Syneos Health falls on weakness in new bookings

Syneos Health

13/09/2022 19:05

** Syneos Health Inc's shares  SYNH.O  fall 13% to $55.10
    ** Co in a filing with the SEC says it expects its net
bookings-to-billing ratio for clinical solutions business over
the trailing year to be 1.05-1.15x in Q3 vs 1.29x in Q2 (https://bit.ly/3qyyn3J)
    ** Softening of the metric, which provides an outlook for
future revenue, is driven by delays in large pharma cos awarding
contracts and more cautious decision-making from small, midsize,
and emerging biotech cos - SYNH
    ** Brokerage William Blair expects slowdown in bookings to
translate to lower clinical revenues beginning 2023, but will
await further clarity; retains 'market perform' rating
    ** 8 of 13 brokerages rate the stock "buy" or higher, 5
"hold"; their median PT is $74
    ** Including session's loss, stock down 46% YTD compared
with a 16% decline in the Nasdaq Biotechnology index  .NBI 

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