Accuray Incorporated (NASDAQ:ARAY) surges ahead – Up 15%


Dallas, Texas 10/07/2013 (Financialstrend) – On September 20, Accuray Incorporated (NASDAQ:ARAY) received strong backing from JPMorgan.  Their analysts have shown thumbs up to the stock which had lost some of its gains around the beginning of September, when the announcement of the exit of its CFO had hit the headlines.

JP Morgan analyst Tycho Peterson is quoted to have opined “Accuray “has shown continued improvement in orders, aided by recent product introductions”. He has gone on to predict that on the back of positive announcements expected from its annual ASTRO conference the stock can be expected to shape up further to reach an $8 PT.

In context is Accuray announcement on September 3 announcing the sudden departure of long serving CFO Derek Bertocci. Shares of the stock had stumbled by close to 1.3% in the back drop of this announcement. In place of Bertocci, Gregory Lichtwardt was appointed as the new CFO.

In other movements at the top executive table, on September 30, Robert Ragusa “Executive Vice President, Engineering and Global Operations” indicated that he would be leaving the services of the company on December 2, 2013.

In spite of the churn at the top the stock has held steady and moved up from strength to strength. In the past week it has notched up a close to 4% increase in value. It is up 15% in the last 30 days. As of close of business on October 4, the share price of the stock had settled at  $7.59 which represents a 2.85% increase over its previous close. Current valuations are new 52 week bench marks and are 1.34% above its previous highs. The stock attracted keen investor interest through the trading day with close to 1.6 million shares getting traded in comparison to daily average of 1.08 million. The market cap of this firm is $563 million.