Avita Medical (NASDAQ:RCEL) Price Target Raised to $22.00

Avita Medical (NASDAQ:RCEL) had its price target hoisted by equities research analysts at TD Cowen from $20.00 to $22.00 in a research report issued to clients and investors on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. TD Cowen‘s price objective would indicate a potential upside of 25.93% from the stock’s previous close.

Other analysts also recently issued research reports about the company. Wall Street Zen raised Avita Medical from a “sell” rating to a “hold” rating in a research note on Sunday, August 2nd. Lake Street Capital increased their target price on Avita Medical from $12.00 to $20.00 and gave the company a “buy” rating in a research report on Friday, November 6th. Weiss Ratings reissued a “sell (e+)” rating on shares of Avita Medical in a report on Monday, September 21st. Finally, BTIG Research raised their target price on shares of Avita Medical from $15.00 to $21.00 and gave the company a “buy” rating in a report on Friday, November 6th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $16.60.

Avita Medical Stock Up 1.0%

Shares of Avita Medical stock opened at $17.47 on Thursday. Avita Medical has a twelve month low of $3.22 and a twelve month high of $18.43. The business has a 50-day moving average price of $13.20 and a 200-day moving average price of $7.05. The firm has a market cap of $548.91 million, a price-to-earnings ratio of -14.80 and a beta of 2.03.

Avita Medical (NASDAQ:RCEL) last posted its earnings results on Thursday, November 5th. The company reported ($0.20) EPS for the quarter, topping analysts’ consensus estimates of ($0.24) by $0.04. The firm had revenue of $26.11 million during the quarter, compared to analysts’ expectations of $22.35 million. On average, equities analysts expect that Avita Medical will post -0.94 EPS for the current fiscal year.

Institutional Investors Weigh In On Avita Medical

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in shares of Avita Medical in the 2nd quarter valued at approximately $2,333,000. NewEdge Advisors LLC boosted its stake in Avita Medical by 71.4% during the second quarter. NewEdge Advisors LLC now owns 148,931 shares of the company’s stock worth $615,000 after buying an additional 62,046 shares during the period. Bank of America Corp DE boosted its stake in Avita Medical by 145.3% during the first quarter. Bank of America Corp DE now owns 62,128 shares of the company’s stock worth $230,000 after buying an additional 36,799 shares during the period. Russell Investments Group Ltd. increased its position in Avita Medical by 47.7% during the third quarter. Russell Investments Group Ltd. now owns 41,449 shares of the company’s stock valued at $486,000 after acquiring an additional 13,395 shares during the last quarter. Finally, Jefferies Financial Group Inc. purchased a new stake in shares of Avita Medical in the third quarter valued at $440,000. 27.66% of the stock is currently owned by hedge funds and other institutional investors.

Avita Medical Company Profile

AVITA Medical is a regenerative medicine company focused on treatments for skin restoration. Its flagship technology, the RECELL System, enables clinicians to use a small sample of a patient’s healthy skin to prepare a suspension of skin cells for application to wounds. The company’s RECELL products are used in the treatment of burns and certain other skin injuries, including full-thickness skin defects. The approach is intended to support wound coverage while reducing the amount of donor skin needed compared with conventional skin-grafting procedures.