Why PRA Health Sciences Stock Is Soaring Today

Shares of PRA Health Sciences (NASDAQ: PRAH), a contract research organization (CRO), are jumping on Wednesday and were up by 18.2% as of 1:27 p.m. EST. There are two reasons investors are bidding up PRA Health Sciences' stock today. First, the company reported better-than-expected fourth-quarter 2020 revenue and earnings. Second, Icon Plc (NASDAQ: ICLR), a CRO headquartered in Ireland, announced a deal to acquire PRA Health Sciences.

During the fourth quarter, PRA Health Sciences reported revenue of $873.5 million, representing a 9.1% year-over-year increase. The company's top line came in above the $829.02 million analysts were expecting. PRA Health Sciences' adjusted net income of $101.2 million -- or $1.55 on a per-share basis -- was also better than the adjusted net income of $98.7 million and adjusted earnings per share (EPS) of $1.54 it recorded during the fourth quarter of the fiscal year 2019.

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Source Fool.com