Profound Medical price target lowered to $10.80 from $12.75 at Alliance Global Partners

Alliance Global Partners lowered the firm’s price target on Profound Medical to $10.80 from $12.75 and keeps a Buy rating on the shares. The firm notes that last Thursday, Profound reported Q4 results with revenue coming in in line with its preliminary range and expenses coming in higher than Alliance had modeled. Investors appeared displeased with Profound’s results and commentary, sending shares down nearly 11% on Friday. The firm acknowledges a portion of management’s commentary was “a bit of a mixed bag.” Despite the mixed bag items, much of the commentary supports Alliance’s thesis TULSA is on track for to capture a significant share of prostate cancer procedures and likely become standard of care for a wide range of prostate cancer grades, the firm says.