Viewray (NASDAQ:VRAY)‘s stock had its “buy” rating restated by analysts at Cantor Fitzgerald in a research report issued to clients and investors on Thursday. They currently have a $13.00 price target on the stock. Cantor Fitzgerald’s price objective points to a potential upside of 105.37% from the stock’s previous close.
The analysts wrote, “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.””
A number of other equities research analysts have also commented on the company. Robert W. Baird started coverage on Viewray in a research report on Thursday, October 18th. They set an “outperform” rating and a $14.00 price target on the stock. ValuEngine lowered Viewray from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 8th. Finally, BidaskClub lowered Viewray from a “buy” rating to a “hold” rating in a research report on Wednesday, August 8th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and an average target price of $13.25.
NASDAQ:VRAY opened at $6.33 on Thursday. Viewray has a 1-year low of $5.80 and a 1-year high of $13.21. The company has a current ratio of 6.47, a quick ratio of 5.56 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $642.35 million, a price-to-earnings ratio of -6.09 and a beta of 1.10.
Viewray (NASDAQ:VRAY) last released its earnings results on Thursday, November 8th. The company reported ($0.39) earnings per share for the quarter, missing the consensus estimate of ($0.22) by ($0.17). The company had revenue of $17.70 million during the quarter, compared to analyst estimates of $17.77 million. Viewray had a negative net margin of 105.09% and a negative return on equity of 105.63%. The company’s quarterly revenue was up 45.1% compared to the same quarter last year. During the same period in the previous year, the company posted ($0.19) EPS. Research analysts anticipate that Viewray will post -0.87 EPS for the current year.
In other Viewray news, COO Shahriar Matin purchased 25,000 shares of the company’s stock in a transaction dated Tuesday, November 13th. The shares were bought at an average price of $6.47 per share, with a total value of $161,750.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Scott William Drake purchased 60,000 shares of the company’s stock in a transaction dated Tuesday, November 13th. The shares were acquired at an average cost of $6.47 per share, for a total transaction of $388,200.00. The disclosure for this purchase can be found here. Company insiders own 43.93% of the company’s stock.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of America Corp DE grew its holdings in shares of Viewray by 209.7% during the second quarter. Bank of America Corp DE now owns 14,710 shares of the company’s stock worth $101,000 after buying an additional 9,960 shares in the last quarter. B. Riley Wealth Management Inc. bought a new position in shares of Viewray during the third quarter worth about $119,000. Sei Investments Co. bought a new position in shares of Viewray during the second quarter worth about $121,000. Metropolitan Life Insurance Co. NY bought a new position in shares of Viewray during the second quarter worth about $124,000. Finally, Raymond James Financial Services Advisors Inc. bought a new position in shares of Viewray during the second quarter worth about $131,000. 98.28% of the stock is currently owned by institutional investors.
Viewray Company Profile
ViewRay, Inc designs, manufactures and markets MRIdian, the magnetic resonance imaging (MRI)-guided radiation therapy system to image and treat cancer patients simultaneously. The Company offers radiation therapy technology combined with magnetic resonance imaging. MRIdian integrates MRI technology, radiation delivery and the Company’s software to locate, target and track the position and shape of soft-tissue tumors while radiation is delivered.
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