KeyCorp Has Lowered Expectations for NeuroPace (NASDAQ:NPCE) Stock Price

NeuroPace (NASDAQ:NPCE) had its price target lowered by investment analysts at KeyCorp from $18.00 to $14.00 in a report released on Friday, Marketbeat.com reports. The brokerage currently has an “overweight” rating on the stock. KeyCorp‘s price objective indicates a potential upside of 85.19% from the company’s previous close.

Several other brokerages have also recently issued reports on NPCE. HC Wainwright reissued a “buy” rating and issued a $20.00 target price on shares of NeuroPace in a research report on Wednesday, July 29th. Guggenheim reaffirmed a “neutral” rating on shares of NeuroPace in a research report on Wednesday, July 29th. Leerink Partners lowered shares of NeuroPace from an “outperform” rating to a “market perform” rating and set a $7.00 price target for the company. in a research report on Friday. Cantor Fitzgerald reiterated an “overweight” rating on shares of NeuroPace in a research note on Tuesday, September 15th. Finally, Raymond James Financial set a $21.00 price objective on shares of NeuroPace in a report on Tuesday, September 15th. Five equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $15.50.

NeuroPace Stock Performance

Shares of NPCE traded down $4.46 during trading hours on Friday, hitting $7.56. The stock had a trading volume of 6,104,874 shares, compared to its average volume of 127,272. The company has a debt-to-equity ratio of 4.97, a current ratio of 4.94 and a quick ratio of 3.91. NeuroPace has a 12 month low of $5.46 and a 12 month high of $19.60. The firm has a market capitalization of $259.46 million, a PE ratio of -13.50 and a beta of 1.98. The stock has a fifty day moving average price of $13.21 and a 200 day moving average price of $14.75.

Institutional Trading of NeuroPace

Hedge funds have recently bought and sold shares of the stock. BlackRock Inc. bought a new position in shares of NeuroPace in the second quarter worth about $39,369,000. GSA Capital Partners LLP purchased a new position in shares of NeuroPace during the 2nd quarter valued at about $1,836,000. First Light Asset Management LLC grew its stake in shares of NeuroPace by 16.3% during the 2nd quarter. First Light Asset Management LLC now owns 2,861,167 shares of the company’s stock valued at $45,464,000 after acquiring an additional 401,201 shares during the period. Deutsche Bank AG bought a new position in shares of NeuroPace during the 2nd quarter valued at approximately $14,919,000. Finally, Man Group plc bought a new position in shares of NeuroPace during the 2nd quarter valued at approximately $1,336,000. Institutional investors own 78.83% of the company’s stock.

Key NeuroPace News

These are some of the NPCE news items that stood out recently:

• Positive Sentiment: NeuroPace reported a Q3 loss of $0.03 per share, improved from a $0.11 loss a year earlier and better than analyst estimates. Zacks Q3 earnings report
• Negative Sentiment: Q3 revenue was $23.1 million, below the cited $27.1 million analyst estimate. Revenue from the company’s RNS System grew just 1.4% year over year, signaling limited near-term growth. NeuroPace Q3 results and guidance
• Negative Sentiment: Analyst actions added pressure: JPMorgan cut its rating to neutral and lowered its target from $20 to $9; Wells Fargo and Leerink Partners also downgraded the shares. KeyCorp maintained an overweight rating but cut its target from $18 to $14. Analyst rating changes

NeuroPace Company Profile

NeuroPace, Inc. is a medical technology company focused on treating people with drug-resistant epilepsy. Its primary product is the RNS System, an implanted responsive neurostimulation device designed to detect patterns of abnormal electrical activity in the brain and deliver stimulation in response. The RNS System includes a neurostimulator implanted in the skull and leads placed in or near seizure-onset areas of the brain. Clinicians use the system to review brain activity and adjust treatment, while patients can use accompanying tools to record information about their seizures and share it with their care team.