Profound Medical (TSE:PRN) Shares Up 20.6% - Here's Why

Key Points

• Profound Medical shares jumped 20.6% to C$9.84, reaching as high as C$9.85, while trading volume surged 312% above its average.
• Analyst sentiment remains positive: Raymond James upgraded the stock to “strong buy,” while the broader analyst consensus is “moderate buy” with an average target price of C$9.84.
• The company remains unprofitable, reporting a quarterly loss of C$0.37 per share, C$3.53 million in revenue, and a negative net margin of 170.92%; insiders also recently purchased shares.

Profound Medical Corp. (TSE:PRN - Get Free Report)'s share price was up 20.6% on Thursday. The stock traded as high as C$9.85 and last traded at C$9.84. Approximately 64,056 shares changed hands during trading, an increase of 312% from the average session volume of 15,537 shares. The stock had previously closed at C$8.16.

Wall Street Analysts Forecast Growth

Separately, Raymond James Financial raised Profound Medical from a "moderate buy" rating to a "strong-buy" rating in a report on Monday, July 27th. Three analysts have rated the stock with a Buy rating, nineteen have issued a Moderate Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of C$9.84.

Profound Medical Price Performance

The company has a 50-day moving average of C$9.18 and a 200-day moving average of C$9.33. The company has a debt-to-equity ratio of 14.82, a quick ratio of 14.98 and a current ratio of 6.46. The firm has a market capitalization of C$359.55 million, a price-to-earnings ratio of -9.94 and a beta of 1.50.

Profound Medical (TSE:PRN - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The company reported C($0.37) earnings per share for the quarter. The company had revenue of C$3.53 million during the quarter. Profound Medical had a negative net margin of 170.92% and a negative return on equity of 62.45%. As a group, research analysts anticipate that Profound Medical Corp. will post -1.9000001 EPS for the current fiscal year.

Insider Transactions at Profound Medical

In other news, insider Thomas Michael Tamberrino bought 3,755 shares of the stock in a transaction on Monday, August 17th. The stock was purchased at an average price of C$9.44 per share, for a total transaction of C$35,447.20. Following the acquisition, the insider owned 53,573 shares in the company, valued at approximately C$505,729.12. This trade represents a 7.54% increase in their ownership of the stock. Also, insider Richard Ringler Fabian purchased 10,000 shares of the business's stock in a transaction dated Thursday, September 17th. The stock was purchased at an average price of C$8.31 per share, for a total transaction of C$83,100.00. Following the completion of the acquisition, the insider owned 10,000 shares of the company's stock, valued at approximately C$83,100. This represents a ∞ increase in their ownership of the stock. 8.62% of the stock is currently owned by corporate insiders.

About Profound Medical

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.

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