In a recent move, investment firm OrbiMed Advisors LLC, alongside its general partner OrbiMed Capital GP VI LLC, has sold a significant number of shares in NeuroPace Inc (NASDAQ:NPCE), a company specializing in surgical and medical instruments and apparatus. The transactions, which took place over a series of days, resulted in the sale of shares totaling over $913,000.
The sales began on April 19, 2024, when OrbiMed Advisors sold 18,253 shares at a price of $14.02 each. The selling continued on April 22, with 24,609 shares sold at $14.05 per share, and concluded on April 23, with the sale of 21,791 shares priced at $14.29 each. The total shares sold across these dates reached a significant sum, resulting in a notable change in OrbiMed Advisors' holdings in NeuroPace Inc.
It is important to note that the shares are held of record by OrbiMed Private Investments VI, LP, with OrbiMed Capital GP VI LLC acting as the general partner. OrbiMed Advisors, as the managing member of the general partner, exercises voting and investment power over these securities through a management committee. Despite the sales, the firm may still be deemed to have voting and investment power with respect to the securities held by OrbiMed Private Investments VI, LP.
The transactions were disclosed in accordance with regulatory requirements, and it is understood that the reporting parties disclaim beneficial ownership of the reported securities, except to the extent of any pecuniary interest they may have. This recent activity in the market provides investors with insight into the investment firm's adjustments to its portfolio regarding NeuroPace Inc.
InvestingPro Insights
Amid the recent portfolio adjustments by OrbiMed Advisors in NeuroPace Inc (NASDAQ:NPCE), investors are closely monitoring the company's financial health and market performance. According to real-time data from InvestingPro, NeuroPace Inc currently has a market capitalization of $397.11 million. The company's revenue has shown robust growth, with a 43.72% increase over the last twelve months as of Q4 2023, and a quarterly growth rate of 40.84% in Q1 2023. Despite these positive growth figures, the company's profitability remains a concern, as reflected by a negative P/E ratio of -11.03 and an adjusted P/E ratio of -12.31 for the same period.
An InvestingPro Tip that stands out in this context is the significant upward revision of earnings by five analysts for the upcoming period, which may signal a positive outlook on the company's future performance. Additionally, with a high return over the last year of 229.41%, the stock has demonstrated substantial growth, which could be attractive to investors looking for momentum in their portfolio.
NeuroPace Inc operates with a moderate level of debt and has liquid assets that exceed short-term obligations, suggesting a degree of financial stability. However, it is also trading at a high Price/Book multiple of 19.48, which could be a point of caution for value-oriented investors. It's worth noting that the stock price movements have been quite volatile, and analysts do not anticipate the company will be profitable this year.
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