Cantor Fitzgerald Cuts AVITA Medical (NASDAQ:RCEL) Price Target to $21.00

AVITA Medical (NASDAQ:RCEL) had its price objective lowered by Cantor Fitzgerald from $22.00 to $21.00 in a research note published on Tuesday, Benzinga reports. The brokerage currently has an overweight rating on the stock. Cantor Fitzgerald also issued estimates for AVITA Medical’s FY2024 earnings at ($1.31) EPS.

Other research analysts have also issued reports about the stock. Piper Sandler reiterated an overweight rating and issued a $21.00 price objective (up from $19.00) on shares of AVITA Medical in a research note on Friday, February 23rd. BTIG Research cut AVITA Medical from a buy rating to a neutral rating in a research report on Thursday, April 11th. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, AVITA Medical currently has an average rating of Moderate Buy and a consensus price target of $24.60.

AVITA Medical Stock Performance

Shares of NASDAQ RCEL traded up $0.21 during trading on Tuesday, reaching $8.13. 76,428 shares of the stock traded hands, compared to its average volume of 218,554. The company has a quick ratio of 7.46, a current ratio of 7.25 and a debt-to-equity ratio of 1.27. AVITA Medical has a 52-week low of $7.51 and a 52-week high of $21.70. The company has a 50-day moving average of $12.24 and a 200-day moving average of $13.43.

AVITA Medical (NASDAQ:RCEL) last released its quarterly earnings data on Monday, May 13th. The company reported ($0.73) EPS for the quarter, missing the consensus estimate of ($0.26) by ($0.47). The business had revenue of $11.10 million for the quarter, compared to analysts’ expectations of $11.08 million. AVITA Medical had a negative net margin of 88.41% and a negative return on equity of 84.07%. During the same period last year, the company earned ($0.37) earnings per share. Research analysts anticipate that AVITA Medical will post -1.59 earnings per share for the current fiscal year.

Institutional Investors Weigh In On AVITA Medical

Large investors have recently added to or reduced their stakes in the business. Silvercrest Asset Management Group LLC purchased a new stake in shares of AVITA Medical in the 1st quarter valued at about $3,874,000. EntryPoint Capital LLC bought a new position in shares of AVITA Medical in the first quarter worth approximately $224,000. Vanguard Group Inc. raised its stake in AVITA Medical by 1.1% in the first quarter. Vanguard Group Inc. now owns 1,408,136 shares of the company’s stock valued at $22,572,000 after purchasing an additional 15,356 shares in the last quarter. Hussman Strategic Advisors Inc. bought a new stake in AVITA Medical during the first quarter valued at approximately $673,000. Finally, CenterBook Partners LP purchased a new position in AVITA Medical in the 4th quarter worth approximately $234,000. Institutional investors own 27.66% of the company’s stock.

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.