Medpace (NASDAQ:MEDP) Shares Gap Down – Here’s Why

Medpace Holdings, Inc. (NASDAQ:MEDP)’s share price gapped down before the market opened on Tuesday . The stock had previously closed at $352.92, but opened at $305.00. Medpace shares last traded at $323.35, with a volume of 413,438 shares changing hands.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. UBS Group downgraded shares of Medpace from a “buy” rating to a “neutral” rating and decreased their price target for the stock from $420.00 to $350.00 in a research report on Friday, September 27th. TD Cowen reduced their price objective on Medpace from $452.00 to $434.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. William Blair reiterated an “outperform” rating on shares of Medpace in a research note on Wednesday, September 11th. Truist Financial lowered their price target on shares of Medpace from $415.00 to $397.00 and set a “hold” rating for the company in a research report on Monday, October 14th. Finally, Guggenheim reduced their target price on shares of Medpace from $464.00 to $432.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Medpace presently has a consensus rating of “Moderate Buy” and an average target price of $394.00.

Medpace Stock Down 7.6 %

The firm has a market cap of $10.10 billion, a price-to-earnings ratio of 31.92, a price-to-earnings-growth ratio of 1.77 and a beta of 1.35. The stock’s 50 day moving average is $355.97 and its 200 day moving average is $383.09.

Medpace (NASDAQ:MEDP) last posted its quarterly earnings data on Monday, October 21st. The company reported $3.01 EPS for the quarter, topping analysts’ consensus estimates of $2.77 by $0.24. Medpace had a return on equity of 55.14% and a net margin of 16.74%. The company had revenue of $533.32 million for the quarter, compared to the consensus estimate of $540.99 million. During the same quarter in the previous year, the business earned $2.22 EPS. The company’s quarterly revenue was up 8.3% compared to the same quarter last year. Analysts anticipate that Medpace Holdings, Inc. will post 11.64 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Medpace

Several large investors have recently made changes to their positions in the business. FORA Capital LLC bought a new stake in Medpace during the first quarter worth approximately $2,222,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Medpace during the first quarter worth $5,179,000. Norden Group LLC lifted its holdings in shares of Medpace by 488.0% during the first quarter. Norden Group LLC now owns 29,480 shares of the company’s stock valued at $11,914,000 after purchasing an additional 24,466 shares during the last quarter. QRG Capital Management Inc. boosted its position in shares of Medpace by 322.5% in the 1st quarter. QRG Capital Management Inc. now owns 10,553 shares of the company’s stock valued at $4,265,000 after purchasing an additional 8,055 shares during the period. Finally, M&G Plc purchased a new position in Medpace in the 1st quarter worth about $9,885,000. Institutional investors own 77.98% of the company’s stock.

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.