It took a day for investors to digest the news that U.S. Food and Drug Administration (FDA) has approved the company’s Investigational Device Exemption (IDE) application to conduct a pivotal trial evaluating the safety and effectiveness of the RECELL® Autologous Cell Harvesting Device (RECELL® System) in combination with meshed autografting for the treatment of acute full-thickness skin defects, such as degloving (a type of injury where the skin is ripped from the underlying tissue), crush wounds (a break in the external surface of the body), abrasions, lacerations, and surgical wounds. This will further expand Avita's addressable market size. (See pg 22 of the latest presentation) Appropriately, the stock hit a fresh 52 week high.
Investors had a full day to take advantage of this "information gap" and buy the stock cheaper. This type of inefficiencies will go away once Avita receives full ADR listing status next year.
Disclosure: I am/we are long AVMXY.