Contract researchers fall after Jefferies flags demand concerns

Medpace Holdings

25/04/2022 19:33

** Shares of contract research providers fall after
Jefferies cuts its rating on Charles River Laboratories  CRL.N ,
citing fears of falling funding among clients  urn:newsml:reuters.com:*:nL3N2WN33U
    ** The sector has come under pressure after companies warned
in February that declining biotech funding could weigh on demand
for contract research
    ** Jefferies also cuts rating on Syneos Health  SYNH.O  to
"hold" from "buy" and lowers PT to $75 from $101 
    ** Says SYNH revenue growth in 2022 will be challenged as
biotechs cut development spending, leading to weak bookings
    ** Shares of Charles River and Syneos down 4-8% 

 (Reporting by Manas Mishra)
 ((Manas.Mishra@thomsonreuters.com;
www.twitter.com/Manaswrites15))