Lake Street analyst Frank Takkinen downgraded Avita Medical (RCEL) to Hold from Buy with a price target of $4, down from $8. Q3 revenue did not rebound as anticipated and Jim Corbett resigned as CEO, with Chairman Cary Vance assuming the role as interim CEO, the analyst says. The firm is downgrading shares given the Q3 shortfall, a likely guidance reset, and OrbiMed debt requiring amendments, the analyst noted.
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