Day after layoff announcement, PPD stock gets an upgrade
Ross Muken, an analyst at Deutsche Bank, upgraded Pharmaceutical Product Development (Nasdaq: PPDI) stock to a “buy” from “hold” on Friday.
Muken’s higher grade for PPD came a day after the international contract research organization announced it was laying off some 270 people on Thursday.
PPD is based in Wilmington, N.C., and employs some 1,500 people in RTP.
Its shares closed up 7 cents Friday at $21.07.
Muken raised his target price for PPD to $26 from $22 while predicting that its business with major pharmaceutical firms is likely to increase, according to the Associated Press. One reason he likes PPD is because it is the largest publicly traded CRO.
PPDI shares have lost more than half their value from a 52-week high of $45.72 last September.
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