Medpace (NASDAQ:MEDP) Updates FY 2024 Earnings Guidance

Medpace (NASDAQ:MEDP) updated its FY 2024 earnings guidance on Monday. The company provided earnings per share guidance of 11.710-12.090 for the period, compared to the consensus earnings per share estimate of 11.560. The company issued revenue guidance of $2.1 billion-$2.1 billion, compared to the consensus revenue estimate of $2.1 billion. Medpace also updated its FY24 guidance to $11.71-12.09 EPS.

Analysts Set New Price Targets

A number of research firms recently commented on MEDP. TD Cowen dropped their target price on shares of Medpace from $452.00 to $434.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Guggenheim decreased their price target 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. UBS Group cut 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 note on Friday, September 27th. William Blair reiterated an “outperform” rating on shares of Medpace in a research note on Tuesday. Finally, Deutsche Bank Aktiengesellschaft decreased their price target on shares of Medpace from $395.00 to $336.00 and set a “hold” rating for the company in a research note on Wednesday, July 24th. Six research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, Medpace currently has a consensus rating of “Hold” and a consensus target price of $386.89.

Medpace Stock Down 7.5 %

Shares of MEDP opened at $326.54 on Wednesday. The company has a 50-day simple moving average of $354.82 and a 200-day simple moving average of $382.57. The company has a market capitalization of $10.12 billion, a PE 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.

Medpace (NASDAQ:MEDP) last posted its earnings results on Monday, October 21st. The company reported $3.01 earnings per share for the quarter, beating the consensus estimate of $2.77 by $0.24. The firm had revenue of $533.32 million during the quarter, compared to the consensus estimate of $540.99 million. Medpace had a net margin of 16.74% and a return on equity of 55.14%. The firm’s revenue for the quarter was up 8.3% on a year-over-year basis. During the same period last year, the firm posted $2.22 EPS. On average, research analysts anticipate that Medpace will post 11.64 EPS for the current year.

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.