NeuroPace (NASDAQ:NPCE) Shares Down 11.5% – Here’s What Happened

NeuroPace, Inc. (NASDAQ:NPCE)’s share price dropped 11.5% on Monday . The stock traded as low as $16.62 and last traded at $16.2450. Approximately 193,569 shares were traded during mid-day trading, a decline of 7% from the average daily volume of 209,050 shares. The stock had previously closed at $18.35.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. UBS Group restated a “buy” rating on shares of NeuroPace in a report on Wednesday, January 14th. Wall Street Zen cut NeuroPace from a “buy” rating to a “hold” rating in a report on Sunday, March 15th. HC Wainwright boosted their price target on NeuroPace from $18.00 to $19.00 and gave the company a “buy” rating in a research note on Tuesday, January 27th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of NeuroPace in a report on Friday, March 27th. Finally, Wells Fargo & Company upgraded NeuroPace to a “strong-buy” rating in a research report on Wednesday, March 18th. Two investment analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, NeuroPace presently has an average rating of “Moderate Buy” and an average target price of $18.67.

NeuroPace Price Performance

The company’s fifty day moving average price is $14.90 and its 200 day moving average price is $14.87. The company has a market capitalization of $532.00 million, a P/E ratio of -23.74 and a beta of 1.92. The company has a quick ratio of 4.33, a current ratio of 5.28 and a debt-to-equity ratio of 3.09.

NeuroPace (NASDAQ:NPCE) last issued its quarterly earnings results on Tuesday, March 3rd. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.06. NeuroPace had a negative return on equity of 105.67% and a negative net margin of 21.47%.The business had revenue of $26.59 million during the quarter, compared to analysts’ expectations of $24.79 million. As a group, sell-side analysts forecast that NeuroPace, Inc. will post -0.51 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of NPCE. Legal & General Group Plc lifted its position in NeuroPace by 86.0% during the second quarter. Legal & General Group Plc now owns 2,679 shares of the company’s stock worth $30,000 after purchasing an additional 1,239 shares during the period. GSA Capital Partners LLP increased its holdings in NeuroPace by 2.5% in the 3rd quarter. GSA Capital Partners LLP now owns 54,536 shares of the company’s stock valued at $562,000 after buying an additional 1,323 shares during the period. Quarry LP raised its position in shares of NeuroPace by 94.9% in the 3rd quarter. Quarry LP now owns 3,845 shares of the company’s stock valued at $40,000 after buying an additional 1,872 shares in the last quarter. Man Group plc lifted its holdings in shares of 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 acquiring an additional 1,920 shares during the period. Finally, Price T Rowe Associates Inc. MD lifted its holdings in shares of 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 acquiring an additional 2,778 shares during the period. Institutional investors and hedge funds own 78.83% of the company’s stock.

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.