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PRA Health Sciences (PRAH) Prices Secondary Stock Offering


PRA Health Sciences PRAH announced that it has priced its underwritten secondary public offering of 10 million shares of common stock. The offering is expected to close on Aug 14, subject to customary closing conditions.

The last reported sale price of the company’s common stock on Aug 10 was $73.81 per share. As of Jun 30, the company had total cash and cash investments worth $113.4 million compared with $144.6 million as of Dec 31, 2016. During the six-month period ended Jun 30, the company generated $15.9 million in cash from operations.

PRA Health Sciences is also striving to effectively manage overhead functions and cut down expenses. Notably, backlog increased approximately 4% year over year in the second quarter of 2017 to approximately $3.3 billion.

Shares of PRA Health Sciences have increased 7.3% in the last three months, compared with the industry’s 2.5% increase.

We believe PRA has therapeutic expertise in areas that are among the largest in pharmaceutical development, including oncology, central nervous system, inflammation and infectious diseases. The company provides its clients with one of the most flexible clinical development service offerings. This includes both traditional, project-based Phase I through Phase IV services as well as embedded and functional outsourcing services. The company has invested in medical informatics and clinical technologies designed to enhance efficiencies, improve study predictability and provide better transparency to clients throughout their clinical development processes.

PRA Health Sciences is one of the world’s leading global contract research organizations by revenue. The company provides outsourced clinical development services to the biotechnology and pharmaceutical industries. PRA’s global clinical development platform includes approximately 70 offices across North America, Europe, Asia, Latin America, South Africa, Australia and the Middle East and approximately 12,400 employees worldwide. Since 2000, PRA has performed approximately 3,400 clinical trials worldwide. In addition, PRA has participated in pivotal or supportive trials that led to the U.S. Food and Drug Administration or international regulatory approval of more than 60 drugs.

Zacks Rank & Key Picks

Currently, PRA Health Sciences has a Zacks Rank #3 (Hold).

A few better-ranked stocks in the broader medical sector are Edwards Lifesciences Corporation EW, Fresenius Medical Care Corporation FMS and IDEXX Laboratories, Inc. IDXX.

Notably, Edwards Lifesciences and Fresenius Medical sport a Zacks Rank #1 (Strong Buy), while IDEXX Laboratories has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Edwards Lifesciences has a long-term expected earnings growth rate of 15.2%. Notably, the stock has returned 5.5% over the last three months.

Fresenius Medical yielded a strong return of 8.3% year to date. The stock has a long-term expected earnings growth rate of 10%.

IDEXX Laboratories has a long-term expected earnings growth rate of 19.8%. Additionally, the stock represents an impressive one-year return of 39.3%.

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