Jefferies puts Pharmaceutical Product at buy

Pharmaceutical Product Development, Inc. was rated at buy by Jefferies & Co., Inc. analyst David Windley. Gross and net new business for the company for the first quarter was $469 million and $381 million, beating Jefferies' estimate of $299 million. Earnings per share of $0.36 beat consensus by a penny. Shares of the Wilmington, N.C., pharmaceutical company were up $3.94, or 11.72%, at $37.55 on volume of 4,454,962 shares versus the three-month running average of 685,160 shares. (Nasdaq: PPDI)

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