Avita Medical Inc. (NASDAQ:RCEL) Receives Consensus Recommendation of “Hold” from Analysts

Avita Medical Inc. (NASDAQ:RCEL) has earned an average rating of “Hold” from the six ratings firms that are currently covering the firm, MarketBeat.com reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12-month price objective among brokers that have updated their coverage on the stock in the last year is $6.6250.

A number of brokerages recently weighed in on RCEL. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a research note on Monday, December 29th. D. Boral Capital reiterated a “buy” rating and set a $10.00 price objective on shares of Avita Medical in a research note on Tuesday, February 17th. Northland Securities started coverage on Avita Medical in a report on Thursday, March 5th. They set an “outperform” rating and a $10.00 target price for the company. Lake Street Capital raised their target price on Avita Medical from $3.00 to $3.50 and gave the company a “hold” rating in a research report on Friday, January 16th. Finally, Zacks Research raised Avita Medical from a “strong sell” rating to a “hold” rating in a research note on Friday, December 19th.

Avita Medical Stock Down 2.0%

RCEL opened at $3.95 on Friday. The firm’s fifty day simple moving average is $4.34 and its two-hundred day simple moving average is $4.24. Avita Medical has a 52-week low of $3.22 and a 52-week high of $10.29. The company has a market cap of $120.99 million, a price-to-earnings ratio of -2.26 and a beta of 1.77.

Institutional Investors Weigh In On Avita Medical

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. AQR Capital Management LLC purchased a new stake in shares of Avita Medical during the first quarter worth $799,000. Jacobs Levy Equity Management Inc. purchased a new position in shares of Avita Medical in the first quarter worth about $374,000. Jane Street Group LLC boosted its position in Avita Medical by 20.4% during the first quarter. Jane Street Group LLC now owns 63,744 shares of the company’s stock worth $519,000 after acquiring an additional 10,789 shares during the last quarter. Strs Ohio acquired a new position in Avita Medical during the first quarter worth about $116,000. Finally, Rhumbline Advisers grew its stake in Avita Medical by 8.8% during the 2nd quarter. Rhumbline Advisers now owns 42,168 shares of the company’s stock valued at $223,000 after acquiring an additional 3,393 shares in the last quarter. Institutional investors and hedge funds own 27.66% of the company’s stock.

Avita Medical Company Profile

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.