NeuroPace (NASDAQ:NPCE) Shares Gap Down - Here's Why

Key Points

• NeuroPace shares opened lower, falling from a prior close of $15.05 to $14.16 before recovering near $15.01.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $19.29, although ratings range from “Strong Buy” to “Sell.”
• The company exceeded quarterly expectations, reporting an adjusted loss of $0.18 per share versus estimates of $0.22 and revenue of $22.83 million versus $22.61 million expected; institutional investors own 78.83% of the stock.

NeuroPace, Inc. (NASDAQ:NPCE - Get Free Report) shares gapped down prior to trading on Wednesday . The stock had previously closed at $15.05, but opened at $14.16. NeuroPace shares last traded at $15.0110, with a volume of 23,565 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NPCE. HC Wainwright restated a "buy" rating and issued a $20.00 price objective on shares of NeuroPace in a research note on Wednesday, July 29th. Mizuho started coverage on shares of NeuroPace in a report on Thursday, July 23rd. They issued an "outperform" rating and a $22.00 price target for the company. Weiss Ratings restated a "sell (d-)" rating on shares of NeuroPace in a research report on Wednesday, June 24th. Finally, Guggenheim restated a "neutral" rating on shares of NeuroPace in a report on Wednesday, July 29th. Two research analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, NeuroPace currently has an average rating of "Moderate Buy" and an average price target of $19.29.

NeuroPace Price Performance

The company has a market cap of $505.27 million, a P/E ratio of -22.80 and a beta of 1.92. The stock has a 50-day simple moving average of $15.56 and a 200 day simple moving average of $15.41. The company has a debt-to-equity ratio of 4.08, a quick ratio of 4.35 and a current ratio of 5.38.

NeuroPace (NASDAQ:NPCE - Get Free Report) last released its quarterly earnings data on Tuesday, August 11th. The company reported ($0.18) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.22) by $0.04. The business had revenue of $22.83 million for the quarter, compared to analysts' expectations of $22.61 million. NeuroPace had a negative return on equity of 108.20% and a negative net margin of 21.67%. On average, equities analysts expect that NeuroPace, Inc. will post -0.54 EPS for the current year.

Hedge Funds Weigh In On NeuroPace

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of NeuroPace during the 2nd quarter worth about $39,369,000. Deutsche Bank AG bought a new stake in NeuroPace in the second quarter valued at about $14,919,000. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in NeuroPace in the second quarter valued at about $157,000. Bank of New York Mellon Corp acquired a new position in NeuroPace in the second quarter worth about $921,000. Finally, GSA Capital Partners LLP acquired a new position in NeuroPace in the second quarter worth about $1,836,000. Institutional investors and hedge funds 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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