Insider Buying: Avita Medical (NASDAQ:RCEL) Director Purchases $43,000.00 in Stock

Avita Medical Inc. (NASDAQ:RCEL) Director Joseph Fralin Woody bought 10,000 shares of the firm’s stock in a transaction that occurred on Monday, June 1st. The stock was acquired at an average cost of $4.30 per share, with a total value of $43,000.00. Following the transaction, the director owned 10,000 shares of the company’s stock, valued at $43,000. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Joseph Fralin Woody also recently made the following trade(s):

• On Wednesday, June 3rd, Joseph Fralin Woody bought 10,000 shares of Avita Medical stock. The stock was acquired at an average cost of $4.09 per share, with a total value of $40,900.00.

Avita Medical Trading Down 4.1%

Avita Medical stock opened at $4.18 on Friday. The company has a market cap of $128.66 million, a P/E ratio of -2.66 and a beta of 1.87. Avita Medical Inc. has a 1-year low of $3.22 and a 1-year high of $7.12. The company has a fifty day simple moving average of $4.36 and a 200 day simple moving average of $4.12.

Avita Medical (NASDAQ:RCEL) last released its earnings results on Thursday, May 14th. The company reported ($0.35) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.35). The business had revenue of $19.25 million during the quarter, compared to the consensus estimate of $18.30 million. On average, equities research analysts forecast that Avita Medical Inc. will post -1.29 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently weighed in on the stock. D. Boral Capital reaffirmed a “buy” rating and issued a $10.00 target price on shares of Avita Medical in a research report on Wednesday, April 8th. Northland Securities assumed coverage on shares of Avita Medical in a research report on Thursday, March 5th. They issued an “outperform” rating and a $10.00 target price for the company. Lake Street Capital raised shares of Avita Medical from a “hold” rating to a “buy” rating and raised their target price for the company from $3.50 to $6.00 in a research report on Friday, May 15th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a research report on Friday, March 27th. Finally, Wall Street Zen cut shares of Avita Medical from a “hold” rating to a “sell” rating in a research note on Sunday, May 24th. Three research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $7.25.

Institutional Trading of Avita Medical

Large investors have recently added to or reduced their stakes in the company. Deutsche Bank AG lifted its stake in Avita Medical by 1,351.5% in the fourth quarter. Deutsche Bank AG now owns 7,896 shares of the company’s stock valued at $27,000 after acquiring an additional 7,352 shares during the last quarter. Russell Investments Group Ltd. lifted its stake in Avita Medical by 122.2% in the fourth quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock valued at $28,000 after acquiring an additional 4,425 shares during the last quarter. The Manufacturers Life Insurance Company acquired a new stake in Avita Medical in the second quarter valued at $58,000. Aristides Capital LLC acquired a new stake in Avita Medical in the fourth quarter valued at $48,000. Finally, Strs Ohio acquired a new stake in Avita Medical in the first quarter valued at $116,000. Institutional investors and hedge funds own 27.66% of the company’s stock.

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.