Charles River Lab slumps as weak biotech funding overshadows results beat

Syneos Health

16/02/2022 16:43

** Charles River Laboratories International's shares  CRL.N 
slump nearly 6% to $294.33 - biggest pct. fall in over three
months as concerns over a decline in biotech funding overshadows
contract research organization's (CRO) strong results
 urn:newsml:reuters.com:*:nBw430QxLa
    ** CEO James Foster in conference call says biotech
companies are a disproportionate driver of CRL's growth, but
they "have nobody that's not paying the bills"
    ** Shares of CROs such as IQVIA Holdings  IQV.N , ICON PLC
 ICLR.O  and Syneos Health  SYNH.O , down 0.6%-2.4% in late
morning trade  urn:newsml:reuters.com:*:nL4N2UR2ZN
    ** Medpace Holdings  MEDP.O  up 1.7%, recouping losses after
its management commentary on Tuesday triggered a 20% slump in
its shares and fall across other CROs as well
    ** Including session's movement, CRL, IQV, ICLR, SYNH and
MEDP shares down about 20%-35% YTD

 (Reporting by Leroy Leo)
 ((Leroy.Dsouza@thomsonreuters.com ; Twitter: https://twitter.com/LeroyLeo7;))