Mizuho Begins Coverage on NeuroPace (NASDAQ:NPCE)

Key Points

• Mizuho initiated coverage on NeuroPace with an outperform rating and a $22 price target, implying about 50.9% upside from the prior close.
• Other analysts remain mixed on the stock, but the overall view is still Moderate Buy with a consensus target price of $19.29. HC Wainwright recently raised its target to $20 and kept a buy rating, while Weiss Ratings reiterated a sell.
• NeuroPace recently beat quarterly expectations, reporting EPS of -$0.13 versus estimates of -$0.19 and revenue of $22.0 million versus $21.65 million expected. The company remains unprofitable, and analysts expect -$0.54 EPS for the full year.

Equities research analysts at Mizuho assumed coverage on shares of NeuroPace (NASDAQ:NPCE - Get Free Report) in a report released on Thursday,Benzinga reports. The brokerage set an "outperform" rating and a $22.00 price target on the stock. Mizuho's price objective suggests a potential upside of 50.89% from the company's previous close.

Several other equities analysts have also recently weighed in on NPCE. HC Wainwright increased their price objective on shares of NeuroPace from $19.00 to $20.00 and gave the stock a "buy" rating in a research note on Friday, May 15th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of NeuroPace in a report on Wednesday, June 24th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $19.29.

NeuroPace Price Performance

NPCE opened at $14.58 on Thursday. The company has a debt-to-equity ratio of 4.08, a quick ratio of 4.35 and a current ratio of 5.38. The stock has a market capitalization of $497.03 million, a P/E ratio of -22.43 and a beta of 1.88. The company's 50-day simple moving average is $16.15 and its two-hundred day simple moving average is $15.63. NeuroPace 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) EPS for the quarter, topping analysts' consensus estimates of ($0.19) by $0.06. The firm had revenue of $22.00 million during the quarter, compared to analyst estimates of $21.65 million. NeuroPace had a negative net margin of 21.67% and a negative return on equity of 108.20%. As a group, analysts predict that NeuroPace will post -0.54 EPS for the current year.

Institutional Investors Weigh In On NeuroPace

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Legal & General Group Plc raised its stake in shares of NeuroPace by 86.0% during the second quarter. Legal & General Group Plc now owns 2,679 shares of the company's stock valued at $30,000 after acquiring an additional 1,239 shares in the last quarter. Quarry LP grew its stake in NeuroPace by 94.9% in the third quarter. Quarry LP now owns 3,845 shares of the company's stock worth $40,000 after purchasing an additional 1,872 shares in the last quarter. Man Group plc increased its holdings in NeuroPace by 9.7% during the 4th quarter. Man Group plc now owns 21,626 shares of the company's stock worth $334,000 after purchasing an additional 1,920 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in NeuroPace by 23.0% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 14,836 shares of the company's stock worth $230,000 after purchasing an additional 2,778 shares during the period. Finally, Quantbot Technologies LP bought a new stake in NeuroPace during the 2nd quarter valued at $35,000. Institutional investors own 78.83% of the company's stock.

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.

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