PharmaNet jumps 25% in pre-market after swinging to Q2 profit
Global drug development services company PharmaNet Development Group Inc. (Nasdaq:PDGI) is up 25% in pre-market trading after reporting after Wednesday’s close it had swung to profit in the second quarter. For the quarter ended June 30, net income was $2.2 million, or $0.11 per share, compared to a net loss of $4.6 million, or $0.25 per share, in the same quarter a year earlier. Analysts were expecting earnings per share of $0.04. The Princeton, N.J.-based company said it was helped by better margins and higher revenues in clinics and laboratories.
Shares are at $22.50 at 8:46 a.m. ET, up $4.45 from Wednesday’s close. During the past year, the stock has ranged from $13.45 to $43.05.
For detailed price information and recent news stories about PharmaNet Development Group Inc., click PDGI.
