WILMINGTON, N.C. – Shares in Pharmaceutical Product Development, or PPD, surged on Wednesday after two analyst firms labeled the stock as a “buy.”

Banc of America Securities initiated coverage with the “buy” rating.

Also, Goldman Sachs upgraded PPD to “buy’ from “neutral.”

PPD (NASDAQ: PPDI) shares climbed 4 percent, or $1.40, to close at $34.99.

The improved rankings came after PPD disclosed a $41.6 million, or 35 cents per share, profit in the fourth quarter that ended Dec. 31.