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Two stocks ‘on fire’ today as Wall Street embarks on a buying spree

Two stocks 'on fire' today as Wall Street embarks on a buying spree

Amidst a backdrop of cautious remarks from Fed Chair Jerome Powell, the US stock market experienced a significant upsurge this week. Investors set aside concerns as they eagerly awaited pivotal inflation and job data scheduled for Thursday and Friday. 

Notably, two stocks stood out in this rally: cryptocurrency exchange Coinbase (NASDAQ: COIN) and NeuroPace (NASDAQ: NPCE), both delivering remarkable performances during this period of market optimism.

Coinbase stock surges 15%

To be more specific, shares of Coinbase rallied nearly 15% on Tuesday, August 29, as the crypto market received a much-needed boost after Grayscale secured an important legal win against the US Securities and Exchange Commission (SEC). 

Namely, a US court backed the digital asset manager against the SEC, which had previously denied the company’s application to convert its Grayscale Bitcoin Trust into a spot BTC exchange-traded fund (ETF). 

In turn, the ruling could make a positive impact on other companies that recently applied to launch spot Bitcoin ETFs, such as BlackRock (NYSE: BLK) and Fidelity Investments. 

Along with crypto prices, Coinbase’s shares surged 14.93% on Tuesday, from $73.65 to $84.70. As a result of this rally, COIN’s market cap jumped to $20.1 billion.

COIN 1-day price chart. Source: TradingView

COIN rose more than 10% over the past week while losing a similar percentage on the monthly chart. Year-to-date, it is one of the best-performing crypto-related stocks, with a remarkable surge of over 132%.

NeuroPace shoots up 28% in a day

Meanwhile, medical device maker NeuroPace staged an even more impressive performance on August 29. 

The stock soared 27.8% on the day, skyrocketing from $6.80 to $8.91 on the Nasdaq stock exchange. 

NPCE 1-day price chart. Source: Finviz

The latest upswing took NPCE to the highest level since January 2022, when the stock was trading above the $10 mark.

Earlier this week, NeuroPace received a noteworthy upgrade from Morgan Stanley analysts, who hiked its rating from Underweight to Equal Weight. The strategists also raised the price target on NPCE from $5 to $6, citing stabilization in the company’s “patient funnel and implant volumes” and demonstration of “cost discipline.” 

Shares of NeuroPace gained a whopping 90% over the past week and more than 117% on the month. 

Year-to-date, NPCE saw a meteoric increase of 545%, propelled by rising revenues, elevated 2023 outlook, and analysts’ bullishness. 

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