Viewray Received its Third Buy in a Row

After Jefferies and B.Riley FBR gave Viewray (NASDAQ: VRAY) a Buy rating last month, the company received another Buy, this time from Mizuho Securities. Analyst Difei Yang assigned a Buy rating to Viewray today and set a price target of $12. The company’s shares closed yesterday at $9.55.

Yang said:

“We spoke with the new team and came away encouraged from our discussion. Their successful commercialization experience at Spectranetics Corp. should translate well at ViewRay. We maintain our $12 PT until we learn more details on the execution strategy. ViewRay also reported preliminary 2Q18 revenue of $16 mil that beat FactSet consensus of $12.5 mil and reiterated full-year 2018 revenue guidance of $80-$90 mil.”

According to TipRanks.com, Yang is a top 100 analyst with an average return of 23.8% and a 55.1% success rate. Yang covers the Healthcare sector, focusing on stocks such as Nightstar Therapeutics Limited, Alder Biopharmaceuticals, and Audentes Therapeutics.

Currently, the analyst consensus on Viewray is a Strong Buy with an average price target of $12.10, which is a 26.7% upside from current levels. In a report issued on July 20, B.Riley FBR also reiterated 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 March 31, the company reported a quarterly GAAP net loss of $4.81 million. In comparison, last year the company had a GAAP net loss of $8.35 million.

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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.