Viewray Inc (NASDAQ: VRAY)
Viewray is having an incredibly strong morning in the market today. While the stock was up slightly early in trading, the good day turned great minutes ago as the stock ripped before being halted. Below, we’ll talk about what we’re seeing from VRAY, why, and what we’ll be watching for ahead.
What We’re Seeing From VRAY
As mentioned above, Viewray is having a great start to today’s trading session. At the open, the stock was trading slightly in the green, where it stayed for about the first half hour. However, minutes ago, things changed as the stock started to make a big run for the top. At the moment (9:12), VRAY is halted at $5.67 per share after a gain of $0.91 per share or 19.12% thus far today.
Why The Stock Is Gaining
As is almost always the case, our friends at Trade Ideas were the first to alert us of the gains on VRAY. As soon as the CNA Finance team received the notification, we started to work to see exactly what was causing the gains. In this particular case, it took no time at all to dig up the story. Ultimately, the gains are the result of 510(k) approval that was announced early this morning.
Early in the pre-market hours, Viewray announced that it has received 510(k) approval from the FDA. The approval surrounds the company’s MRIdian Linac System. Of course, as a result of the approval, VRAY is now able to commercialize the system in the United States. This prospect of coming revenue from this product is leading to the gains we’re seeing in the stock.
What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will be keeping an incredibly close eye on VRAY. In particular, we’re interested in learning more about the next steps the company plans to take following the news of FDA approval. As always, we’ll continue to follow the story and bring you the updates as it evolves!
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