NeuroPace, Inc. (NASDAQ:NPCE) Major Shareholder Sells $6,692,916.51 in Stock

NeuroPace, Inc. (NASDAQ:NPCE) major shareholder Orbimed Advisors Llc sold 461,899 shares of the stock in a transaction dated Thursday, April 11th. The shares were sold at an average price of $14.49, for a total value of $6,692,916.51. Following the completion of the sale, the insider now directly owns 3,542,068 shares of the company’s stock, valued at approximately $51,324,565.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Major shareholders that own more than 10% of a company’s stock are required to disclose their transactions with the SEC.

NeuroPace Trading Down 2.1 %

NASDAQ:NPCE opened at $13.75 on Thursday. NeuroPace, Inc. has a 12 month low of $3.80 and a 12 month high of $18.15. The company has a current ratio of 5.71, a quick ratio of 5.02 and a debt-to-equity ratio of 2.76. The stock has a market capitalization of $361.41 million, a price-to-earnings ratio of -10.74 and a beta of 2.08. The firm has a fifty day simple moving average of $14.59 and a two-hundred day simple moving average of $11.34.

NeuroPace (NASDAQ:NPCE) last released its quarterly earnings data on Tuesday, March 5th. The company reported ($0.23) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.33) by $0.10. NeuroPace had a negative net margin of 50.38% and a negative return on equity of 153.76%. The company had revenue of $18.01 million for the quarter, compared to analysts’ expectations of $17.74 million. Analysts expect that NeuroPace, Inc. will post -1.14 EPS for the current fiscal year.

Institutional Investors Weigh In On NeuroPace

A number of hedge funds have recently added to or reduced their stakes in NPCE. Nantahala Capital Management LLC raised its position in shares of NeuroPace by 58.6% during the first quarter. Nantahala Capital Management LLC now owns 485,303 shares of the company’s stock worth $3,984,000 after purchasing an additional 179,397 shares during the period. State Street Corp raised its holdings in NeuroPace by 2.1% during the first quarter. State Street Corp now owns 98,717 shares of the company’s stock worth $810,000 after buying an additional 2,042 shares during the last quarter. FMR LLC lifted its stake in shares of NeuroPace by 0.8% in the second quarter. FMR LLC now owns 1,418,951 shares of the company’s stock valued at $7,024,000 after buying an additional 11,645 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of NeuroPace during the second quarter valued at about $63,000. Finally, Millennium Management LLC increased its position in shares of NeuroPace by 19.8% during the second quarter. Millennium Management LLC now owns 506,905 shares of the company’s stock worth $2,509,000 after acquiring an additional 83,877 shares in the last quarter. Institutional investors and hedge funds own 78.83% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on NPCE. Cantor Fitzgerald increased their target price on shares of NeuroPace from $16.00 to $18.00 and gave the company an “overweight” rating in a research report on Wednesday, March 6th. Morgan Stanley lifted their target price on shares of NeuroPace from $9.00 to $13.00 and gave the stock an “equal weight” rating in a research note on Wednesday, March 6th. Leerink Partnrs reaffirmed an “outperform” rating on shares of NeuroPace in a research report on Tuesday, January 30th. Wells Fargo & Company raised NeuroPace from an “equal weight” rating to an “overweight” rating and lifted their price objective for the stock from $16.00 to $20.00 in a research report on Thursday, March 14th. Finally, SVB Leerink initiated coverage on NeuroPace in a research note on Tuesday, January 30th. They issued an “outperform” rating and a $22.00 price objective on the stock. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $15.67.

NeuroPace Company Profile

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.