Accuray Inc. (ARAY) is trading sharply higher this morning by $1.87, or 27.41%, to $8.67 a share, the highest intraday price since October 2008. The maker of robotic cancer treatment products reported a second-quarter net income of $4.1 million, or $0.07 a share, compared to a net loss of $1.2 million, or $0.02 per share, during the same period last year. Analysts, on average, expected a loss of 1 cent, according to a Bloomberg survey.
Shares of Accuray Inc continue to make higher-highs as they brake above the ticker’s March 10, 2010, 52-week high of $7.75. Volume has exploded with more than 1.7 million ARAY shares already trading hands compared to a daily average volume of just 294,000 shares.
The day’s range so far for shares of Accuray Inc., which closed at $6.86 in the previous trading session and opened today at $7.54, has been between $7.40 and a 52-week high of $8.93 per share.
The average pps target of analysts who cover ARAY is $8.00 p/sh. The company has a market cap of $507 million, a trailing P/E of 320.37, a forward multiple of 61.79 and a price-to-earnings ratio of 23.48. Needless to say, the security comes with considerable risk, as an argument could be made that the shares are overvalued on a valuation basis.
At last check, ARAY shares were up $1.97, or 28.72%, to $8.83.