I don't know if there is a way to specify the output file format from mogrify, but I would use convertwith a simple bash loop:
for f in *.jpg;
do
convert "$f" -resize 150x150 +profile "*" "${f%.jpg}-thumbnail.jpg";
done;
mogrify, -output-directory ( ), , :
mkdir tmp;
gm mogrify -output-directory tmp -size 150x150 -resize 150x150 +profile "" "*.jpg";
for f in tmp/*.jpg;
do
mv "$f" "${f%.jpg}-thumbnail.jpg";
done;
mv tmp/* .;
rm -rf tmp;
;)