Viewray (VRAY) Received its Third Buy in a Row

After Northland Securities and B.Riley FBR gave Viewray (NASDAQ: VRAY) a Buy rating last month, the company received another Buy, this time from Cantor Fitzgerald. Analyst Craig Bijou reiterated a Buy rating on Viewray yesterday and set a price target of $13. The company’s shares closed yesterday at $8.34.

Bijou wrote:

“: We reiterate our Overweight rating and $13 PT on VRAY following a solid 4Q. VRAY reported revenue of $21MM (+4%), in line with its pre-announcement and $1.5MM, above the prior FactSet consensus. VRAY received orders for eight systems during the quarter (two more than we had previously expected), which is encouraging given new management’s changes to the organization. For 2019, revenue guidance was at the midpoint, slightly below our expectations, but we think management is likely being conservative to start the year. We believe that management now has the infrastructure almost fully in place to drive increased utilization and to shorten the time from purchase order to revenue recognition, both of which should drive future revenue growth.”

According to TipRanks.com, Bijou is a 4-star analyst with an average return of 5.9% and a 56.0% success rate. Bijou covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Ra Medical Systems Inc, and Integra Lifesciences.

Viewray has an analyst consensus of Strong Buy, with a price target consensus of $14.35, which is a 72.1% upside from current levels. In a report issued on March 11, B.Riley FBR also maintained a Buy rating on the stock with a $13.75 price target.

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The company has a one-year high of $13.21 and a one-year low of $4.86. Currently, Viewray has an average volume of 1.17M.

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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.