PRA Health Sciences Inc. (PRAH) Upgraded to “Strong-Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of PRA Health Sciences Inc. (NASDAQ:PRAH) from a hold rating to a strong-buy rating in a research note released on Wednesday morning. They currently have $65.00 price objective on the stock.
According to Zacks, “PRA Health Sciences, Inc. operates as a global contract research organizations providing outsourced clinical development services to the biotechnology and pharmaceutical industries. It offers therapeutic services in the areas of cardio-metabolic, biosimilars, infectious diseases, immunology, neurology and psychiatry, oncology and hematology, rare diseases, and respiratory needs. The Company engages in bioanalytical laboratory, clinical pharmacology, clinical development, strategic solutions, post marketing research, clinical informatics, clinical diagnostics, and safety and risk management activities. PRA Health Sciences, Inc. is based in Raleigh, North Carolina. “
Several other equities research analysts have also weighed in on PRAH. Jefferies Group reiterated a buy rating on shares of PRA Health Sciences in a research note on Tuesday, September 13th. First Analysis assumed coverage on shares of PRA Health Sciences in a research note on Monday, June 20th. They set an equal weight rating and a $47.00 price objective on the stock. Credit Suisse Group AG assumed coverage on shares of PRA Health Sciences in a research note on Monday, June 20th. They set a neutral rating and a $43.00 price objective on the stock. KeyCorp upgraded shares of PRA Health Sciences from a sector weight rating to an overweight rating and set a $55.00 price objective on the stock in a research note on Monday, June 13th. Finally, Citigroup Inc. increased their price objective on shares of PRA Health Sciences from $55.00 to $66.00 and gave the stock a buy rating in a research note on Thursday, September 22nd. One analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the stock. PRA Health Sciences presently has a consensus rating of Buy and an average target price of $51.61.
Shares of PRA Health Sciences (NASDAQ:PRAH) traded down 0.49% during midday trading on Wednesday, hitting $56.43. The stock had a trading volume of 130,129 shares. PRA Health Sciences has a one year low of $33.00 and a one year high of $57.24. The company has a market cap of $3.44 billion, a P/E ratio of 48.40 and a beta of 0.53. The firm has a 50 day moving average of $52.95 and a 200-day moving average of $47.42.
PRA Health Sciences (NASDAQ:PRAH) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.63 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.04. The firm had revenue of $394.20 million for the quarter, compared to analyst estimates of $381.25 million. PRA Health Sciences had a net margin of 4.53% and a return on equity of 20.47%. PRA Health Sciences’s quarterly revenue was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.47 earnings per share. On average, analysts forecast that PRA Health Sciences will post $2.47 earnings per share for the current fiscal year.
In related news, VP Linda Baddour sold 69,380 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $52.00, for a total transaction of $3,607,760.00. Following the completion of the sale, the vice president now directly owns 69,380 shares in the company, valued at $3,607,760. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, VP David W. Dockhorn sold 107,257 shares of the firm’s stock in a transaction that occurred on Friday, August 12th. The stock was sold at an average price of $49.00, for a total transaction of $5,255,593.00. The disclosure for this sale can be found here. Corporate insiders own 2.50% of the company’s stock.
A number of hedge funds have recently modified their holdings of PRAH. BlackRock Inc. raised its position in PRA Health Sciences by 26.0% in the second quarter. BlackRock Inc. now owns 2,399 shares of the company’s stock worth $100,000 after buying an additional 495 shares in the last quarter. Acrospire Investment Management LLC raised its position in PRA Health Sciences by 8.7% in the second quarter. Acrospire Investment Management LLC now owns 2,500 shares of the company’s stock worth $104,000 after buying an additional 200 shares in the last quarter. BNP Paribas Arbitrage SA raised its position in PRA Health Sciences by 120.5% in the third quarter. BNP Paribas Arbitrage SA now owns 2,093 shares of the company’s stock worth $118,000 after buying an additional 1,144 shares in the last quarter. Pacad Investment Ltd. purchased a new position in PRA Health Sciences during the second quarter worth approximately $163,000. Finally, Meeder Asset Management Inc. purchased a new position in PRA Health Sciences during the first quarter worth approximately $166,000.
PRA Health Sciences Company Profile
PRA Health Sciences, Inc is a contract research organization (CRO). The Company provides outsourced clinical development services to the biotechnology and pharmaceutical industries. The Company offers therapeutic services in areas of pharmaceutical development, including oncology, central nervous system, inflammation and infectious diseases.
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