Viewray (VRAY) Shares Gap Down Following Weak Earnings

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Viewray Inc (NASDAQ:VRAY) shares gapped down before the market opened on Friday following a weaker than expected earnings announcement. The stock had previously closed at $9.87, but opened at $8.75. Viewray shares last traded at $6.63, with a volume of 7094664 shares trading hands.

The company reported ($0.39) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.22) by ($0.17). The company had revenue of $17.70 million during the quarter, compared to analysts’ expectations of $17.77 million. Viewray had a negative net margin of 83.84% and a negative return on equity of 353.05%. The firm’s revenue was up 45.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned ($0.19) earnings per share.

A number of research firms have weighed in on VRAY. Robert W. Baird began coverage on shares of Viewray in a research note on Thursday, October 18th. They issued an “outperform” rating and a $14.00 target price on the stock. BidaskClub cut shares of Viewray from a “buy” rating to a “hold” rating in a research note on Wednesday, August 8th. BTIG Research reiterated a “buy” rating and issued a $14.00 target price on shares of Viewray in a research note on Tuesday, August 7th. ValuEngine cut shares of Viewray from a “strong-buy” rating to a “buy” rating in a research note on Thursday. Finally, Cantor Fitzgerald reiterated a “buy” rating and issued a $13.00 target price on shares of Viewray in a research note on Wednesday, October 3rd. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. Viewray presently has an average rating of “Buy” and an average price target of $12.79.

In other news, major shareholder Orbimed Advisors Llc sold 521,607 shares of the business’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $9.95, for a total value of $5,189,989.65. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, major shareholder International Ltd Fosun purchased 2,702,702 shares of the stock in a transaction dated Thursday, August 30th. The stock was acquired at an average cost of $9.25 per share, for a total transaction of $24,999,993.50. The disclosure for this purchase can be found here. Insiders own 43.93% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Voya Investment Management LLC increased its holdings in Viewray by 39.3% during the 2nd quarter. Voya Investment Management LLC now owns 19,006 shares of the company’s stock worth $132,000 after acquiring an additional 5,364 shares during the period. Lido Advisors LLC increased its holdings in Viewray by 115.1% during the 2nd quarter. Lido Advisors LLC now owns 86,036 shares of the company’s stock worth $595,000 after acquiring an additional 46,036 shares during the period. Swiss National Bank bought a new stake in Viewray during the 2nd quarter worth approximately $359,000. FNY Investment Advisers LLC bought a new stake in Viewray during the 3rd quarter worth approximately $190,000. Finally, BlackRock Inc. increased its holdings in Viewray by 0.4% during the 1st quarter. BlackRock Inc. now owns 1,859,946 shares of the company’s stock worth $11,960,000 after acquiring an additional 6,678 shares during the period. 92.45% of the stock is currently owned by institutional investors.

The company has a debt-to-equity ratio of 1.17, a quick ratio of 2.64 and a current ratio of 3.33. The firm has a market capitalization of $710.70 million, a price-to-earnings ratio of -6.38 and a beta of 1.17.

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Viewray Company Profile (NASDAQ:VRAY)

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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