Profound Medical price target lowered to $17 from $19 at Raymond James

Raymond James lowered the firm’s price target on Profound Medical (PROF) to $17 from $19 and keeps a Strong Buy rating on the shares. Profound Medical announced the closing of its $40.25 equity financing, and the proceeds are intended to accelerate the commercialization of TULSA through the recruitment and deployment of a targeted sales team, the analyst tells investors in a research note. The funds come 20 days from the enactment of Profound’s CPT-1 reimbursement codes under CMS, 6 months from interim data from the CAPTAIN trial, and 1 year from Profound locking up its first coverage agreements with commercial payors, each representing a material driver of adoption and sales, the firm says. The firm believes Profound’s recent financing drives the company deep into commercial coverage territory, a very good situation for the company.