Profound Medical (PRN) Receives a Buy from Lake Street

In a report released today, Ben Haynor from Lake Street reiterated a Buy rating on Profound Medical, with a price target of $12.00.

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According to TipRanks, Haynor is an analyst with an average return of -11.1% and a 31.80% success rate. Haynor covers the Healthcare sector, focusing on stocks such as Senseonics Holdings, Treace Medical Concepts, and Profound Medical.

In a report released on May 8, Stifel Nicolaus also assigned a Buy rating to the stock with a $10.00 price target.

Based on Profound Medical’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of C$7.32 million and a GAAP net loss of C$9.67 million. In comparison, last year the company earned a revenue of C$2.62 million and had a GAAP net loss of C$10.72 million

Based on the recent corporate insider activity of 31 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of PRN in relation to earlier this year.