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Viewray (VRAY) Received its Third Buy in a Row


After B.Riley FBR and Cantor Fitzgerald gave Viewray (NASDAQ: VRAY) a Buy rating last month, the company received another Buy, this time from Mizuho Securities. Analyst Difei Yang maintained a Buy rating on Viewray today and set a price target of $13. The company’s shares closed yesterday at $8.56.

Yang wrote:

“We conducted a survey to radiation oncology centers to assess potential market demand for the coming 12-24 months. Following successful adoption by larger research/academic institutions, we believe the next leg of growth for ViewRay is likely to come from smaller/community type hospitals in the U.S. Our survey confirms our views. We project a total of 91 new orders for MRIdian in the next 12-24 months, mostly driven by centers with 2 to 5 Linac units in the U.S., which represents upside to our current estimate of 71 new orders in 2019 and 2020 combined.”

According to TipRanks.com, Yang is a 5-star analyst with an average return of 21.9% and a 51.6% success rate. Yang covers the Healthcare sector, focusing on stocks such as Alder Biopharmaceuticals, Audentes Therapeutics, and Revance Therapeutics.

Currently, the analyst consensus on Viewray is a Strong Buy with an average price target of $14.85, representing a 73.5% upside. In a report issued on October 2, Cantor Fitzgerald also reiterated a Buy rating on the stock with a $13 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 $11.22 million.

Based on the recent corporate insider activity of 36 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.