Raymond James Increases Profound Medical (NASDAQ:PROF) Price Target to $17.00

Profound Medical (NASDAQ:PROF – Get Rating) had its price target lifted by investment analysts at Raymond James from $15.00 to $17.00 in a research note issued to investors on Wednesday, BayStreet.CA reports. The firm presently has a “strong-buy” rating on the stock. Raymond James’ price target points to a potential upside of 61.75% from the company’s previous close.

Separately, Lake Street Capital upped their target price on shares of Profound Medical from $7.00 to $14.00 in a research note on Friday, January 6th.

Profound Medical Stock Performance

PROF stock opened at $10.51 on Wednesday. The company’s 50 day moving average price is $12.13 and its 200 day moving average price is $7.80. Profound Medical has a fifty-two week low of $3.10 and a fifty-two week high of $13.52. The firm has a market capitalization of $219.45 million, a price-to-earnings ratio of -7.62 and a beta of 0.84.

Institutional Trading of Profound Medical

A number of large investors have recently made changes to their positions in PROF. Raymond James Financial Services Advisors Inc. increased its stake in Profound Medical by 21.4% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 46,911 shares of the company’s stock valued at $422,000 after purchasing an additional 8,282 shares during the last quarter. Gilder Gagnon Howe & Co. LLC increased its stake in Profound Medical by 1.1% in the first quarter. Gilder Gagnon Howe & Co. LLC now owns 163,247 shares of the company’s stock valued at $1,469,000 after purchasing an additional 1,726 shares during the last quarter. Royal Bank of Canada increased its stake in Profound Medical by 22.9% in the first quarter. Royal Bank of Canada now owns 321,701 shares of the company’s stock valued at $2,896,000 after purchasing an additional 59,998 shares during the last quarter. Jane Street Group LLC purchased a new position in Profound Medical in the first quarter valued at approximately $132,000. Finally, Bank of America Corp DE increased its stake in Profound Medical by 4.2% in the first quarter. Bank of America Corp DE now owns 78,378 shares of the company’s stock valued at $706,000 after purchasing an additional 3,192 shares during the last quarter. 48.85% of the stock is currently owned by hedge funds and other institutional investors.

Profound Medical Company Profile

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Profound Medical Corp. develops, manufactures and markets therapeutic platforms that combine real-time magnetic resonance imaging with directional and focused ultrasound technology for incision-free ablation of diseased tissue. The firm’s platforms offer clinicians and patients incision-free alternatives to current standards of care, which could include traditional surgery or radiation therapy.