Analyst Michael Cherny from Leerink Partners maintained a Hold rating on Medpace Holdings (MEDP – Research Report) and keeping the price target at $330.00.
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Michael Cherny has given his Hold rating due to a combination of factors influencing Medpace Holdings’ performance. The company’s recent financial results showed a mixed picture, with revenue and EPS surpassing expectations, yet the book-to-bill ratio fell short, raising concerns about future demand. The macroeconomic environment and uncertainties in biotech funding have contributed to a cautious outlook, as reflected in the lower net new business awards.
Despite the positive aspects of the earnings report, such as the favorable tax rate and share buyback contributing to EPS growth, the underlying demand issues and potential for elevated cancellations remain a concern. Cherny’s Hold rating reflects the need for more clarity on these factors and the anticipation of further insights during the company’s upcoming earnings call.
In another report released yesterday, TD Cowen also maintained a Hold rating on the stock with a $283.00 price target.
Based on the recent corporate insider activity of 27 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of MEDP in relation to earlier this year.