Jefferies lowers PharmaNet to hold

PharmaNet Development Group, Inc. (SFBC International Inc.) was dropped by Jefferies & Co., Inc. analyst David Windley to a hold with a $22.00 price target. The company posted impressive gains in early clinical margin and late-stage revenue in the third quarter and Windley said sustainability of these trends requires backlog growth, which management expects to resume in a couple of quarters. Shares of the Princeton, N.J.-based drug development services company were up 14 cents, or 0.70%, at $20.02, on volume of 255,994 shares versus the three-month running average of 277,638 shares. (Nasdaq: PDGI)

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.