Why Medpace Popped 13% This Week
Shares of Medpace (NASDAQ: MEDP) zoomed 13% higher this week as of 11:49 a.m. ET on Friday, according to data from S&P Global Market Intelligence. The clinical research organization that helps pharmaceutical companies perform outsourced research and trial testing saw strong growth in its latest quarter and a nice bump to its backlog, leading investors to be optimistic about the stock's future.
Clinical trials can be wildly expensive for upstart drugmakers to run, which has led to a growth industry of outsourcing to scaled expert industry players like Medpace.
In 2023 and 2024, biopharmaceutical processing and clinical trials went through a downturn after the COVID-19 pandemic ended. Now, the industry is beginning to rebound, and you can see it in Medpace's financial figures. Revenue grew 24% year over year last quarter to $660 million, with net income of $111 million.
Source Fool.com
