Medpace (NASDAQ:MEDP) Issues Quarterly Earnings Results

Medpace (NASDAQ:MEDP) issued its quarterly earnings results on Monday. The company reported $3.01 EPS for the quarter, beating the consensus estimate of $2.77 by $0.24, Briefing.com reports. Medpace had a net margin of 16.74% and a return on equity of 55.14%. The company had revenue of $533.32 million during the quarter, compared to analysts’ expectations of $540.99 million. During the same quarter last year, the company posted $2.22 EPS. The firm’s revenue was up 8.3% compared to the same quarter last year. Medpace updated its FY24 guidance to $11.71-12.09 EPS and its FY 2024 guidance to 11.710-12.090 EPS.

Medpace Stock Down 7.5 %

NASDAQ MEDP opened at $326.54 on Wednesday. The stock has a market capitalization of $10.12 billion, a P/E ratio of 33.29, a P/E/G ratio of 1.77 and a beta of 1.35. Medpace has a 52-week low of $227.21 and a 52-week high of $459.77. The firm has a 50-day moving average price of $354.82 and a 200 day moving average price of $382.57.

Analysts Set New Price Targets

MEDP has been the subject of several recent analyst reports. UBS Group cut shares of Medpace from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $420.00 to $350.00 in a research report on Friday, September 27th. Jefferies Financial Group cut shares of Medpace from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $415.00 to $345.00 in a research report on Wednesday, September 25th. Redburn Atlantic started coverage on shares of Medpace in a research report on Monday, October 14th. They issued a “buy” rating and a $404.00 price target for the company. StockNews.com cut shares of Medpace from a “buy” rating to a “hold” rating in a research report on Friday, September 27th. Finally, Robert W. Baird cut shares of Medpace from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $413.00 to $349.00 in a research report on Wednesday. Six research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $386.89.

Medpace Company Profile

Medpace Holdings, Inc provides clinical research-based drug and medical device development services in North America, Europe, and Asia. The company offers a suite of services supporting the clinical development process from Phase I to Phase IV in various therapeutic areas. It provides clinical development services to the pharmaceutical, biotechnology, and medical device industries; and development plan design, coordinated central laboratory, project management, regulatory affairs, clinical monitoring, data management and analysis, pharmacovigilance new drug application submissions, and post-marketing clinical support services.