Avita Medical Inc. (NASDAQ:RCEL) Given Consensus Recommendation of “Hold” by Brokerages

Shares of Avita Medical Inc. (NASDAQ:RCEL) have been assigned a consensus rating of “Hold” from the six analysts that are presently covering the stock, MarketBeat Ratings reports. One analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and two have assigned a buy recommendation to the company. The average 12-month target price among brokers that have issued ratings on the stock in the last year is $6.6250.

RCEL has been the topic of a number of analyst reports. Northland Securities initiated coverage on Avita Medical in a research report on Thursday, March 5th. They set an “outperform” rating and a $10.00 price objective on the stock. Lake Street Capital upped their target price on Avita Medical from $3.00 to $3.50 and gave the company a “hold” rating in a report on Friday, January 16th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a research note on Monday, December 29th. D. Boral Capital reiterated a “buy” rating and set a $10.00 price target on shares of Avita Medical in a report on Tuesday, February 17th. Finally, Zacks Research raised shares of Avita Medical from a “strong sell” rating to a “hold” rating in a research report on Friday, December 19th.

Avita Medical Price Performance

Shares of Avita Medical stock opened at $3.95 on Friday. The stock’s 50 day simple moving average is $4.34 and its 200-day simple moving average is $4.24. The stock has a market cap of $120.99 million, a P/E ratio of -2.26 and a beta of 1.77. Avita Medical has a 1-year low of $3.22 and a 1-year high of $10.29.

Hedge Funds Weigh In On Avita Medical

Several institutional investors and hedge funds have recently bought and sold shares of RCEL. Aristides Capital LLC purchased a new stake in shares of Avita Medical in the 4th quarter valued at approximately $48,000. Jain Global LLC purchased a new stake in shares of Avita Medical during the 4th quarter valued at approximately $83,000. Russell Investments Group Ltd. raised its position in shares of Avita Medical by 122.2% during the 4th quarter. Russell Investments Group Ltd. now owns 8,047 shares of the company’s stock valued at $28,000 after buying an additional 4,425 shares during the period. Wells Fargo & Company MN lifted its holdings in Avita Medical by 98.5% in 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 during the last quarter. Finally, Deutsche Bank AG lifted its holdings 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. 27.66% of the stock is currently owned by institutional investors and hedge funds.

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.