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 yesterday at $7.92.
Bijou commented:
“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 4-star analyst with an average return of 5.1% and a 57.9% 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 $13.33, implying a 68.3% upside from current levels. In a report issued on April 2, Mizuho Securities also maintained 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.
