AVITA Medical (NASDAQ:RCEL) Upgraded by Zacks Investment Research to “Buy”

Posted by on May 26th, 2022

AVITA Medical (NASDAQ:RCEL – Get Rating) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday, Zacks.com reports. The brokerage currently has a $6.00 target price on the stock. Zacks Investment Research‘s target price would suggest a potential upside of 10.29% from the stock’s previous close.

According to Zacks, “AVITA Medical Inc. is a regenerative medicine company. It engages in developing and commercializing a technology platform which enables point-of-care autologous skin restoration for multiple unmet needs. AVITA Medical Inc., formerly known as AVITA Therapeutics Inc., is based in VALENCIA, Calif. “

Several other equities analysts have also recently issued reports on RCEL. BTIG Research reduced their price target on shares of AVITA Medical from $37.00 to $21.00 in a research report on Tuesday, March 1st. Piper Sandler reduced their price target on shares of AVITA Medical from $23.00 to $15.00 in a research report on Tuesday, March 1st.

Shares of NASDAQ:RCEL opened at $5.44 on Thursday. The stock has a market cap of $135.76 million, a PE ratio of -4.73 and a beta of 1.24. The company’s fifty day moving average is $7.00 and its 200 day moving average is $9.81. AVITA Medical has a 52 week low of $5.06 and a 52 week high of $22.49. The company has a quick ratio of 13.68, a current ratio of 13.96 and a debt-to-equity ratio of 0.01.

AVITA Medical (NASDAQ:RCEL – Get Rating) last released its quarterly earnings data on Thursday, May 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.02). AVITA Medical had a negative net margin of 89.96% and a negative return on equity of 26.41%. The firm had revenue of $7.54 million during the quarter, compared to analysts’ expectations of $6.53 million. Sell-side analysts anticipate that AVITA Medical will post -1.44 EPS for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in RCEL. Morgan Stanley raised its holdings in shares of AVITA Medical by 174.6% during the second quarter. Morgan Stanley now owns 38,387 shares of the company’s stock valued at $788,000 after purchasing an additional 24,407 shares during the last quarter. Royal Bank of Canada increased its holdings in AVITA Medical by 408.5% during the second quarter. Royal Bank of Canada now owns 2,034 shares of the company’s stock valued at $42,000 after buying an additional 1,634 shares during the last quarter. Bank of America Corp DE increased its holdings in AVITA Medical by 14.2% during the second quarter. Bank of America Corp DE now owns 39,387 shares of the company’s stock valued at $808,000 after buying an additional 4,905 shares during the last quarter. Raymond James & Associates purchased a new stake in AVITA Medical during the third quarter valued at approximately $303,000. Finally, Geode Capital Management LLC increased its holdings in AVITA Medical by 1.2% during the third quarter. Geode Capital Management LLC now owns 419,601 shares of the company’s stock valued at $7,435,000 after buying an additional 4,928 shares during the last quarter. 29.96% of the stock is owned by hedge funds and other institutional investors.

AVITA Medical Company Profile (Get Rating)

AVITA Medical Inc operates as a commercial-stage regenerative tissue company in the United States, Australia, and the United Kingdom. It offers regenerative products to address unmet medical needs in burn injuries, trauma injuries, chronic wounds, and dermatological and aesthetics indications, including vitiligo.

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