Adage Capital Partners GP L.L.C. purchased a new position in Medpace Holdings Inc. (NASDAQ:MEDP) during the third quarter, according to its most recent disclosure with the SEC. The institutional investor purchased 700,000 shares of the company’s stock, valued at approximately $20,902,000. Adage Capital Partners GP L.L.C. owned approximately 1.72% of Medpace Holdings at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. BlackRock Fund Advisors acquired a new stake in shares of Medpace Holdings during the third quarter worth about $6,056,000. BlackRock Institutional Trust Company N.A. acquired a new stake in shares of Medpace Holdings during the third quarter worth about $5,115,000. Monashee Investment Management LLC acquired a new stake in shares of Medpace Holdings during the third quarter worth about $4,479,000. JPMorgan Chase & Co. acquired a new stake in shares of Medpace Holdings during the third quarter worth about $3,114,000. Finally, Tygh Capital Management Inc. acquired a new stake in shares of Medpace Holdings during the third quarter worth about $2,077,000. 14.78% of the stock is owned by hedge funds and other institutional investors.
Shares of Medpace Holdings Inc. (NASDAQ:MEDP) opened at 34.60 on Thursday. Medpace Holdings Inc. has a 12 month low of $26.51 and a 12 month high of $38.94. The firm’s 50-day moving average price is $35.68 and its 200-day moving average price is $32.24. The company has a market capitalization of $1.41 billion and a price-to-earnings ratio of 238.62.
Medpace Holdings (NASDAQ:MEDP) last posted its quarterly earnings results on Thursday, November 3rd. The company reported $0.40 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.34 by $0.06. The company earned $94.80 million during the quarter, compared to analysts’ expectations of $91.42 million. The business’s revenue was up 16.2% compared to the same quarter last year. Equities research analysts expect that Medpace Holdings Inc. will post $1.54 EPS for the current year.
A number of equities research analysts have weighed in on MEDP shares. Jefferies Group reaffirmed a “hold” rating on shares of Medpace Holdings in a research report on Tuesday, October 4th. Zacks Investment Research raised Medpace Holdings from a “hold” rating to a “buy” rating and set a $36.00 target price for the company in a research report on Wednesday, November 9th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Medpace Holdings currently has an average rating of “Buy” and an average price target of $36.00.
About Medpace Holdings
Medpace Holdings, Inc is a holding company. The Company operates as a clinical contract research organization (CRO) focused on providing scientifically-driven outsourced clinical development services to the biotechnology, pharmaceutical and medical device industries. The Company is focused on conducting clinical trials across therapeutic areas, with focus in cardiology, metabolic disease, oncology, endocrinology, central nervous system (CNS), and Anti-Viral and Anti-Infective (AVAI).
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