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

Velan Capital Investment Management LP lessened its stake in shares of Profound Medical (NASDAQ:PROF) by 40.4% in the 2nd quarter, Holdings Channel.com reports. The firm owned 170,278 shares of the company’s stock after selling 115,432 shares during the quarter. Profound Medical comprises about 0.7% of Velan Capital Investment Management LP’s portfolio, making the stock its 22nd largest holding. Velan Capital Investment Management LP’s holdings in Profound Medical were worth $1,132,000 at the end of the most recent reporting period.

Several other hedge funds have also recently modified their holdings of PROF. Penbrook Management LLC acquired a new stake in shares of Profound Medical during the first quarter worth $80,000. Goldman Sachs Group Inc. increased its stake in Profound Medical by 56.8% in the 4th quarter. Goldman Sachs Group Inc. now owns 18,727 shares of the company’s stock valued at $147,000 after buying an additional 6,787 shares during the period. Corsair Capital Management L.P. purchased a new position in Profound Medical during the 4th quarter worth $208,000. Millennium Management LLC purchased a new stake in shares of Profound Medical in the fourth quarter valued at about $211,000. Finally, HB Wealth Management LLC purchased a new stake in shares of Profound Medical in the first quarter valued at about $194,000. 47.86% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on PROF. Raymond James Financial upgraded shares of 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. Weiss Ratings lowered Profound Medical from a “sell (d-)” rating to a “sell (e+)” rating in a report on Wednesday, August 12th. 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 stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $11.50.

Profound Medical Stock Performance

NASDAQ:PROF opened at $6.82 on Thursday. The stock has a fifty day moving average price of $7.06 and a two-hundred day moving average price of $6.75. The stock has a market capitalization of $249.13 million, a price-to-earnings ratio of -6.96 and a beta of 0.72. Profound Medical has a 1 year low of $3.76 and a 1 year high of $8.95.

Profound Medical (NASDAQ:PROF) last issued its earnings results on Thursday, August 6th. The company reported ($0.26) EPS for the quarter, missing the consensus estimate of ($0.22) by ($0.04). Profound Medical had a negative return on equity of 63.03% and a negative net margin of 171.57%.The company had revenue of $2.48 million for the quarter, compared to analysts’ expectations of $4.75 million. On average, analysts predict that Profound Medical will post -0.81 EPS for the current year.

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.