Avita Medical downgraded to Sell from Neutral at BTIG

BTIG downgraded Avita Medical (RCEL) to Sell from Neutral with a $3 price target The company reported another quarterly miss and has reduced guidance in five of the last last quarters, the analyst tells investors in a research note. The firm believes Avita is in a “very challenging position” as reimbursement to providers via Medicare Administrative Contractors were not being paid despite submitting claims for usage through the the first half of 2025. BTIG sees Recell demand continuing to drop as providers avoid risk of not being paid. It believes the shares have downside risk as Avita works to remain solvent.