Cantor Fitzgerald initiated coverage on NeuroPace Inc NPCE, a commercial-stage medical device company focused on drug-resistant epilepsy treatment through the company's responsive neurostimulation device (RNS).
The analyst Ross Osborn initiates with an Overweight rating and a price target of $11.
He notes the company addresses a currently estimated ~$2 billion market opportunity based on the 1.2 million people living with drug-resistant epilepsy (DRE) in the U.S. (~one in three patients with epilepsy).
The opportunity to expand indications also provides a strong TAM growth potential.
The analyst notes that the company's differentiated proprietary technology drives adoption.
NPCE's RNS System provides a unique window into brain activity, compared to other neuromodulation technology, offering continuous brain activity monitoring, recognizing and responding to patient-specific seizure patterns, and recording ongoing intracranial electroencephalography data.
Cantor notes NPCE's shares are currently trading at 2.6x CY24E revenue versus high-growth MedTech peers at 3.3x, representing an attractive entry point.
Price Action: NPCE shares are up 1.15% at $7.83 on the last check Friday.
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