Zacks Investment Research upgraded shares of PRA Health Sciences, Inc. (NASDAQ:PRAH) from a hold rating to a buy rating in a research note published on Friday morning. The brokerage currently has $87.00 price objective on the medical research company’s 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 analysts have also weighed in on PRAH. Jefferies Group LLC set a $73.00 price objective on shares of PRA Health Sciences and gave the stock a buy rating in a report on Thursday, June 1st. Credit Suisse Group reissued an outperform rating and issued a $76.00 price target (up previously from $69.00) on shares of PRA Health Sciences in a report on Tuesday, June 6th. Bank of America Corporation began coverage on shares of PRA Health Sciences in a report on Monday, June 26th. They issued a buy rating and a $89.00 price target for the company. Citigroup Inc. reissued a buy rating and issued a $90.00 price target (up previously from $73.00) on shares of PRA Health Sciences in a report on Wednesday, June 28th. Finally, BidaskClub lowered shares of PRA Health Sciences from a strong-buy rating to a buy rating in a report on Monday, July 31st. One investment analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. The company has an average rating of Buy and a consensus price target of $85.00.

Shares of PRA Health Sciences (NASDAQ:PRAH) opened at 77.24 on Friday. PRA Health Sciences has a 52-week low of $50.87 and a 52-week high of $80.99. The firm has a 50-day moving average price of $75.81 and a 200-day moving average price of $69.87. The firm has a market capitalization of $4.84 billion, a P/E ratio of 49.86 and a beta of 0.45.

PRA Health Sciences (NASDAQ:PRAH) last posted its quarterly earnings data on Monday, August 7th. The medical research company reported $0.62 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.72 by $0.10. The firm had revenue of $457.90 million for the quarter, compared to analyst estimates of $447.79 million. PRA Health Sciences had a return on equity of 21.17% and a net margin of 5.15%. The business’s quarterly revenue was up .5% on a year-over-year basis. During the same period in the previous year, the business posted $0.63 EPS. On average, equities research analysts anticipate that PRA Health Sciences will post $3.19 EPS for the current year.

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In related news, major shareholder Pra Investors L.P. Kkr sold 9,500,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $74.85, for a total value of $711,075,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Colin Shannon sold 400,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were sold at an average price of $74.85, for a total transaction of $29,940,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 10,000,000 shares of company stock valued at $748,500,000. 2.10% of the stock is currently owned by company insiders.

A number of hedge funds have recently made changes to their positions in PRAH. Nationwide Fund Advisors boosted its stake in PRA Health Sciences by 4.1% in the first quarter. Nationwide Fund Advisors now owns 44,121 shares of the medical research company’s stock valued at $2,878,000 after acquiring an additional 1,723 shares during the last quarter. Wells Fargo & Company MN boosted its stake in PRA Health Sciences by 321.6% in the first quarter. Wells Fargo & Company MN now owns 609,515 shares of the medical research company’s stock valued at $39,760,000 after acquiring an additional 464,931 shares during the last quarter. Eqis Capital Management Inc. bought a new position in PRA Health Sciences in the first quarter valued at approximately $258,000. State Board of Administration of Florida Retirement System boosted its stake in PRA Health Sciences by 0.6% in the first quarter. State Board of Administration of Florida Retirement System now owns 21,892 shares of the medical research company’s stock valued at $1,428,000 after acquiring an additional 140 shares during the last quarter. Finally, American Century Companies Inc. bought a new position in PRA Health Sciences in the first quarter valued at approximately $7,356,000. 98.38% of the stock is currently owned by hedge funds and other institutional investors.

PRA Health Sciences Company Profile

PRA Health Sciences, Inc is a contract research organization. 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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