Profound Medical (NASDAQ:PROF) Upgraded at Raymond James Financial

Raymond James Financial upgraded shares of Profound Medical (NASDAQ:PROF) from an outperform rating to a strong-buy rating in a research note published on Monday, Marketbeat.com reports. Raymond James Financial currently has $11.00 price objective on the stock.

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

Profound Medical Price Performance

PROF opened at $7.24 on Monday. Profound Medical has a fifty-two week low of $3.76 and a fifty-two week high of $8.95. The company’s 50 day moving average price is $6.85 and its two-hundred day moving average price is $6.82. The firm has a market capitalization of $263.10 million, a price-to-earnings ratio of -5.84 and a beta of 0.73.

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

Institutional Investors Weigh In On Profound Medical

Large investors have recently added to or reduced their stakes in the business. Penbrook Management LLC acquired a new position in Profound Medical in the first quarter valued at approximately $80,000. Goldman Sachs Group Inc. boosted its holdings in shares of Profound Medical by 56.8% during the 4th quarter. Goldman Sachs Group Inc. now owns 18,727 shares of the company’s stock worth $147,000 after buying an additional 6,787 shares in the last quarter. HB Wealth Management LLC acquired a new stake in shares of Profound Medical during the 1st quarter worth approximately $194,000. Corsair Capital Management L.P. acquired a new stake in shares of Profound Medical during the 4th quarter worth approximately $208,000. Finally, Millennium Management LLC acquired a new stake in shares of Profound Medical during the 4th quarter worth approximately $211,000. Institutional investors and hedge funds own 47.86% of the company’s stock.

About Profound Medical

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.