BTIG analyst Sean Lavin maintained a Buy rating on Viewray (VRAY) on May 2 and set a price target of $10. The company’s shares closed yesterday at $8.17.
Lavin observed:
“ViewRay reported an in-line sales result and gross orders $6M above our $36.7M estimate and ~$12M above consensus. This is especially important as it shows VRAY is winning new customers despite the recent competitive entrance from Elekta (EKTA-B.ST, Not Rated). While sales and orders can be difficult to predict on a quarterly basis, we believe this is an early sign that the new CEO’s strategy is working. R&D was higher than we predicted this quarter; while we think these investments are worthwhile and important in the long run, prior high spending levels may lead to some investor wariness if this steps up. Overall, since orders are likely most important to investors, we view this as a stellar report and expect VRAY shares to trade higher Friday.”
According to TipRanks.com, Lavin is a 4-star analyst with an average return of 6.9% and a 55.5% success rate. Lavin covers the Healthcare sector, focusing on stocks such as Establishment Labs Holdings Inc, Helius Medical Technologies, and Tactile Systems Technology.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Viewray with a $13.40 average price target, representing a 64.0% 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 March 31, the company reported a quarterly GAAP net loss of $33.36 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.
