Profound Medical $PROF Shares Sold by Velan Capital Investment Management LP

Velan Capital Investment Management LP lowered its holdings in Profound Medical (NASDAQ:PROF) by 40.4% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 170,278 shares of the company’s stock after selling 115,432 shares during the quarter. Profound Medical comprises 0.7% of Velan Capital Investment Management LP’s investment portfolio, making the stock its 22nd biggest holding. Velan Capital Investment Management LP owned about 0.47% of Profound Medical worth $1,132,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in PROF. Goldman Sachs Group Inc. lifted its position 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 during the last quarter. National Bank of Canada FI boosted its stake in Profound Medical by 7.3% in the third quarter. National Bank of Canada FI now owns 172,883 shares of the company’s stock valued at $845,000 after acquiring an additional 11,704 shares in the last quarter. Penbrook Management LLC purchased a new position in shares of Profound Medical during the first quarter worth about $80,000. Royal Bank of Canada grew its holdings in shares of Profound Medical by 3.5% during the first quarter. Royal Bank of Canada now owns 435,997 shares of the company’s stock worth $2,537,000 after purchasing an additional 14,795 shares during the last quarter. Finally, First Eagle Investment Management LLC increased its position in shares of Profound Medical by 7.3% during the fourth quarter. First Eagle Investment Management LLC now owns 312,707 shares of the company’s stock worth $2,461,000 after purchasing an additional 21,316 shares in the last quarter. Institutional investors and hedge funds own 47.86% of the company’s stock.

Analysts Set New Price Targets

Several analysts have recently weighed in on PROF shares. Weiss Ratings downgraded Profound Medical from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, August 12th. Raymond James Financial upgraded Profound Medical from an “outperform” rating to a “strong-buy” rating and set a $11.00 price target on the stock in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $11.50.

Profound Medical Price Performance

Shares of NASDAQ:PROF opened at $6.82 on Thursday. The stock has a market cap of $249.13 million, a P/E ratio of -6.96 and a beta of 0.72. The firm has a fifty day moving average price of $7.06 and a 200 day moving average price of $6.75. Profound Medical has a 1-year low of $3.76 and a 1-year high of $8.95.

Profound Medical (NASDAQ:PROF) last posted its quarterly earnings data on Thursday, August 6th. The company reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.04). Profound Medical had a negative net margin of 171.57% and a negative return on equity of 63.03%. The business had revenue of $2.48 million during the quarter, compared to analyst estimates of $4.75 million. Sell-side analysts expect that Profound Medical will post -0.81 EPS for the current fiscal year.

Profound Medical 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.