Profound Medical Corp (NASDAQ: PROF) announced on Friday the pricing of an underwritten public offering of 4,666,700 common shares at $7.5 per share at the total value of about $35 million.
The underwriters have a 30-day option to buy up to additional 700,005 common shares at the public offering price, the company said.
The offering is expected to close on or about December 10th.
Profound Medical said it would use the net proceeds of the offering to fund the continued development and commercialization of the TULSA/PRO system and the Sonalleve system worldwide, for working capital and for general corporate purposes.
Stock Performance
The shares of Profound Medical Corp (PROF) closed 6.72% ($0.54) lower at $7.49 on Nasdaq on Friday, as they extended the losses from the previous two market sessions.
It has been the lowest closing price for the stock since November 1st.
The company’s total market cap now stands at $187.475 million.
The shares of Profound Medical Corp (PROF) went down 22.04% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have retreated 11.78% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, all 2 surveyed investment analysts, offering 12-month price targets for Profound Medical Corp, had rated the stock as “Buy”. The median price target on the stock stands at $14.50, which translates into a 93.55% upside compared to the closing price on Friday.
The high point of the analyst forecast range stands at $17.00.
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