$ARAY

Accuray, RaySearch to Collaborate on Adaptive Radiation Therapy

Accuray (ARAY) and RaySearch Laboratories agreed to combine Accuray's radiation therapy platforms with RaySearch's RayStation treatment planning software to boost the adoption of online adaptive radiation therapy, the companies said in a Friday statement.Under the deal, Accuray will purchase specific RayStation licenses worth $8 million to advance the commercialization of online adaptive radiation therapy solutions that will be jointly marketed and supported by the companies.The collaboration is expected to support more personalized treatment options and improve efficiency at clinics, according to the companies.Shares of Accuray were up 2.1% in Friday afternoon trading.Price: $0.25, Change: $+0.01, Percent Change: +2.06%

Sector Update: Healthcare Stocks Decline Thursday Afternoon

Healthcare stocks declined Thursday afternoon, with the NYSE Healthcare Index falling 1.7% and the State Street Health Care Select Sector SPDR ETF (XLV) dropping 1.8%.The iShares Biotechnology ETF (IBB) was shedding 0.6%.In corporate news, Eli Lilly (LLY) expanded its collaboration with Resilience to invest $750 million as part of its effort to boost US production of Lilly's KwikPen injectable device for diabetes and obesity medicines, Resilience said Thursday. Lilly shares were down 4%.Johnson & Johnson (JNJ) said it has entered into strategic agreements with Sail Biomedicines to advance the biotech's in vivo CAR-T therapy platform for immune-mediated diseases, including an equity investment and an exclusive option to buy Sail for $2.58 billion. Johnson & Johnson shares fell 3.8%.Accuray (ARAY) shares surged 25% after it said late Wednesday it has entered into definitive agreements with TCW Asset Management, including a debt exchange deal, to strengthen its financial position and provide additional liquidity.

Accuray Enters Agreements With TCW Asset Management to Boost Financial Position, Liquidity

Accuray (ARAY) said late Wednesday it has entered into definitive agreements with TCW Asset Management, including a debt exchange deal, to strengthen its financial position and provide additional liquidity.TCW, Accuray's primary lender and largest shareholder, will exchange $40 million in aggregate principal amount of its term loan for convertible preferred stock, which are convertible into common stock at a conversion price of $0.50 per share, a premium of about 105.4% to Accuray's trading price as of Tuesday and will accrue dividends at a rate of 8% per year, the company said.TCW will also invest $15 million in Accuray, which will be exchanged for additional convertible preferred stock, and offer a delayed draw term loan of up to $5 million in aggregate principal amount to Accuray, according to a statement.Accuray's board size will be reduced to 7 from 8, with TCW having the right to appoint two directors, the company said.Accuray said it has also agreed to implement a reverse stock split of its common shares.Shares of Accuray were up over 6% in Thursday trading.Price: $0.25, Change: $+0.01, Percent Change: +6.11%

Accuray Shares Fall After Jefferies Downgrade

Accuray (ARAY) shares were down about 7% in Tuesday trading after Jefferies downgraded the stock to hold from buy and cut its price target to $0.35 per share from $3.50.Trading volume stood at more than 1.3 million shares, compared with a daily average of about 1.4 million.Price: $0.32, Change: $-0.02, Percent Change: -7.09%

Jefferies Downgrades Accuray to Hold From Buy, Adjusts Price Target to $0.35 From $3.50

Accuray (ARAY) has an average rating of Hold and mean price target of $0.35, according to analysts polled by FactSet.

BTIG Downgrades Accuray to Neutral From Buy, Price Target is $2