BTIG Thinks Avita Medical’s Stock is Going to Recover

In a report released today, Ryan Zimmerman from BTIG reiterated a Buy rating on Avita Medical (RCELResearch Report), with a price target of $37.00. The company’s shares closed last Thursday at $18.51, close to its 52-week low of $16.87.

According to TipRanks.com, Zimmerman is a 5-star analyst with an average return of 30.6% and a 60.2% success rate. Zimmerman covers the Healthcare sector, focusing on stocks such as Tactile Systems Technology, Organogenesis Holdings, and Zimmer Biomet Holdings.

Currently, the analyst consensus on Avita Medical is a Moderate Buy with an average price target of $37.00.

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Based on Avita Medical’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $8.77 million and GAAP net loss of $6 million. In comparison, last year the company earned revenue of $3.88 million and had a GAAP net loss of $15.05 million.

Based on the recent corporate insider activity of 7 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of RCEL in relation to earlier this year.

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Avita Medical Ltd. engages in the development and distribution of regenerative and respiratory medicine and treatments. It operates through the following segments: Asia Pacific, Europe, and Americas. The Asia Pacific, Europe, and Americas segments involve in the sale of RECELL Devices. The company was founded on December 21, 1992 and is headquartered in Royston, the United Kingdom.