Insider Buying: Avita Medical (NASDAQ:RCEL) Director Acquires 5,200 Shares of Stock

Avita Medical Inc. (NASDAQ:RCEL) Director Joseph Fralin Woody bought 5,200 shares of the business’s stock in a transaction on Tuesday, June 9th. The stock was bought at an average cost of $4.00 per share, for a total transaction of $20,800.00. Following the purchase, the director directly owned 107,961 shares of the company’s stock, valued at approximately $431,844. This trade represents a 5.06% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website.

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

• On Tuesday, June 9th, Joseph Fralin Woody acquired 10,000 shares of Avita Medical stock. The shares were acquired at an average price of $4.19 per share, for a total transaction of $41,900.00.
• On Wednesday, June 3rd, Joseph Fralin Woody acquired 10,000 shares of Avita Medical stock. The shares were acquired at an average price of $4.09 per share, for a total transaction of $40,900.00.
• On Monday, June 1st, Joseph Fralin Woody acquired 10,000 shares of Avita Medical stock. The shares were acquired at an average price of $4.30 per share, for a total transaction of $43,000.00.

Avita Medical Stock Performance

Shares of NASDAQ:RCEL remained flat at $4.12 during trading on Wednesday. The stock had a trading volume of 225,436 shares, compared to its average volume of 273,224. Avita Medical Inc. has a fifty-two week low of $3.22 and a fifty-two week high of $7.12. The firm has a market cap of $126.81 million, a P/E ratio of -2.62 and a beta of 1.87. The firm has a 50 day simple moving average of $4.38 and a 200-day simple moving average of $4.12.

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

Analysts Set New Price Targets

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

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in RCEL. AQR Capital Management LLC acquired a new position in shares of Avita Medical during the 1st quarter worth approximately $799,000. Jacobs Levy Equity Management Inc. acquired a new position in shares of Avita Medical during the 1st quarter worth approximately $374,000. Jane Street Group LLC increased its position in shares of Avita Medical by 20.4% during the 1st quarter. Jane Street Group LLC now owns 63,744 shares of the company’s stock worth $519,000 after purchasing an additional 10,789 shares during the last quarter. Strs Ohio acquired a new position in shares of Avita Medical during the 1st quarter worth approximately $116,000. Finally, Rhumbline Advisers increased its position in shares of Avita Medical by 8.8% during the 2nd quarter. Rhumbline Advisers now owns 42,168 shares of the company’s stock worth $223,000 after purchasing an additional 3,393 shares during the last quarter. Institutional investors and hedge funds own 27.66% of the company’s stock.

Avita Medical Company Profile

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.