Medpace initiated with an Equal Weight at Barclays

Barclays analyst Luke Sergott initiated coverage of Medpace (MEDP) with an Equal Weight rating and $300 price target The firm likes Medpace’s “differentiation” within the contract research organization landscape as a biotech-focused player, but says this same dynamic “introduces incremental” near-term risk to the story against a weakening biotech funding backdrop. The analyst is cautious around continued elevated cancellation trends spurred by either funding challenges or broader macro uncertainty.