Medpace bookings miss, guide-down challenge thesis, says UBS

UBS says Medpace’s “material” Q2 bookings miss and 2024 revenue guide-down challenge the firm’s Buy thesis. The firm say its Buy rating reflects its view that the company is well positioned to benefit from improvements in funding for smaller cap biotechs. It kept a Buy rating on the shares with a $480 price target into the earnings call. Medpace in early trading is down 16% to $368.49.