Avita Medical (NASDAQ:RCEL) Issues Quarterly Earnings Results, Misses Expectations By $0.02 EPS

by · The Markets Daily

Avita Medical (NASDAQ:RCEL – Get Free Report) issued its quarterly earnings results on Thursday. The company reported ($0.38) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.36) by ($0.02), Zacks reports.

Avita Medical Trading Down 3.4%

Avita Medical stock traded down $0.13 during trading hours on Thursday, reaching $3.71. 221,990 shares of the company were exchanged, compared to its average volume of 224,117. Avita Medical has a 12 month low of $3.22 and a 12 month high of $11.25. The stock has a 50-day moving average of $3.71 and a 200 day moving average of $4.32. The firm has a market cap of $113.13 million, a price-to-earnings ratio of -2.05 and a beta of 1.78.

Wall Street Analysts Forecast Growth

RCEL has been the topic of several research reports. BTIG Research upgraded shares of Avita Medical from a “sell” rating to a “neutral” rating in a research report on Thursday, November 20th. Lake Street Capital increased 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 reiterated a “sell (e+)” rating on shares of Avita Medical in a report on Monday, December 29th. D. Boral Capital reissued a “buy” rating and set a $10.00 price target on shares of Avita Medical in a research report on Monday, January 26th. Finally, Zacks Research raised Avita Medical from a “strong sell” rating to a “hold” rating in a research note on Friday, December 19th. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Avita Medical currently has a consensus rating of “Hold” and an average target price of $5.50.

View Our Latest Report on Avita Medical

Institutional Investors Weigh In On Avita Medical

A number of hedge funds have recently bought and sold shares of the company. Bank of America Corp DE increased its stake in shares of Avita Medical by 49.7% in the second quarter. Bank of America Corp DE now owns 62,551 shares of the company’s stock worth $331,000 after purchasing an additional 20,767 shares during the period. Jane Street Group LLC boosted its stake in Avita Medical by 36.1% during the 2nd quarter. Jane Street Group LLC now owns 86,730 shares of the company’s stock valued at $459,000 after purchasing an additional 22,986 shares during the period. Rhumbline Advisers grew its holdings in Avita Medical by 8.8% in the 2nd quarter. Rhumbline Advisers now owns 42,168 shares of the company’s stock valued at $223,000 after buying an additional 3,393 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Avita Medical in the 1st quarter worth approximately $374,000. Finally, AQR Capital Management LLC acquired a new position in shares of Avita Medical during the first quarter worth approximately $799,000. 27.66% of the stock is currently owned by institutional investors.

About Avita Medical

(Get Free Report)

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.

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