Orbimed Advisors LLC Decreases Holdings in NeuroPace, Inc. $NPCE

Key Points

• Orbimed Advisors reduced its NeuroPace stake by 12.9% in the first quarter, selling 309,808 shares and retaining 2.10 million shares valued at approximately $27.6 million, or 6.15% of the company.
• Analyst sentiment remains generally positive: NeuroPace has a consensus rating of “Moderate Buy” and an average price target of $19.29, with recent targets ranging from $20 to $22.
• NeuroPace exceeded first-quarter expectations, reporting revenue of $22.0 million and an EPS loss of $0.13 versus the expected $0.19 loss, though it continues to post negative profitability metrics.

Orbimed Advisors LLC trimmed its holdings in NeuroPace, Inc. (NASDAQ:NPCE - Free Report) by 12.9% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 2,096,527 shares of the company's stock after selling 309,808 shares during the quarter. Orbimed Advisors LLC owned 6.15% of NeuroPace worth $27,569,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. Engineers Gate Manager LP purchased a new position in NeuroPace in the 4th quarter worth $188,000. EntryPoint Capital LLC purchased a new stake in NeuroPace during the fourth quarter valued at about $185,000. New York State Common Retirement Fund boosted its position in NeuroPace by 755.6% during the fourth quarter. New York State Common Retirement Fund now owns 7,700 shares of the company's stock valued at $119,000 after buying an additional 6,800 shares during the period. Quarry LP boosted its position in NeuroPace by 94.9% during the third quarter. Quarry LP now owns 3,845 shares of the company's stock valued at $40,000 after buying an additional 1,872 shares during the period. Finally, Quantbot Technologies LP bought a new position in shares of NeuroPace during the second quarter valued at about $35,000. Hedge funds and other institutional investors own 78.83% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on NPCE shares. HC Wainwright lifted their price objective on NeuroPace from $19.00 to $20.00 and gave the stock a "buy" rating in a report on Friday, May 15th. Mizuho assumed coverage on NeuroPace in a report on Thursday. They set an "outperform" rating and a $22.00 target price for the company. Finally, Weiss Ratings restated a "sell (d-)" rating on shares of NeuroPace in a research report on Wednesday, June 24th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $19.29.

NeuroPace Stock Performance

NASDAQ:NPCE opened at $14.81 on Monday. The firm has a market capitalization of $504.87 million, a P/E ratio of -22.78 and a beta of 1.88. The company has a quick ratio of 4.35, a current ratio of 5.38 and a debt-to-equity ratio of 4.08. The company has a fifty day moving average of $16.12 and a 200 day moving average of $15.62. NeuroPace, Inc. has a 52 week low of $7.56 and a 52 week high of $19.60.

NeuroPace (NASDAQ:NPCE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 12th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 analyst estimates of $21.65 million. On average, research analysts predict that NeuroPace, Inc. will post -0.54 earnings per share for the current year.

NeuroPace Company Profile

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.

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