PRA Health Sciences Inc. (NASDAQ:PRAH) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $65.00 price objective on the stock. Zacks Investment Research’s price objective would indicate a potential upside of 14.60% from the stock’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 a number of other reports. KeyCorp raised shares of PRA Health Sciences from a “sector weight” rating to an “overweight” rating and set a $55.00 price target on the stock in a research report on Monday, June 13th. Credit Suisse Group AG initiated coverage on shares of PRA Health Sciences in a research report on Monday, June 20th. They set a “neutral” rating and a $43.00 price target on the stock. Jefferies Group reissued a “buy” rating on shares of PRA Health Sciences in a report on Tuesday, September 13th. Citigroup Inc. raised their target price on shares of PRA Health Sciences from $55.00 to $66.00 and gave the company a “buy” rating in a report on Thursday, September 22nd. Finally, First Analysis initiated coverage on shares of PRA Health Sciences in a report on Monday, June 20th. They issued an “equal weight” rating and a $47.00 target price on the stock. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has given a strong buy rating to the stock. PRA Health Sciences has an average rating of “Buy” and a consensus price target of $51.61.
PRA Health Sciences (NASDAQ:PRAH) opened at 56.72 on Wednesday. The company has a market cap of $3.46 billion, a P/E ratio of 48.64 and a beta of 0.53. The stock’s 50 day moving average is $52.81 and its 200 day moving average is $47.35. PRA Health Sciences has a 12-month low of $33.00 and a 12-month high of $56.83.
PRA Health Sciences (NASDAQ:PRAH) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.63 EPS for the quarter, topping analysts’ consensus estimates of $0.59 by $0.04. PRA Health Sciences had a net margin of 4.53% and a return on equity of 20.47%. The business had revenue of $394.20 million for the quarter, compared to analyst estimates of $381.25 million. During the same period last year, the firm earned $0.47 earnings per share. PRA Health Sciences’s revenue for the quarter was up 16.0% compared to the same quarter last year. On average, equities analysts forecast that PRA Health Sciences will post $2.47 earnings per share for the current year.
In other news, VP Linda Baddour sold 69,380 shares of the firm’s stock in a transaction that occurred on Monday, August 15th. The shares were sold at an average price of $52.00, for a total value of $3,607,760.00. Following the sale, the vice president now directly owns 69,380 shares in the company, valued at approximately $3,607,760. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO Colin Shannon sold 113,133 shares of the firm’s stock in a transaction that occurred on Monday, August 22nd. The shares were sold at an average price of $51.57, for a total transaction of $5,834,268.81. Following the completion of the sale, the chief executive officer now owns 120,000 shares in the company, valued at $6,188,400. The disclosure for this sale can be found here. 2.50% of the stock is currently owned by insiders.
Several large investors have recently bought and sold shares of the stock. BlackRock Inc. increased its stake in PRA Health Sciences by 26.0% in the second quarter. BlackRock Inc. now owns 2,399 shares of the company’s stock valued at $100,000 after buying an additional 495 shares in the last quarter. Acrospire Investment Management LLC increased its stake in PRA Health Sciences by 8.7% in the second quarter. Acrospire Investment Management LLC now owns 2,500 shares of the company’s stock valued at $104,000 after buying an additional 200 shares in the last quarter. Pacad Investment Ltd. acquired a new stake in PRA Health Sciences during the second quarter valued at approximately $163,000. Meeder Asset Management Inc. acquired a new stake in PRA Health Sciences during the first quarter valued at approximately $166,000. Finally, Teacher Retirement System of Texas increased its stake in PRA Health Sciences by 81.4% in the second quarter. Teacher Retirement System of Texas now owns 4,714 shares of the company’s stock valued at $197,000 after buying an additional 2,116 shares in the last quarter.
About PRA Health Sciences
PRA Health Sciences, Inc is a contract research organization (CRO). 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.