Medpace price target raised to $270 from $215 at UBS

UBS raised the firm’s price target on Medpace to $270 from $215 and keeps a Neutral rating on the shares. The topline beat was partly aided by elevated level of pass-throughs, and Medpace expects the pass-through level to remain high for the rest of year, the analyst tells investors in a research note. UBS continues to see risk if the funding environment for small pharma/biotech worsens and notes that 2024 represents a key area of uncertainty, given both the volatility in key business metrics and the rising cost of capital for small pharma/biotech.