ViewRay (VRAY) with 25,000 May $4 calls bought on 3/17 for $2M and 10,000 of the $6 calls sold for $200K, an unusually large trade in a small cap. VRAY shares based the last few weeks at a 61.8% Fibonacci and starting to show signs of momentum, a move above $4.25 can work shares to $5.25. VRAY designs, manufactures, and markets the MRIdian® MRI-Guided Radiation Therapy System to address the unique challenges and clinical workflow for advanced radiation oncology. VRAY has a market cap near $700M and trades 3.2X Cash and 5.8X EV/Sales with revenues seen surging 35.6% in FY22 and 41.5% in FY23, though profitability remains far away. VRAY is expecting to see a strong ramp as the installation and access challenges abate. VRAY also has a robust clinical catalyst schedule, interim MIRAGE data readout was highly positive and now await SMART Pancreas multicenter trial, which is currently enrolling, with initial data likely in mid-2022; SHORTER, RCT of SMART for post-op prostate, to see first toxicity data in 2022, likely in the back half; SMART ONE trial (across a number of tumor trials) recently commenced enrollment and we expect it to ramp throughout 2022, with an initial data readout potentially in early 2023; and the LUNG STAAR and FORT (started enrolling last fall) trials are now in start-up phase. Stifel started shares Buy in January noting VRAY’s MRIdian linear accelerator system offering transformational radiation therapy technology for cancer treatment.