Profound Medical (NASDAQ:PROF) Upgraded by Raymond James Financial to Strong-Buy Rating

Raymond James Financial upgraded shares of Profound Medical (NASDAQ:PROF) from an outperform rating to a strong-buy rating in a report released on Monday morning, MarketBeat reports. Raymond James Financial currently has $11.00 target price on the stock.

Separately, Weiss Ratings downgraded shares of Profound Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $11.50.

Profound Medical Price Performance

Shares of PROF opened at $7.33 on Monday. The company has a market capitalization of $266.37 million, a price-to-earnings ratio of -5.91 and a beta of 0.73. Profound Medical has a fifty-two week low of $3.76 and a fifty-two week high of $8.95. The business’s 50-day moving average is $6.83 and its 200-day moving average is $6.83.

Profound Medical (NASDAQ:PROF) last posted its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, topping the consensus estimate of ($0.24) by $0.05. Profound Medical had a negative net margin of 206.76% and a negative return on equity of 78.88%. The business had revenue of $5.34 million during the quarter, compared to analysts’ expectations of $4.85 million. Equities research analysts expect that Profound Medical will post -0.88 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Profound Medical

A number of hedge funds and other institutional investors have recently made changes to their positions in PROF. FIL Ltd grew its stake in shares of Profound Medical by 16.7% in the 4th quarter. FIL Ltd now owns 2,200,000 shares of the company’s stock valued at $17,270,000 after buying an additional 315,000 shares in the last quarter. Gagnon Securities LLC lifted its stake in Profound Medical by 12.2% in the fourth quarter. Gagnon Securities LLC now owns 1,944,061 shares of the company’s stock valued at $15,300,000 after acquiring an additional 211,021 shares during the last quarter. Rosalind Advisors Inc. grew its position in Profound Medical by 54.4% in the fourth quarter. Rosalind Advisors Inc. now owns 1,068,955 shares of the company’s stock worth $8,413,000 after acquiring an additional 376,770 shares in the last quarter. Royce & Associates LP grew its position in Profound Medical by 15.2% in the fourth quarter. Royce & Associates LP now owns 990,348 shares of the company’s stock worth $7,771,000 after acquiring an additional 130,442 shares in the last quarter. Finally, Gagnon Advisors LLC increased its stake in shares of Profound Medical by 7.3% during the 4th quarter. Gagnon Advisors LLC now owns 962,186 shares of the company’s stock worth $7,572,000 after purchasing an additional 65,515 shares during the last quarter. 47.86% of the stock is owned by hedge funds and other institutional investors.

Profound Medical Company Profile

Profound Medical Corp is a medical technology company headquartered in Toronto, Canada, that specializes in the development and commercialization of minimally invasive therapeutic solutions using magnetic resonance–guided ultrasound ablation. The company’s proprietary platform delivers focused ultrasound energy to targeted tissue under real-time MR imaging, offering a non-incisional alternative to traditional surgical approaches.

The company’s lead product, the TULSA-PRO system, is designed for the treatment of prostate conditions, including localized prostate cancer and benign prostatic hyperplasia.