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Cantor Fitzgerald maintained its Overweight rating and $16.00 price target on NeuroPace Inc (NASDAQ:NPCE) Thursday, despite the stock’s recent 11% decline over the past week. The research firm based its decision on a recent survey of 30 medical professionals, including epileptologists, neurologists, and neurosurgeons. According to InvestingPro data, analysts are notably bullish on NPCE, with price targets ranging from $15 to $20.
The survey aimed to assess physician perceptions regarding potential FDA approval for NeuroPace’s RNS System in treating idiopathic generalized epilepsy (IGE). Cantor Fitzgerald also sought to understand clinical awareness, treatment preferences, and referral patterns related to the RNS System in community practice. The company has shown strong momentum, with revenue growing 22% year-over-year and maintaining a healthy gross profit margin of 75%.
The research firm expressed increased confidence in NeuroPace’s prospects for receiving FDA approval for an expanded indication. This confidence stems from survey results showing that most physician respondents view the NAUTILUS clinical data positively.
Cantor Fitzgerald noted that the majority of surveyed physicians believe NeuroPace will receive the expanded indication for its RNS System. The firm also indicated optimism about the company’s ability to drive adoption of the system in the IGE patient population.
The $16.00 price target represents Cantor Fitzgerald’s 12-month outlook for NeuroPace shares. The firm’s maintained Overweight rating suggests it expects the stock to outperform the average total return of the stocks in the analyst’s coverage universe over the next 12-18 months.
In other recent news, NeuroPace has secured a $75 million credit facility with MidCap Financial, comprising a $60 million term loan and a $15 million revolving credit facility. This financial arrangement is aimed at settling previous debts and supporting the company’s growth initiatives. NeuroPace plans to use the funds to expand patient access to its RNS System and invest in new product development. Meanwhile, Cantor Fitzgerald has maintained its Overweight rating on NeuroPace, with a price target of $16, following the release of preliminary one-year results from the NAUTILUS study. The study did not meet its primary effectiveness endpoint, but subgroup data showed promising results for specific patients. H.C. Wainwright initiated coverage with a Buy rating and an $18 target, citing solid revenue growth and the RNS system’s clinical effectiveness. Leerink Partners also maintained an Outperform rating, despite mixed trial results, acknowledging the system’s safety profile and potential in addressing drug-resistant epilepsy. NeuroPace’s financial performance remains strong, with 2024 revenue reaching $79.9 million, and management anticipates continued growth in 2025.
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