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

Benchmark initiates its coverage on BioClinica

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.