Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Profound Medical ( (TSE:PRN) ) has provided an announcement.
Profound Medical Corp. has closed a private placement of 921,428 common shares to Canadian investors at US$7.00 per share, raising approximately US$6.45 million in gross proceeds, with the shares subject to a four-month-plus-one-day hold period under Canadian securities laws. The company plans to deploy the funds to expand sales and marketing, support working capital, and advance research and development and potential strategic transactions, a move that strengthens its balance sheet and provides additional capital to drive commercialization of its MRI-guided therapeutic platforms and broader corporate growth initiatives.
The most recent analyst rating on (TSE:PRN) stock is a Hold with a C$10.00 price target. To see the full list of analyst forecasts on Profound Medical stock, see the TSE:PRN Stock Forecast page.
Spark’s Take on TSE:PRN Stock
According to Spark, TipRanks’ AI Analyst, TSE:PRN is a Neutral.
The score is held back primarily by persistent heavy losses and large cash burn despite strong revenue growth and improving gross margins. Technicals are supportive with a clear uptrend, and recent earnings commentary and events point to improving commercial traction and strengthened liquidity, but financing/dilution risk and lack of profitable valuation anchors keep the overall score in the mid-range.
To see Spark’s full report on TSE:PRN stock, click here.
More about Profound Medical
Profound Medical Corp. is a commercial-stage medical device company that develops and markets AI-powered, MRI-guided, incision-free therapies for ablating diseased tissue. Its flagship TULSA-PRO system enables the TULSA Procedure, a radiation- and incision-free, MRI-guided ultrasound treatment for a wide spectrum of prostate conditions, while its Sonalleve platform is used for non-invasive treatment of uterine fibroids, adenomyosis, certain bone metastases-related pain, desmoid tumors and osteoid osteoma, with ongoing exploration of additional oncology applications. Both platforms hold multiple regulatory clearances, including FDA, Health Canada, CE mark and Chinese approvals for various indications, positioning the company in the advanced image-guided therapeutic devices market.
Average Trading Volume: 20,786
Technical Sentiment Signal: Buy
Current Market Cap: C$300.4M
For a thorough assessment of PRN stock, go to TipRanks’ Stock Analysis page.