Avita Medical (NASDAQ:RCEL) Hits New 1-Year High Following Better-Than-Expected Earnings

Avita Medical Inc. (NASDAQ:RCEL) hit a new 52-week high on Friday after the company announced better than expected quarterly earnings. The company traded as high as $18.07 and last traded at $16.7030, with a volume of 167,394 shares. The stock had previously closed at $15.68.

The company reported ($0.20) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.04. The firm had revenue of $26.11 million for the quarter, compared to analysts’ expectations of $22.35 million.

Analysts Set New Price Targets

RCEL has been the subject of a number of research analyst reports. TD Cowen restated a “buy” rating on shares of Avita Medical in a report on Tuesday. Lake Street Capital lifted their target price on Avita Medical from $8.00 to $12.00 and gave the company a “buy” rating in a research report on Friday, August 28th. BTIG Research boosted their price target on shares of Avita Medical from $15.00 to $21.00 and gave the stock a “buy” rating in a research note on Friday. Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a research report on Monday, September 21st. Finally, Wall Street Zen raised shares of Avita Medical from a “sell” rating to a “hold” rating in a research report on Sunday, August 2nd. Five research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $13.40.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the stock. R Squared Ltd purchased a new stake in Avita Medical during the 1st quarter worth about $57,000. Abel Hall LLC acquired a new stake in Avita Medical in the 1st quarter valued at about $62,000. Quantinno Capital Management LP acquired a new stake in Avita Medical in the 1st quarter valued at about $83,000. Squarepoint Ops LLC purchased a new position in shares of Avita Medical in the 2nd quarter valued at about $95,000. Finally, Ieq Capital LLC purchased a new position in shares of Avita Medical in the 2nd quarter valued at about $134,000. 27.66% of the stock is owned by institutional investors and hedge funds.

Avita Medical Trading Up 5.4%

The firm has a market cap of $508.52 million, a PE ratio of -11.50 and a beta of 2.03. The firm has a 50 day moving average price of $12.64 and a 200-day moving average price of $6.79.

Avita Medical Company Profile

Avita Medical, Inc (NASDAQ: RCEL) is a regenerative medicine company focused on developing and commercializing therapies that use a patient’s own cells to help restore damaged skin and tissue. Its lead product is the RECELL System, an autologous cell-harvesting device designed to prepare a suspension of a patient’s skin cells at the point of care for application to wounds.

RECELL is used in the treatment of certain thermal burn wounds and other skin injuries. The system is intended to support wound healing and may reduce the amount of donor skin required for grafting by enabling clinicians to create a cell suspension from a small sample of the patient’s healthy skin.