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UPDATE: Benchmark Initiates BioCLinica with Buy, $8 PT as Possible M&A Target

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Benchmark initiates its coverage on BioClinica (NASDAQ: BIOC) with a Buy rating and a price target of $8.

Benchmark says, "Last week we spent a day in Philadelphia at the Drug Information Association tradeshow, which was held June 24-28. This event highlights services to the pharmaceutical industry including eClinical software vendors and CROs. Conference attendance and the corporate events appeared notably lighter than in years past but we were pleasantly surprised that generally, firms are growing, profitable and carry an optimistic outlook. In addition to healthy sector business dynamics, we sense that further M&A activity could support sector valuation. We feel BioClinica is an excellent buy now at 12.1x our forecast current year $0.40 nonGAAP EPS, or 10.1x, excluding $0.77 per share in cash."

BIOC closed at $4.80 a share on Monday.

Latest Ratings for BIOC

DateFirmActionFromTo
Jun 2014Aegis CapitalInitiates Coverage onBuy
Mar 2013BenchmarkTerminatesHold
Jan 2013BenchmarkDowngradesBuyHold

View More Analyst Ratings for BIOC
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Posted-In: BenchmarkAnalyst Color Price Target Initiation Intraday Update Analyst Ratings

 

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