NeuroPace initiated with a Buy at Lake Street

Lake Street analyst Frank Takkinen initiated coverage of NeuroPace with a Buy rating and $10 price target. The company’s responsive neurostimulation device, the RNS system, fulfills an unmet need for patients with drug-resistant epilepsy, or DRE, said the firm, which estimates a $2.2B opportunity for the initial addressable market, which includes less than 4% of patients with DRE. NeuroPace is less than 2% penetrated into the 50,000 patients who are visiting comprehensive epilepsy centers and based on checks with thought-leading neurosurgeons, the firm predicts this will change.