Stonepine Capital Management LLC Buys Shares of 200,000 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 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 200,000 shares of the company's stock, valued at approximately $1,502,000. Profound Medical makes up approximately 1.2% of Stonepine Capital Management LLC's portfolio, making the stock its 24th biggest holding. Stonepine Capital Management LLC owned 0.67% of Profound Medical as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Gagnon Securities LLC grew its holdings in shares of Profound Medical by 12.6% in the 4th quarter. Gagnon Securities LLC now owns 1,652,531 shares of the company's stock worth $12,411,000 after purchasing an additional 185,284 shares during the last quarter. Gagnon Advisors LLC boosted its position in Profound Medical by 20.0% in the fourth quarter. Gagnon Advisors LLC now owns 896,671 shares of the company's stock valued at $6,734,000 after buying an additional 149,445 shares in the last quarter. Truist Financial Corp bought a new stake in Profound Medical during the fourth quarter worth about $376,000. Ring Mountain Capital LLC bought a new stake in Profound Medical during the fourth quarter worth about $2,087,000. Finally, Raymond James Financial Inc. acquired a new stake in shares of Profound Medical during the fourth quarter worth approximately $6,577,000. 47.86% of the stock is owned by institutional investors.

Profound Medical Price Performance

NASDAQ:PROF traded up $0.00 during mid-day trading on Friday, reaching $5.13. 16,417 shares of the company were exchanged, compared to its average volume of 63,102. The company has a quick ratio of 5.16, a current ratio of 6.12 and a debt-to-equity ratio of 0.11. The stock has a market cap of $154.20 million, a PE ratio of -3.83 and a beta of 0.44. Profound Medical Corp. has a 12 month low of $3.90 and a 12 month high of $11.42. The company has a fifty day moving average of $5.16 and a 200 day moving average of $6.57.

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

Insider Buying and Selling

In other news, CEO Arun Swarup Menawat acquired 12,027 shares of the stock in a transaction that occurred on Friday, May 16th. The stock was purchased at an average cost of $4.73 per share, for a total transaction of $56,887.71. Following the completion of the transaction, the chief executive officer now directly owns 587,089 shares in the company, valued at $2,776,930.97. This trade represents a 2.09% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.52% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on PROF shares. Lake Street Capital reduced their target price on Profound Medical from $17.00 to $11.00 and set a "buy" rating on the stock in a report on Wednesday, April 23rd. Raymond James downgraded Profound Medical from a "strong-buy" rating to a "moderate buy" rating in a research report on Friday, May 9th.

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.