Cantor Fitzgerald analyst Craig Bijou reiterated a Buy rating on Viewray (NASDAQ: VRAY) today and set a price target of $13. The company’s shares opened today at $10.40.
Bijou said:
“We reiterate our Overweight rating on shares of VRAY and our 12-month price target of $13. VRAY has succeeded in bringing an MRI linear accelerator (linac) to the market when its larger competitors could not. VRAY’s differentiated technology has the potential to change radiation therapy longer 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 comes at a significant premium (~50%) to existing linacs. VRAY, like many small capital equipment companies, comes with a good amount of risk, but we think the momentum is building.”
According to TipRanks.com, Bijou is a 4-star analyst with an average return of 22.1% and a 78.6% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and Wright Medical Group.
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 38.5% upside from current levels. In a report issued on July 25, B.Riley FBR also maintained 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 June 30, the company reported a quarterly GAAP net loss of $21.99 million. In comparison, last year the company had a GAAP net loss of $8.35 million.
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.
