Avita Medical (NASDAQ:RCEL) Lowered to “Strong Sell” Rating by Wall Street Zen

Wall Street Zen downgraded shares of Avita Medical (NASDAQ:RCEL) from a sell rating to a strong sell rating in a report issued on Saturday.

Several other research firms have also commented on RCEL. Northland Securities assumed coverage on Avita Medical in a research report on Thursday, March 5th. They issued an “outperform” rating and a $10.00 price target for the company. Weiss Ratings reiterated a “sell (e+)” rating on shares of Avita Medical in a research report on Friday, March 27th. Lake Street Capital boosted 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, D. Boral Capital restated a “buy” rating and set a $10.00 target price on shares of Avita Medical in a research report on Wednesday, April 8th. Two analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $6.63.

Avita Medical Trading Up 2.8%

RCEL opened at $4.44 on Friday. The firm has a market cap of $136.66 million, a P/E ratio of -2.54 and a beta of 1.90. Avita Medical has a 12 month low of $3.22 and a 12 month high of $9.85. The stock has a 50-day moving average of $4.51 and a 200 day moving average of $4.06.

Institutional Trading of Avita Medical

Several institutional investors and hedge funds have recently modified their holdings of the stock. Rhumbline Advisers raised its stake in shares of 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 acquiring an additional 3,393 shares in the last quarter. Russell Investments Group Ltd. raised its stake in shares of Avita Medical by 122.2% during 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 in the last quarter. Farther Finance Advisors LLC bought a new stake in shares of Avita Medical during the third quarter valued at approximately $32,000. Deutsche Bank AG raised its stake in shares of Avita Medical by 1,351.5% during 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 in the last quarter. Finally, Wells Fargo & Company MN raised its stake in shares of Avita Medical by 98.5% during the fourth quarter. Wells Fargo & Company MN now owns 18,832 shares of the company’s stock valued at $65,000 after acquiring an additional 9,345 shares in the last quarter. Institutional investors 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.