Piper Sandler Reiterates Neutral Rating for AVITA Medical (NASDAQ:RCEL)

Piper Sandler reaffirmed their neutral rating on shares of AVITA Medical (NASDAQ:RCEL) in a report released on Friday morning,Benzinga reports. The brokerage currently has a $12.00 target price on the stock, up from their previous target price of $9.00.

Separately, Cantor Fitzgerald reaffirmed an “overweight” rating and set a $21.00 target price on shares of AVITA Medical in a report on Friday, August 9th.

AVITA Medical Stock Up 2.1 %

NASDAQ RCEL opened at $12.20 on Friday. The stock has a market capitalization of $317.08 million, a P/E ratio of -5.47 and a beta of 1.54. AVITA Medical has a 52 week low of $7.51 and a 52 week high of $18.93. The company has a debt-to-equity ratio of 1.71, a quick ratio of 4.81 and a current ratio of 5.29. The stock has a fifty day moving average of $10.42 and a 200-day moving average of $9.39.

AVITA Medical (NASDAQ:RCEL) last announced its quarterly earnings data on Thursday, November 7th. The company reported ($0.62) EPS for the quarter, missing analysts’ consensus estimates of ($0.41) by ($0.21). AVITA Medical had a negative return on equity of 162.94% and a negative net margin of 95.47%. The firm had revenue of $19.55 million during the quarter, compared to analyst estimates of $19.65 million. During the same quarter in the previous year, the business earned ($0.34) earnings per share. On average, equities research analysts forecast that AVITA Medical will post -2.16 EPS for the current year.

Hedge Funds Weigh In On AVITA Medical

Several institutional investors have recently modified their holdings of the stock. Essex Investment Management Co. LLC bought a new position in AVITA Medical during the 3rd quarter worth approximately $2,477,000. Vanguard Group Inc. boosted its position in shares of AVITA Medical by 1.1% during the first quarter. Vanguard Group Inc. now owns 1,408,136 shares of the company’s stock worth $22,572,000 after purchasing an additional 15,356 shares in the last quarter. The Manufacturers Life Insurance Company acquired a new position in shares of AVITA Medical in the 2nd quarter valued at $86,000. Silvercrest Asset Management Group LLC bought a new stake in shares of AVITA Medical in the 1st quarter valued at $3,874,000. Finally, Rhumbline Advisers increased its position in shares of AVITA Medical by 13.9% in the 2nd quarter. Rhumbline Advisers now owns 36,530 shares of the company’s stock valued at $289,000 after buying an additional 4,463 shares in the last quarter. 27.66% of the stock is currently owned by institutional investors and hedge funds.

AVITA Medical Company Profile

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.