100,000 Shares in Profound Medical $PROF Purchased by Connective Capital Management LLC

Connective Capital Management LLC purchased a new stake in shares of Profound Medical (NASDAQ:PROF) in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 100,000 shares of the company’s stock, valued at approximately $787,000. Profound Medical comprises about 0.5% of Connective Capital Management LLC’s investment portfolio, making the stock its 23rd largest position. Connective Capital Management LLC owned about 0.28% of Profound Medical at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PROF. FIL Ltd increased its holdings in shares of Profound Medical by 16.7% during the fourth quarter. FIL Ltd now owns 2,200,000 shares of the company’s stock worth $17,270,000 after buying an additional 315,000 shares in the last quarter. Gagnon Securities LLC boosted its holdings in shares of Profound Medical by 12.2% in the 4th quarter. Gagnon Securities LLC now owns 1,944,061 shares of the company’s stock worth $15,300,000 after acquiring an additional 211,021 shares in the last quarter. Rosalind Advisors Inc. boosted its holdings in shares of Profound Medical by 54.4% in the 4th 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% during the 4th 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 during the last quarter. Finally, Gagnon Advisors LLC increased its holdings in Profound Medical by 7.3% during the 4th quarter. Gagnon Advisors LLC now owns 962,186 shares of the company’s stock valued at $7,572,000 after purchasing an additional 65,515 shares in the last quarter. 47.86% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Separately, Weiss Ratings lowered Profound Medical from a “sell (d-)” rating to a “sell (e+)” rating in a research note on Thursday, June 11th. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, Profound Medical presently has a consensus rating of “Hold” and an average price target of $12.00.

Profound Medical Trading Up 4.6%

Shares of NASDAQ PROF opened at $6.87 on Friday. Profound Medical has a 1-year low of $3.76 and a 1-year high of $8.95. The company has a market cap of $249.66 million, a PE ratio of -5.54 and a beta of 0.72. The company has a 50-day moving average of $6.77 and a two-hundred day moving average of $6.91.

Profound Medical (NASDAQ:PROF) last released its quarterly earnings results on Thursday, May 7th. The company reported ($0.19) EPS for the quarter, beating the consensus estimate of ($0.24) by $0.05. The business had revenue of $5.34 million for the quarter, compared to analysts’ expectations 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 forecast that Profound Medical will post -0.88 earnings per share for the current year.

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.