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Why Medpace Stock Soared Today

Why Medpace Stock Soared Today

Shares of Medpace Holdings (NASDAQ: MEDP) surged 37.7% on Tuesday after the clinical contract research organization (CRO) delivered strong third-quarter results and issued an optimistic financial forecast for the year ahead. Medpace's revenue jumped 30% year over year to $383.7 million, easily outpacing Wall Street's estimates of roughly $357 million. The healthcare company, which helps pharmaceutical, biotechnology, and medical device companies conduct clinical trials, also saw its backlog grow by 21% to $2.2 billion as of the end of September.