ViewRay downgraded to Hold from Buy at Jefferies

Jefferies analyst Young Li downgraded ViewRay to Hold from Buy with a price target of $1.25, down from $7. The company announced it is exploring strategic alternatives, which is surprising given that most of its recent updates, as recently as six weeks ago, were positive, the analyst tells investors in a research note. However, ViewRay has seen deterioration in the broader environment with elongated cash conversion cycles, throwing its cash runway into question, says the firm.