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

Shares of Avita Medical Inc. (NASDAQ:RCEL) have received a consensus rating of “Hold” from the five research firms that are currently covering the company, Marketbeat.com reports. One research analyst has rated the stock with a sell recommendation, three have issued a hold recommendation and one has assigned a buy recommendation to the company. The average 12 month target price among analysts that have covered the stock in the last year is $5.50.

A number of equities analysts have recently issued reports on the company. D. Boral Capital reissued a “buy” rating and set a $10.00 price target on shares of Avita Medical in a research report on Tuesday, February 17th. Zacks Research upgraded shares of Avita Medical from a “strong sell” rating to a “hold” rating in a report on Friday, December 19th. Weiss Ratings restated a “sell (e+)” rating on shares of Avita Medical in a report on Monday, December 29th. BTIG Research upgraded shares of Avita Medical from a “sell” rating to a “neutral” rating in a research note on Thursday, November 20th. Finally, Lake Street Capital lifted their price objective on shares of Avita Medical from $3.00 to $3.50 and gave the company a “hold” rating in a report on Friday, January 16th.

Avita Medical Stock Performance

Shares of NASDAQ RCEL opened at $4.81 on Wednesday. Avita Medical has a 52-week low of $3.22 and a 52-week high of $10.29. The firm has a market capitalization of $147.33 million, a price-to-earnings ratio of -2.75 and a beta of 1.77. The stock has a 50 day moving average price of $4.05 and a 200 day moving average price of $4.24.

Institutional Investors Weigh In On Avita Medical

A number of hedge funds have recently made changes to their positions in RCEL. Rhumbline Advisers boosted its position in Avita Medical by 8.8% during the second quarter. Rhumbline Advisers now owns 42,168 shares of the company’s stock valued at $223,000 after purchasing an additional 3,393 shares in the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Avita Medical by 122.2% in the 4th quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock valued at $28,000 after buying an additional 4,425 shares in the last quarter. Farther Finance Advisors LLC purchased a new position in shares of Avita Medical in the 3rd quarter worth approximately $32,000. Deutsche Bank AG grew its position in shares of Avita Medical by 1,351.5% in the 4th quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock worth $27,000 after buying an additional 7,352 shares during the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Avita Medical by 98.5% during the 4th quarter. Wells Fargo & Company MN now owns 18,832 shares of the company’s stock worth $65,000 after acquiring an additional 9,345 shares in the last quarter. 27.66% of the stock is currently 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.