ViewRay (NASDAQ:VRAY) slid out of view for many investors on Friday. The maker of next-generation radiation therapy devices saw its stock dive by over 15% on the day, after a peer sold a big chunk of the company's shares.
Elekta (OTC:EKTAY), a Swedish company active in the same segment, announced Friday that it sold its 7%-plus stake in ViewRay, a divestment that amounted to just over 11.5 million shares. That's a complete sell-out, as Elekta added that it no longer holds any shares.
Elekta originally committed to buying its stake in ViewRay in December 2019, as part of the latter company's initial public offering (IPO). In buying the stock, Elekta also signed a memorandum of understanding with ViewRay to "advance the knowledge and application of [magnetic resonance]-guided radiation therapy."
Elekta did not provide any reasons for its sell-off. Unlike many investors who are sticking with ViewRay, Elekta is walking away richer after its divestment -- its stake was sold at $4.65 per share, well up from the $3.13 it paid in the 2019 deal.
Elekta also did not address the fate of its collaboration agreement with ViewRay, although we can surmise it's no longer in force.
It's always tough news when a company loses either a key investor or an important collaborator; ViewRay seems to have lost both. So the healthcare company, already struggling with its financials, will have an additional burden to shoulder.