Medpace gets 'market perform' rating as Leerink starts coverage
Brokerage Leerink Partners starts coverage of contract research organization Medpace's MEDP.O shares with "market perform" rating and PT of $330
Brokerage believes MEDP's growth has been affected by elevated cancellation rates and a slowdown in new clinical trial starts due to reduced biotech funding post-COVID
Brokerage says the firm is well aligned with growing disease categories such as oncology, metabolic and cardiovascular, and its full-service outsourcing (FSO) helps smaller biotechs run efficient clinical trials
FSO involves handling all aspects of a clinical trial that include initiating the study, analysis, monitoring of trial subjects, ensuring safety and interacting with regulatory bodies
Brokerage says its PT reflects higher growth prospects and profitability compared with its peers such as IQVIA IQV.N and ICLR ICLR.O
4 out 10 brokerages rate the stock "buy" or higher, 6 "hold", median PT $350, according to LSEG data
As of last close, MEDP stock down 21.5% in past 12 months
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