Avita Medical (NASDAQ:RCEL) Downgraded to Sell Rating by Wall Street Zen

Avita Medical (NASDAQ:RCEL) was downgraded by research analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Saturday.

Several other equities analysts have also weighed in on RCEL. 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 raised their target price for the company from $3.50 to $6.00 in a research note on Friday, May 15th. TD Cowen reaffirmed a “buy” rating on shares of Avita Medical in a research report on Tuesday, June 30th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Avita Medical in a research note on Wednesday, June 24th. Four analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, Avita Medical currently has an average rating of “Hold” and a consensus target price of $7.25.

Avita Medical Price Performance

NASDAQ:RCEL opened at $4.61 on Friday. The company has a fifty day moving average of $4.37 and a 200-day moving average of $4.31. The firm has a market capitalization of $141.88 million, a P/E ratio of -2.94 and a beta of 1.86. Avita Medical has a twelve month low of $3.22 and a twelve month high of $7.12.

Avita Medical (NASDAQ:RCEL) last released its earnings results on Thursday, May 14th. The company reported ($0.35) earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of ($0.35). The company had revenue of $19.25 million for the quarter, compared to analyst estimates of $18.30 million. On average, analysts anticipate that Avita Medical will post -1.09 EPS for the current fiscal year.

Insider Buying and Selling at Avita Medical

In other Avita Medical news, Director Joseph Fralin Woody acquired 10,000 shares of the company’s stock in a transaction on Tuesday, June 9th. The shares were purchased at an average cost of $4.19 per share, with a total value of $41,900.00. Following the completion of the purchase, the director owned 102,761 shares of the company’s stock, valued at approximately $430,568.59. This represents a 10.78% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired 37,200 shares of company stock valued at $155,080 over the last 90 days. 2.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Avita Medical

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Deutsche Bank AG lifted its position in Avita Medical by 1,351.5% in the 4th 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. Russell Investments Group Ltd. boosted its stake in 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 purchasing an additional 4,425 shares during the last quarter. Aristides Capital LLC bought a new stake in Avita Medical during the 4th quarter worth approximately $48,000. R Squared Ltd bought a new stake in Avita Medical during the 1st quarter worth approximately $57,000. Finally, The Manufacturers Life Insurance Company purchased a new stake in shares of Avita Medical in the second quarter worth approximately $58,000. 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.