Stonepine Capital Management LLC Takes Position in Profound Medical Corp. (NASDAQ:PROF)

Stonepine Capital Management LLC acquired a new position in shares of Profound Medical Corp. (NASDAQ:PROF - Free Report) in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 200,000 shares of the company's stock, valued at approximately $1,502,000. Profound Medical comprises approximately 1.2% of Stonepine Capital Management LLC's portfolio, making the stock its 24th biggest holding. Stonepine Capital Management LLC owned approximately 0.67% of Profound Medical as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Maven Securities LTD bought a new position in shares of Profound Medical during the fourth quarter worth about $376,000. Letko Brosseau & Associates Inc. raised its position in shares of Profound Medical by 1.0% during the fourth quarter. Letko Brosseau & Associates Inc. now owns 1,211,150 shares of the company's stock worth $8,689,000 after acquiring an additional 12,375 shares during the last quarter. Bleichroeder LP raised its position in shares of Profound Medical by 37.5% during the fourth quarter. Bleichroeder LP now owns 183,333 shares of the company's stock worth $1,377,000 after acquiring an additional 50,000 shares during the last quarter. Alyeska Investment Group L.P. acquired a new stake in Profound Medical during the fourth quarter worth approximately $1,202,000. Finally, Anson Funds Management LP acquired a new stake in Profound Medical during the fourth quarter worth approximately $826,000. 47.86% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PROF has been the subject of several recent analyst reports. Raymond James cut Profound Medical from a "strong-buy" rating to a "moderate buy" rating in a research note on Friday, May 9th. Lake Street Capital decreased their target price on Profound Medical from $17.00 to $11.00 and set a "buy" rating for the company in a research note on Wednesday, April 23rd.

Profound Medical Trading Up 2.4%

NASDAQ PROF traded up $0.12 during trading hours on Wednesday, hitting $5.13. 69,077 shares of the company's stock were exchanged, compared to its average volume of 62,972. The stock has a 50-day simple moving average of $5.23 and a 200 day simple moving average of $6.60. Profound Medical Corp. has a 1-year low of $3.90 and a 1-year high of $11.42. The firm has a market cap of $154.17 million, a price-to-earnings ratio of -3.83 and a beta of 0.44. The company has a current ratio of 6.12, a quick ratio of 5.16 and a debt-to-equity ratio of 0.11.

Profound Medical (NASDAQ:PROF - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.29) by ($0.07). The firm had revenue of $2.62 million during the quarter, compared to the consensus estimate of $4.78 million. Profound Medical had a negative return on equity of 85.22% and a negative net margin of 349.41%. On average, equities analysts forecast that Profound Medical Corp. will post -1.12 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Arun Swarup Menawat purchased 10,003 shares of the business's stock in a transaction on Thursday, May 15th. The shares were acquired at an average price of $4.33 per share, for a total transaction of $43,312.99. Following the completion of the acquisition, the chief executive officer now owns 575,062 shares in the company, valued at approximately $2,490,018.46. The trade was a 1.77% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 1.52% of the company's stock.

Profound Medical 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.