In the current Wall Street climate of ultra-bullish investing, some companies seem to be attracting a lot of attention despite dubious performance, while others are firing on all cylinders and failing to gain favor from investors; neither of these cases apply to ViewRay, Inc. (NASDAQ:VRAY).

Based in Ohio, ViewRay is a medical technology firm that specializes in developing advanced magnetic resonance imaging solutions. Trading on the Nasdaq as VRAY, shares of the company show the following performance as of late October:

* 4.03 percent gain over five days
* 21.01 percent monthly gain
* 47.36 percent gain over three months
* 122.68 percent year-to-date gain
* 156.25 percent overall gain

It is clear to see that VRAY has been kind to investors, and this performance, which is vastly superior to the overall healthcare sector, has been very well justified by the company's financial and operational moves over the last few years.

Successful $50 Million VRAY Stock Sale

On October 24, ViewRay announced the successful completion of a $50 million sale of stock through a direct offering made to new and existing investors. Some of the parties in the securities purchase agreement include Kearny Venture Partners, venBIO, and Ghost Tree Capital; these are all venture capital firms dedicated to investing in up-and-coming healthcare technology companies.

A few days after the closing of the aforementioned stock purchase transaction, Bank of New York Mellon Corp. piled on more VRAY stock to boost its position from 109,348 to 174,324 shares. BNY Mellon is hardly the only high-profile VRAY investor; other names include Goldman Sachs and Charles Schwab. It stands to reason that these major shareholders may also increase their VRAY positions before the end of the year.

ViewRay CEO Chris Raanes has stated that the proceeds from this financing round will be applied towards marketing, production, and sales of the company's top product, the MRIdian Linac radiotherapy system. Prospective investors should note that ViewRay is fairly advanced in terms of research and development, which means that the company is more likely to turn investments into solid opportunities for revenue creation and profit.

Operational and Sales Success

The prospect of being able to simultaneously detect and treat cancerous growths with the MRIdian Linac system has been welcomed by the oncology community. The real-time imaging and therapeutic features developed by ViewRay in its MRIdian systems have already been adopted by the Henry Ford Cancer Institute, the Moffitt Cancer Center, Orlando Health University of Florida Health Cancer Center, the Miami Cancer Institute, and others in the United States.

ViewRay clients can also be found in Europe and Canada. Since 2016, the company has been busy pursuing regulatory approvals, taking orders, delivering MRIdian Linac systems, and training healthcare professionals to operate this new technology.

The VRAY Bottom Line for Investors: Establish a Long Position or Add to Your Existing Position

ViewRay is heading into the holiday season with six research analysts following the company's stock. Five analysts have assigned buy ratings on VRAY; only one of them has issued a sell recommendation. The consensus target on the future price of VRAY is $10, although respected research firm Mizuho called a $12 target price one day after ViewRay completed the previously mentioned $50 million stock sale. It should be noted that these buy ratings have been in place over the last three months.

VRAY shares closed at $6.97 when the bell rang on Friday, October 27; however, after hours traders pushed the stock price forward to $7.01, which is very close to its 52-week high of $7.04. ViewRay has been able to please shareholders while continuing to develop on the company's mission and vision while holding on to more than $53 million in cash.