Cantor Fitzgerald analyst Craig Bijou reiterated a Buy rating on Viewray (VRAY) yesterday and set a price target of $13. The company’s shares closed yesterday at $6.77.
Bijou said:
“: We reiterate our Overweight rating and $13 PT on VRAY. 1Q revenue of $20.3MM (-23%) was essentially in line with FactSet consensus of $20.4MM. We think the order beat is a better measure of the momentum of the business. VRAY received orders for seven MRIdians, two more than we were expecting for the second straight quarter. We think the order momentum is a direct result of the strategy that the new management team has implemented since taking over in July 2018. The finishing touches of management’s strategy are still coming together, but we think VRAY is positioned to capitalize on what we expect to be meaningful shift to adaptive therapy and MR linacs.”
According to TipRanks.com, Bijou is a 3-star analyst with an average return of 1.4% and a 46.5% 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 $13.40, representing a 97.9% upside. In a report issued on May 1, B.Riley FBR also reiterated a Buy rating on the stock with a $12 price target.
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Based on Viewray’s latest earnings release for the quarter ending December 31, the company reported a quarterly GAAP net loss of $16.74 million. In comparison, last year the company had a GAAP net loss of $4.81 million.
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ViewRay, Inc. engages in the design, manufacture and market magnetic resonance imaging (MRI) system. It develops MRIdian to address the key limitations of existing external-beam radiation therapy technologies, and employs MRI-based technology to provide real-time imaging that clearly defines the targeted tumor from the surrounding soft tissue, and other critical organs, both before and during radiation treatment delivery. The company was founded by Dinara Akzhigitova on September 6, 2013 and is headquartered in Oakwood Village, OH.
