In a latest note to investors, a research analyst has provided a rating update for the Healthcare company, Profound Medical (TSXV: PRN). Canaccord Genuity’s analyst Jason Mills reiterates their Buy rating on the shares, with a C$1.90 price target.
Mills wrote:
“We expect PRN’s sales results to be lumpy over the near term, and think Q2 results, as well as what we model for the balance of 2018, should act as an excellent example of where expectations should be set for a compelling business leveraging a novel, innovative and potentially paradigm-changing technology, still in the early innings of establishing a market presence. We expect the firm to continue to deliver nominal sales over the next few quarters, as PRN experiments with recurring revenue business models (ceding upfront capital sales for longer-term recurring revenue streams), with Sonalleve capital sales (anticipated to commence in 2H:18) providing a small boost to the top line.”
According to TipRanks.com, Mills is a top 100 analyst with an average return of 30.6% and a 73.4% success rate. Mills covers the Healthcare sector, focusing on stocks such as Tactile Systems Technology, Boston Scientific Corp, and Staar Surgical Company.
Read also: Here’s Why Bellerophon’s (BLPH) Stock Collapsed Today
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Profound Medical with a C$1.90 average price target.
The company has a one-year high of C$1.25 and a one-year low of C$0.61. Currently, Profound Medical has an average volume of 94.36K.
Profound Medical Corp. engages in developing and commercializing minimally invasive treatments for prostate cancer. It develops Transurethral Ultrasound Ablation-PRO system that completed a Phase I clinical trial, which combines magnetic resonance imaging guidance, and ultrasound energy to deliver thermal ablative therapy to the prostate gland delivered through the urethra. Profound Medical was founded in 2008 and is headquartered in Toronto, CA.
The company’s shares closed on Tuesday at C$0.95.
