BTIG Research began coverage on shares of ViewRay Inc. (NASDAQ:VRAY) in a report released on Wednesday. The brokerage issued a buy rating and a $6.00 price target on the stock.

“While we admit the higher price per system may impact how many hospitals will ultimately adopt, we feel the early adopters who are less price sensitive will drive strong initial orders and the stock over the next few years.”If properly marketed, patients will learn about live imaging and, we believe, seek out centers with its availability. We are not calling for ISRG like success this early but could envision a similar hospital arms race,,” BTIG Research’s analyst wrote.

ViewRay (NASDAQ:VRAY) opened at 4.06 on Wednesday. ViewRay has a 52 week low of $2.69 and a 52 week high of $8.00. The firm’s market capitalization is $155.89 million. The stock has a 50 day moving average price of $3.42 and a 200-day moving average price of $4.21.

ViewRay (NASDAQ:VRAY) last issued its quarterly earnings data on Monday, August 15th. The company reported ($0.32) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.29) by $0.03. Analysts anticipate that ViewRay will post ($1.20) EPS for the current fiscal year.

In other news, Director David P. Bonita purchased 1,138,074 shares of the stock in a transaction on Monday, August 22nd. The shares were acquired at an average price of $2.95 per share, for a total transaction of $3,357,318.30. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Aditya Puri purchased 1,472,803 shares of the stock in a transaction on Friday, September 9th. The shares were purchased at an average price of $2.95 per share, for a total transaction of $4,344,768.85. Following the transaction, the director now directly owns 18,964 shares of the company’s stock, valued at $55,943.80. The disclosure for this purchase can be found here. 59.10% of the stock is owned by corporate insiders.

About ViewRay

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.

5 Day Chart for NASDAQ:VRAY

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