AVITA Medical (NASDAQ:RCEL) Cut to Neutral at BTIG Research

BTIG Research cut shares of AVITA Medical (NASDAQ:RCEL) from a buy rating to a neutral rating in a report issued on Thursday morning, MarketBeat Ratings reports.

A number of other research analysts have also recently weighed in on RCEL. Cantor Fitzgerald lifted their price objective on AVITA Medical from $22.00 to $25.00 and gave the company an overweight rating in a research report on Friday, February 23rd. Piper Sandler reaffirmed an overweight rating and set a $21.00 price objective (up from $19.00) on shares of AVITA Medical in a research report on Friday, February 23rd. One equities research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, AVITA Medical presently has an average rating of Moderate Buy and an average price target of $27.80.

AVITA Medical Trading Down 28.3 %

AVITA Medical stock opened at $10.35 on Thursday. The business has a 50-day simple moving average of $16.54 and a two-hundred day simple moving average of $13.87. The company has a market cap of $266.07 million, a P/E ratio of -7.39 and a beta of 1.33. AVITA Medical has a 52-week low of $9.16 and a 52-week high of $21.70. The company has a quick ratio of 7.46, a current ratio of 7.88 and a debt-to-equity ratio of 0.81.

AVITA Medical (NASDAQ:RCEL) last released its quarterly earnings results on Thursday, February 22nd. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.06. The business had revenue of $14.20 million during the quarter, compared to the consensus estimate of $14.10 million. AVITA Medical had a negative return on equity of 54.80% and a negative net margin of 70.56%. Analysts predict that AVITA Medical will post -1.15 EPS for the current year.

Institutional Trading of AVITA Medical

Several hedge funds have recently modified their holdings of the company. Vanguard Group Inc. raised its holdings in shares of AVITA Medical by 2.4% during the 4th quarter. Vanguard Group Inc. now owns 1,392,780 shares of the company’s stock worth $19,109,000 after acquiring an additional 32,084 shares in the last quarter. Wellington Management Group LLP bought a new position in shares of AVITA Medical during the 4th quarter valued at approximately $383,000. Goldman Sachs Group Inc. increased its position in shares of AVITA Medical by 23.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 27,768 shares of the company’s stock valued at $381,000 after purchasing an additional 5,254 shares during the last quarter. Barclays PLC increased its position in shares of AVITA Medical by 695.0% during the 4th quarter. Barclays PLC now owns 34,480 shares of the company’s stock valued at $473,000 after purchasing an additional 30,143 shares during the last quarter. Finally, Royal Bank of Canada increased its position in shares of AVITA Medical by 77.8% during the 4th quarter. Royal Bank of Canada now owns 7,031 shares of the company’s stock valued at $97,000 after purchasing an additional 3,077 shares during the last quarter. 27.66% of the stock is owned by hedge funds and other institutional investors.

About AVITA Medical

AVITA Medical, Inc, together with its subsidiaries, operates as a regenerative medicine company in the United States and internationally. The company's lead product is the RECELL System, a cell harvesting device used for the treatment of thermal burn wounds, full-thickness skin defects, and repigmentation of stable depigmented vitiligo lesions.