Medidata Up 3% After Positive Comments From Stephen Weiss
Medidata Solutions (NASDAQ: MDSO) gained more than three percent in Wednesday afternoon trading after investor Stephen Weiss said he had acquired shares in the software company.
Medidata, which makes clinical data management systems, is "the cloud for R&D" Weiss said on CNBC, where he is under contract as a market commentator. "They're in 90 percent of the top 25 pharmaceutical companies."
Medidata is down 37 percent from highs in March, and Weiss said "they got crushed" earlier this year for missing consensus earnings expectations.
"But they don't give guidance," said Weiss. "They're still committed to 20 percent growth top line and bottom. They're bite-sized for a company like Oracle."
Weiss didn't disclose how many shares of Medidata he had acquired.
Medidata traded recently at $42.53, up $1.36 per share.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.