Cantor Fitzgerald analyst Craig Bijou reiterated a Buy rating on Viewray (VRAY) today and set a price target of $13. The company’s shares closed on Tuesday at $6.33, close to its 52-week low of $5.80.
“We reiterate our OW rating and 12-month PT of $13 on VRAY. VRAY has succeeded in bringing an MRI linear accelerator (linac) to market when its larger competitors could not. Its differentiated technology has the potential to change radiation therapy long term, but VRAY’s commercial launch is only in its infancy. Positive early clinical data are driving physician interest, but the price of the system has a significant premium (~50%) to existing linacs. VRAY, like many small capital equipment companies, has a good amount of risk, but we think momentum is building.”
According to TipRanks.com, Bijou is a 3-star analyst with an average return of 4.9% and a 47.0% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Ra Medical Systems Inc, and Integra Lifesciences.
Currently, the analyst consensus on Viewray is a Strong Buy with an average price target of $14.13.
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The company has a one-year high of $13.21 and a one-year low of $5.80. Currently, Viewray has an average volume of 1.46M.
Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VRAY in relation to earlier this year.
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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.