NeuroPace (NASDAQ:NPCE) Hits New 52-Week High Following Analyst Upgrade

NeuroPace, Inc. (NASDAQ:NPCE - Get Free Report)'s stock price hit a new 52-week high during trading on Thursday after JPMorgan Chase & Co. raised their price target on the stock from $14.00 to $16.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. NeuroPace traded as high as $16.36 and last traded at $15.60, with a volume of 811142 shares trading hands. The stock had previously closed at $12.95.

A number of other brokerages have also recently commented on NPCE. Wells Fargo & Company upped their target price on shares of NeuroPace from $13.00 to $17.00 and gave the company an "overweight" rating in a report on Thursday, January 30th. UBS Group started coverage on shares of NeuroPace in a report on Tuesday, January 21st. They issued a "buy" rating and a $17.00 target price for the company. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $17.00 price target on shares of NeuroPace in a report on Wednesday, May 14th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $15.00.

Insider Buying and Selling

In related news, major shareholder Orbimed Advisors Llc sold 168,136 shares of the stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $15.85, for a total transaction of $2,664,955.60. Following the completion of the transaction, the insider now directly owns 3,238,199 shares of the company's stock, 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 SEC, which is available at this link. Also, major shareholder Ltd. Kck sold 5,270,845 shares of the company's stock in a transaction dated Thursday, February 20th. The stock was sold at an average price of $9.40, for a total transaction of $49,545,943.00. The disclosure for this sale can be found here. Insiders sold 5,517,315 shares of company stock valued at $53,285,641 over the last ninety days. Corporate insiders own 22.20% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in NPCE. Barclays PLC grew its position in NeuroPace by 346.0% during the third quarter. Barclays PLC now owns 20,633 shares of the company's stock worth $144,000 after buying an additional 16,007 shares during the period. JPMorgan Chase & Co. grew its position in NeuroPace by 106.3% during the third quarter. JPMorgan Chase & Co. now owns 11,997 shares of the company's stock worth $84,000 after buying an additional 6,181 shares during the period. Financial Advocates Investment Management grew its position in NeuroPace by 27.8% during the fourth quarter. Financial Advocates Investment Management now owns 23,000 shares of the company's stock worth $257,000 after buying an additional 5,000 shares during the period. Palumbo Wealth Management LLC acquired a new position in NeuroPace during the fourth quarter worth about $129,000. Finally, Bank of New York Mellon Corp grew its position in NeuroPace by 21.2% during the fourth quarter. Bank of New York Mellon Corp now owns 29,342 shares of the company's stock worth $328,000 after buying an additional 5,133 shares during the period. 78.83% of the stock is currently owned by institutional investors and hedge funds.

NeuroPace Stock Up 5.8%

The firm's 50-day moving average price is $12.25 and its 200 day moving average price is $11.75. The firm has a market capitalization of $590.05 million, a price-to-earnings ratio of -17.99 and a beta of 2.04. The company has a debt-to-equity ratio of 6.03, a current ratio of 5.59 and a quick ratio of 4.77.

NeuroPace (NASDAQ:NPCE - Get Free Report) last posted its quarterly earnings results on Tuesday, May 13th. The company reported ($0.21) earnings per share for the quarter, topping analysts' consensus estimates of ($0.26) by $0.05. The company had revenue of $22.52 million for the quarter, compared to the consensus estimate of $21.85 million. NeuroPace had a negative net margin of 36.74% and a negative return on equity of 205.41%. Sell-side analysts expect that NeuroPace, Inc. will post -1 EPS for the current year.

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.