PRA Health Sciences, Inc. (NASDAQ:PRAH) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $83.00 target price on the medical research company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 10.76% from the company’s previous close.
According to Zacks, “PRA Health Sciences, Inc. operates as a global contract research organizations providing outsourced clinical development services to the biotechnology and pharmaceutical industries. It offers therapeutic services in the areas of cardio-metabolic, biosimilars, infectious diseases, immunology, neurology and psychiatry, oncology and hematology, rare diseases, and respiratory needs. The Company engages in bioanalytical laboratory, clinical pharmacology, clinical development, strategic solutions, post marketing research, clinical informatics, clinical diagnostics, and safety and risk management activities. PRA Health Sciences, Inc. is based in Raleigh, North Carolina. “
PRAH has been the topic of several other reports. Bank of America Corporation initiated coverage on PRA Health Sciences in a report on Monday, June 26th. They issued a “buy” rating and a $89.00 price objective on the stock. Jefferies Group LLC reissued a “buy” rating and issued a $92.00 price objective (up from $88.00) on shares of PRA Health Sciences in a report on Thursday, August 10th. Citigroup Inc. reissued a “buy” rating and issued a $93.00 price objective (up from $90.00) on shares of PRA Health Sciences in a report on Thursday, August 10th. Credit Suisse Group raised their price objective on PRA Health Sciences from $80.00 to $84.00 and gave the company an “outperform” rating in a report on Tuesday, August 8th. Finally, BidaskClub lowered PRA Health Sciences from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. One analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. The stock presently has a consensus rating of “Buy” and an average target price of $84.50.
PRA Health Sciences (PRAH) opened at 74.94 on Tuesday. PRA Health Sciences has a 1-year low of $50.87 and a 1-year high of $80.99. The firm has a 50-day moving average price of $75.69 and a 200 day moving average price of $70.48. The company has a market capitalization of $4.70 billion, a P/E ratio of 48.38 and a beta of 0.45.
PRA Health Sciences (NASDAQ:PRAH) last issued its quarterly earnings data on Monday, August 7th. The medical research company reported $0.62 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.10). PRA Health Sciences had a net margin of 5.15% and a return on equity of 21.17%. The business had revenue of $457.90 million during the quarter, compared to analyst estimates of $447.79 million. During the same period in the previous year, the business posted $0.63 earnings per share. The firm’s revenue for the quarter was up .5% on a year-over-year basis. On average, equities analysts predict that PRA Health Sciences will post $3.19 EPS for the current year.
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In other news, major shareholder Pra Investors L.P. Kkr sold 9,500,000 shares of PRA Health Sciences stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $74.85, for a total value of $711,075,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Colin Shannon sold 400,000 shares of PRA Health Sciences stock in a transaction that occurred on Monday, August 14th. The stock was sold at an average price of $74.85, for a total value of $29,940,000.00. The disclosure for this sale can be found here. Insiders sold 10,000,000 shares of company stock worth $748,500,000 over the last ninety days. Corporate insiders own 2.10% of the company’s stock.
Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in shares of PRA Health Sciences by 3.8% in the first quarter. Vanguard Group Inc. now owns 4,659,592 shares of the medical research company’s stock worth $303,946,000 after acquiring an additional 170,812 shares during the last quarter. BlackRock Inc. boosted its stake in shares of PRA Health Sciences by 28.2% in the second quarter. BlackRock Inc. now owns 3,662,954 shares of the medical research company’s stock worth $274,759,000 after acquiring an additional 805,573 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of PRA Health Sciences by 318.3% in the second quarter. Capital Research Global Investors now owns 2,175,340 shares of the medical research company’s stock worth $163,172,000 after acquiring an additional 1,655,336 shares during the last quarter. MARSHALL WACE ASIA Ltd acquired a new stake in shares of PRA Health Sciences in the first quarter worth approximately $82,935,000. Finally, Marshall Wace North America L.P. acquired a new stake in shares of PRA Health Sciences in the first quarter worth approximately $82,935,000. 98.37% of the stock is currently owned by hedge funds and other institutional investors.
PRA Health Sciences Company Profile
PRA Health Sciences, Inc is a contract research organization. The Company provides outsourced clinical development services to the biotechnology and pharmaceutical industries. The Company offers therapeutic services in areas of pharmaceutical development, including oncology, central nervous system, inflammation and infectious diseases.
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