn Investment Group boosted its stake in Avita Medical by 48,965.5% during the 3rd quarter. Brooklyn Investment Group now owns 58,388 shares of the company’s stock valued at $298,000 after purchasing an additional 58,269 shares during the last quarter. 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 the development and commercialization of cell‐based therapies for acute and chronic wounds. Its flagship technology, the ReCell® Autologous Cell Harvesting Device, enables clinicians to create a suspension of a patient’s own skin cells at the point of care. The system is designed to accelerate wound healing, minimize donor‐site requirements and reduce scarring for patients suffering from burns, traumatic wounds and a variety of surgical and reconstructive procedures.

Founded in 2009 and headquartered in Carlsbad, California, Avita Medical has secured regulatory clearances in key markets, including CE mark approval in the European Union and 510(k) clearance from the U.S.