TD Cowen lowered the firm’s price target on Avita Medical (RCEL) to $5.50 from $8 and keeps a Buy rating on the shares. The firm noted Avita Medical is moving through a leadership transition, but the interim CEO is an industry veteran who will focus on a Board-backed plan centered on execution. The roughly $17M preliminary 3Q revenue result underscores that reimbursement friction was real and lasted longer than hoped, but management believes the policy side is largely fixed exiting 3Q.
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