Accuray Incorporated (NASDAQ: ARAY) shares remained sharply higher Monday afternoon after giving back part of an earlier surge, while trading volume climbed above 370 million shares.
ARAY was trading at about $0.3061 at 3:55 p.m. ET, up roughly 42% from Friday’s $0.2151 close. The stock reached an intraday high of $0.3820, up about 77.6% from the previous close.
By 3:55 p.m., Accuray shares had fallen about 20% from the session high, leaving the stock well above Friday’s close but significantly below its earlier peak.
Trading activity was exceptionally heavy. About 370.26 million shares had changed hands by 3:55 p.m. ET. MarketWatch lists Accuray’s 65-day average volume at roughly 1.19 million shares. By mid-afternoon Monday, trading volume had exceeded that average by more than 300 times.
The stock’s volatile session followed Accuray’s Sunday announcement of agreements with Samsung NeuroLogica involving advanced volumetric imaging capabilities for the CyberKnife radiation therapy system.
Accuray and Samsung NeuroLogica Plan Phased Imaging Development
The agreements are with Samsung HME America Inc., which does business as Samsung NeuroLogica, and cover the companies’ planned work on CyberKnife imaging capabilities.
The companies plan to combine Samsung NeuroLogica’s experience in mobile computed tomography and volumetric imaging with Accuray’s capabilities in robotic radiosurgery, precision radiation delivery, and motion management.
According to Accuray, development is expected to proceed in phases while the companies evaluate technical, clinical, and commercial opportunities. The work is intended to assess how additional imaging information could be incorporated more closely into treatment decision-making for CyberKnife users.
Accuray said it has not announced any commercial product offering, and the initiative remains in the evaluation and development stage.
The Royal Marsden NHS Foundation Trust in the U.K. is the first center participating in the collaboration, according to the company.
Accuray announced the agreements during the American Society for Radiation Oncology annual meeting in Boston. Financial terms were not disclosed.
