Legato Capital Management LLC Purchases Shares of 41,107 NeuroPace, Inc. (NASDAQ:NPCE)

Key Points

• Legato Capital Management LLC acquired a new stake in NeuroPace, Inc., buying 41,107 shares valued around $505,000, which represents 0.13% of the company.
• Major shareholder Orbimed Advisors Llc sold 168,136 shares at an average price of $15.85, reducing their stake by 4.94% and retaining approximately $51.3 million in shares.
• NeuroPace reported a quarterly earnings per share of ($0.21), surpassing analyst expectations, and showed revenue of $22.52 million compared to forecasts of $21.85 million.

Legato Capital Management LLC bought a new position in NeuroPace, Inc. (NASDAQ:NPCE - Free Report) in the 1st quarter, according to its most recent filing with the SEC. The institutional investor bought 41,107 shares of the company's stock, valued at approximately $505,000. Legato Capital Management LLC owned 0.13% of NeuroPace at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. BNP Paribas Financial Markets purchased a new stake in NeuroPace in the fourth quarter worth about $29,000. GAMMA Investing LLC purchased a new stake in NeuroPace during the first quarter worth $53,000. Wells Fargo & Company MN boosted its position in NeuroPace by 54.2% during the 4th quarter. Wells Fargo & Company MN now owns 6,483 shares of the company's stock valued at $73,000 after acquiring an additional 2,279 shares in the last quarter. MetLife Investment Management LLC bought a new stake in NeuroPace during the 4th quarter valued at $103,000. Finally, Cubist Systematic Strategies LLC bought a new stake in NeuroPace during the 4th quarter valued at $112,000. 78.83% of the stock is currently owned by hedge funds and other institutional investors.

NeuroPace Price Performance

NASDAQ NPCE remained flat at $8.74 on Tuesday. 20,972 shares of the company traded hands, compared to its average volume of 282,337. The stock has a market capitalization of $286.67 million, a P/E ratio of -10.41 and a beta of 1.93. The company's 50-day moving average price is $11.56 and its two-hundred day moving average price is $12.12. The company has a quick ratio of 5.70, a current ratio of 6.63 and a debt-to-equity ratio of 2.46. NeuroPace, Inc. has a 12 month low of $5.45 and a 12 month high of $18.98.

NeuroPace (NASDAQ:NPCE - Get Free Report) last issued its quarterly earnings results on Tuesday, May 13th. The company reported ($0.21) EPS for the quarter, topping the consensus estimate of ($0.26) by $0.05. NeuroPace had a negative return on equity of 190.84% and a negative net margin of 29.42%. The firm had revenue of $22.52 million during the quarter, compared to analysts' expectations of $21.85 million. On average, sell-side analysts anticipate that NeuroPace, Inc. will post -1 EPS for the current year.

Analysts Set New Price Targets

NPCE has been the subject of a number of analyst reports. Cantor Fitzgerald restated an "overweight" rating and set a $17.00 price objective on shares of NeuroPace in a research note on Wednesday, May 14th. HC Wainwright started coverage on shares of NeuroPace in a research report on Wednesday, May 28th. They set a "buy" rating and a $18.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price target on shares of NeuroPace from $14.00 to $16.00 and gave the company an "overweight" rating in a research report on Wednesday, May 14th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, NeuroPace has an average rating of "Buy" and a consensus price target of $17.00.

Insider Activity

In other news, major shareholder Orbimed Advisors Llc sold 168,136 shares of the company's stock in a transaction that occurred on Wednesday, May 14th. The stock was sold at an average price of $15.85, for a total value of $2,664,955.60. Following the completion of the sale, the insider directly owned 3,238,199 shares in the company, valued at $51,325,454.15. This represents a 4.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 20.50% of the stock is owned by company insiders.

About NeuroPace

NeuroPace, Inc operates as a medical device company in the United States. The company develops RNS system, a brain-responsive neuromodulation system that delivers personalized, real-time treatment at the seizure source for treating medically refractory focal epilepsy. It also records continuous brain activity data and enables clinicians to monitor patients in person and remotely.