Viewray Gets a Buy Rating from Cantor Fitzgerald

In a report released yesterday, Craig Bijou from Cantor Fitzgerald reiterated a Buy rating on Viewray (NASDAQ: VRAY), with a price target of $13. The company’s shares closed yesterday at $7.74.

Bijou observed:

“Strong 1Q results. VRAY reported $26.2MM of revenue in 1Q, beating Street expectations by $13.1MM. Revenue was higher than expected due to delayed revenue recognition of a system installed in 4Q, earlier-than-expected recognition from an installation in late-1Q, and a system upgrade from the previous generation MRIdian Cobalt. VRAY placed four systems and upgraded one, which was in line with our expectations. VRAY received gross orders of $21MM, slightly below our expectation of $24MM. The backlog at the end of the quarter was $195MM, down slightly from $204MM last quarter.”

According to TipRanks.com, Bijou is a 4-star analyst with an average return of 25.1% and a 68.2% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and Wright Medical Group.

Currently, the analyst consensus on Viewray is Strong Buy and the average price target is $12.88, representing a 66.4% upside.

In a report issued on May 8, B.Riley FBR also reiterated a Buy rating on the stock with a $13.50 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 $24.65 million. In comparison, last year the company had a GAAP net loss of $27.96 million.

Based on the recent corporate insider activity of 11 insiders, corporate insider sentiment is neutral 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.