HC Wainwright Forecasts Strong Price Appreciation for NeuroPace (NASDAQ:NPCE) Stock

NeuroPace (NASDAQ:NPCE) had its price target hoisted by research analysts at HC Wainwright from $19.00 to $20.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. HC Wainwright’s target price indicates a potential upside of 32.01% from the company’s current price.

Several other research analysts also recently commented on the stock. Wells Fargo & Company raised shares of NeuroPace to a “strong-buy” rating in a research note on Wednesday, March 18th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NeuroPace in a research note on Friday, March 27th. Cantor Fitzgerald raised shares of NeuroPace to a “strong-buy” rating in a research note on Wednesday, March 4th. Finally, Wall Street Zen downgraded shares of NeuroPace from a “buy” rating to a “hold” rating in a research note on Sunday, March 15th. Two research analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $18.83.

NeuroPace Trading Down 4.1%

Shares of NPCE traded down $0.64 during midday trading on Friday, hitting $15.15. The stock had a trading volume of 38,559 shares, compared to its average volume of 213,164. NeuroPace has a 1 year low of $7.56 and a 1 year high of $19.60. The firm has a market cap of $514.34 million, a PE ratio of -23.37 and a beta of 1.92. The company has a debt-to-equity ratio of 4.08, a current ratio of 5.38 and a quick ratio of 4.33. The stock’s 50 day moving average is $15.08 and its 200 day moving average is $15.07.

NeuroPace (NASDAQ:NPCE) last announced its earnings results on Tuesday, May 12th. The company reported ($0.13) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.06. NeuroPace had a negative net margin of 21.67% and a negative return on equity of 108.20%. The business had revenue of $22.00 million for the quarter, compared to the consensus estimate of $21.65 million. As a group, analysts forecast that NeuroPace will post -0.51 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Legal & General Group Plc grew its holdings in NeuroPace by 86.0% during the 2nd quarter. Legal & General Group Plc now owns 2,679 shares of the company’s stock worth $30,000 after acquiring an additional 1,239 shares in the last quarter. Quantbot Technologies LP bought a new position in NeuroPace during the 2nd quarter worth about $35,000. Quarry LP grew its holdings in NeuroPace by 94.9% during the 3rd quarter. Quarry LP now owns 3,845 shares of the company’s stock worth $40,000 after acquiring an additional 1,872 shares in the last quarter. SG Americas Securities LLC bought a new position in NeuroPace during the 4th quarter worth about $118,000. Finally, New York State Common Retirement Fund grew its holdings in NeuroPace by 755.6% during the 4th quarter. New York State Common Retirement Fund now owns 7,700 shares of the company’s stock worth $119,000 after acquiring an additional 6,800 shares in the last quarter. 78.83% of the stock is currently owned by institutional investors.

About NeuroPace

NeuroPace, Inc is a medical device company based in Mountain View, California, that develops innovative neuromodulation systems for the treatment of neurological disorders. Founded in the late 1990s out of research at Stanford University, the company’s mission centers on delivering closed-loop, “smart” therapies that monitor and respond to electrical activity in the brain. In 2020, NeuroPace completed its initial public offering and now trades on the NASDAQ under the ticker NPCE.

The company’s flagship product, the RNS® System, is an implantable device designed for adults with medically refractory focal epilepsy.