Mizuho Starts NeuroPace Inc (NPCE) at Outperform

Mizuho analyst Anthony Petrone initiates coverage on NeuroPace Inc (NASDAQ: NPCE) with a Outperform rating and a price target of $22.00.

The analyst commented: "Our Outperform rating on NPCE shares is predicated on bullish findings from our July 2026 Neurology survey (n=20) that points toward: 1) significant upside potential for the company's Responsive Neurostimulation System (RNS) under a scenario where the FDA label expansion for adult Idiopathic Generalized Epilepsy (IGE) is secured, and 2) ongoing share gains for RNS in the current Adult Focal Epilepsy indication. Our sample of docs suggest RNS is poised to gain +500bps of share in the current focal indication over the next three years and can capture up to 18% of the total 200k adult IGE category if FDA label expansion is secured. Our base case model forecasts RNS ~23% CAGR through 2030 but importantly does not reflect our July 2026 Neurology survey IGE share capture findings. Our $22 PT prices shares at ~6.5x forward EV/Sales while our $35 bull case PT contemplates IGE expansion upside."

For an analyst ratings summary and ratings history on NeuroPace Inc click here. For more ratings news on NeuroPace Inc click here.

Shares of NeuroPace Inc closed at $14.58 yesterday.

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