Stonepine Capital Management LLC Lowers Stock Holdings in Profound Medical $PROF

Key Points

• Stonepine Capital Management LLC reduced its stake in Profound Medical by 30%, now holding approximately 139,942 shares, making it the 25th largest position in its portfolio.
• Profound Medical's stock was downgraded by Raymond James from a "strong-buy" to a "moderate buy" with an average consensus target price of $11.00.
• The company reported a loss of ($0.52) per share for the last quarter, falling short of analyst expectations of ($0.43).

Stonepine Capital Management LLC cut its holdings in Profound Medical (NASDAQ:PROF - Free Report) by 30.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 139,942 shares of the company's stock after selling 60,058 shares during the period. Profound Medical comprises about 0.8% of Stonepine Capital Management LLC's holdings, making the stock its 25th largest position. Stonepine Capital Management LLC owned 0.47% of Profound Medical worth $814,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Picton Mahoney Asset Management raised its stake in Profound Medical by 1.3% in the first quarter. Picton Mahoney Asset Management now owns 253,354 shares of the company's stock valued at $1,474,000 after buying an additional 3,354 shares in the last quarter. National Bank of Canada FI raised its stake in Profound Medical by 8.4% in the first quarter. National Bank of Canada FI now owns 137,126 shares of the company's stock valued at $798,000 after buying an additional 10,618 shares in the last quarter. PNC Financial Services Group Inc. acquired a new stake in Profound Medical in the first quarter valued at $64,000. Letko Brosseau & Associates Inc. raised its stake in Profound Medical by 1.0% in the fourth quarter. Letko Brosseau & Associates Inc. now owns 1,211,150 shares of the company's stock valued at $8,689,000 after buying an additional 12,375 shares in the last quarter. Finally, XTX Topco Ltd acquired a new stake in Profound Medical in the fourth quarter valued at $114,000. 47.86% of the stock is currently owned by institutional investors and hedge funds.

Profound Medical Stock Performance

Shares of PROF traded down $0.04 during midday trading on Friday, reaching $4.50. 17,744 shares of the stock were exchanged, compared to its average volume of 78,344. The business's 50-day moving average price is $5.55 and its 200 day moving average price is $5.71. The company has a debt-to-equity ratio of 0.11, a current ratio of 8.53 and a quick ratio of 7.07. Profound Medical has a twelve month low of $3.89 and a twelve month high of $9.35. The company has a market capitalization of $135.09 million, a price-to-earnings ratio of -3.08 and a beta of 0.52.

Profound Medical (NASDAQ:PROF - Get Free Report) last posted its earnings results on Thursday, August 14th. The company reported ($0.52) EPS for the quarter, missing analysts' consensus estimates of ($0.43) by ($0.09). Profound Medical had a negative return on equity of 89.74% and a negative net margin of 343.97%.The firm had revenue of $2.21 million for the quarter, compared to analyst estimates of $4.75 million. On average, sell-side analysts expect that Profound Medical will post -1.12 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Separately, Raymond James Financial cut Profound Medical from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 9th. One investment analyst has rated the stock with a Buy rating, According to data from MarketBeat, Profound Medical presently has an average rating of "Buy" and a consensus target price of $11.00.

Profound Medical Company Profile

Profound Medical Corp., together with its subsidiaries, operates as a commercial-stage medical device company that develops and markets incision-free therapeutic systems for the image guided ablation of diseased tissue in Canada, Germany, the United States, and Finland. Its lead product TULSA-PRO system combines magnetic resonance imaging(MRI), robotically-driven transurethral sweeping action/thermal ultrasound and closed-loop temperature feedback control to provide precise, flexible, and durable ablation of a surgeon defined region of prostate and protect the urethra and rectum.