Jefferies reiterates PPDI at buy

Pharmaceutical Product Development Inc. was reiterated by Jefferies & Co., Inc. analyst David Windley at a buy rating with a $67 price target. Jefferies said the company reported third-quarter results of $0.70 a share, excluding a $0.04 investment write-down, which was more than consensus estimates of $0.66 a share. The biggest surprise in the third quarter was gross new business at a record $645.3 million, up 108% year-over-year, Jefferies said. Shares of the Wilmington, N.C.-based drug discovery company were up $5.77, or 10.26%, at $62.02 on volume of 2,861,376 shares versus the three-month running average of 316,365 shares.

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