In a report released yesterday, Sean Lavin from BTIG maintained a Buy rating on Viewray (NASDAQ: VRAY), with a price target of $14. The company’s shares closed yesterday at $10.44.
Lavin observed:
“PT to $14 from $10 VRAY preannounced 2Q rev and reported gross orders of $34.6M Friday coming in in line with consensus. Shares were probably pressured by GMs of ~0% due to one-time issues and expected cash use for the year being increased $10M. We continue to expect VRAY to require additional funding by 1H19. We like the new mgmt team’s track record both as operators and sellers of companies and expect an improvement in commercial execution. That said we felt the stock had overrun a bit to near $13 and would have moved to Neutral but with shares pulling back now still see them compelling. We are raising our out year PT to $14. While we still see VRAY as compelling we have learned quite a bit about potential new competition in MagnetTx (Private), whom we recently visited in Edmonton.”
According to TipRanks.com, Lavin is a 5-star analyst with an average return of 14.8% and a 63.5% success rate. Lavin covers the Healthcare sector, focusing on stocks such as Helius Medical Technologies, Tactile Systems Technology, and Obalon Therapeutics Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Viewray with a $14.40 average price target, implying a 37.9% upside from current levels. In a report issued on July 24, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $13 price target.
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The company has a one-year high of $13.21 and a one-year low of $5.11. Currently, Viewray has an average volume of 1.15M.
Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is negative on the stock.
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ViewRay, Inc. engages in the research, development, and manufacture of magnetic resonance imaging (MRI) system. Its product includes MRIdian, which supports image-guided radiation therapy, stereotactic radiation therapy, and radiosurgery. The company was founded by Dinara Akzhigitova on September 6, 2013 and is headquartered in Oakwood Village, OH.
