PPD given buy rating by Jefferies

Jefferies & Co., Inc. analyst David Windley rated Pharmaceutical Product Development, Inc. at buy on the company's second-quarter earnings. The company has more than $2 billion in backlog and net bookings are up 34.5% year over year. The company reported second-quarter earnings per share of $0.31 on $283.4 million in net revenue, compared to the analyst's estimate of $0.30 per share on net revenue of $274 million and consensus of $0.29 per share on $275 million in net revenue. Shares of the Wilmington, N.C.-based contract research organization were up $2.36, or 6.56%, at $38.32 on volume of 3,464,942 shares versus the three-month running average of 679,933 shares. (Nasdaq: PPDI)

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