AVITA Medical FY2024 EPS Forecast Cut by Cantor Fitzgerald

AVITA Medical, Inc. (NASDAQ:RCEL) – Analysts at Cantor Fitzgerald cut their FY2024 earnings per share estimates for AVITA Medical in a research note issued on Tuesday, January 21st. Cantor Fitzgerald analyst R. Osborn now forecasts that the company will post earnings of ($2.51) per share for the year, down from their prior estimate of ($2.38). Cantor Fitzgerald has a “Overweight” rating and a $21.00 price objective on the stock. The consensus estimate for AVITA Medical’s current full-year earnings is ($2.35) per share.

AVITA Medical (NASDAQ:RCEL) last posted its earnings results on Thursday, November 7th. The company reported ($0.62) earnings per share for the quarter, missing the consensus estimate of ($0.41) by ($0.21). The business had revenue of $19.55 million for the quarter, compared to analyst estimates of $19.65 million. AVITA Medical had a negative net margin of 95.47% and a negative return on equity of 194.69%. During the same quarter in the previous year, the firm posted ($0.34) EPS.

A number of other research firms have also recently weighed in on RCEL. Piper Sandler reissued a “neutral” rating and issued a $12.00 price objective (up from $9.00) on shares of AVITA Medical in a research report on Friday, November 8th. D. Boral Capital reiterated a “buy” rating and issued a $25.00 price target on shares of AVITA Medical in a report on Wednesday, January 8th. Finally, Lake Street Capital reduced their price objective on AVITA Medical from $20.00 to $14.00 and set a “buy” rating on the stock in a research note on Wednesday, January 8th. Two investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $18.00.

AVITA Medical Stock Performance

Shares of NASDAQ:RCEL opened at $8.48 on Thursday. The company has a 50 day moving average of $11.94 and a two-hundred day moving average of $10.65. The company has a quick ratio of 3.37, a current ratio of 3.73 and a debt-to-equity ratio of 3.48. AVITA Medical has a 52-week low of $7.51 and a 52-week high of $18.93.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the stock. SG Americas Securities LLC bought a new stake in AVITA Medical in the fourth quarter valued at $190,000. JPMorgan Chase & Co. increased its holdings in shares of AVITA Medical by 38.5% in the 3rd quarter. JPMorgan Chase & Co. now owns 32,344 shares of the company’s stock worth $347,000 after acquiring an additional 8,985 shares during the period. Barclays PLC lifted its position in AVITA Medical by 340.0% in the 3rd quarter. Barclays PLC now owns 37,503 shares of the company’s stock valued at $402,000 after purchasing an additional 28,979 shares during the last quarter. Geode Capital Management LLC boosted its stake in AVITA Medical by 1.4% during the 3rd quarter. Geode Capital Management LLC now owns 594,436 shares of the company’s stock valued at $6,373,000 after purchasing an additional 8,361 shares during the period. Finally, Jane Street Group LLC grew its position in AVITA Medical by 32.7% in the 3rd quarter. Jane Street Group LLC now owns 89,395 shares of the company’s stock worth $958,000 after purchasing an additional 22,032 shares during the last quarter. 27.66% of the stock is currently owned by 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.