Medpace was downgraded to Hold with a revenue growth guidance change and slightly lower backlog conversion. The backlog line is the tell here, it feeds forward revenue for a CRO. $MEDP

What happened: Medpace Holdings was downgraded from "Buy" to "Hold" due to decelerating growth metrics and underwhelming forward guidance. Key numbers: Q3 2026 Net New Business Awards rose 10.6%, down from 28.2% in Q2. Q3 2026 revenue growth was 8.5% to $716M, below the prior quarter's 17.2%. Full-year 2026 revenue guidance midpoint is $2.845B, reflecting a slowdown from 20% to 12 to 12.8% annual growth. Why it matters: The downgrade reflects weaker contract momentum and a slightly lower backlog conversion rate, with guidance trailing analyst expectations.

Medpace Holdings was downgraded from "Buy" to "Hold" due to decelerating growth metrics and underwhelming forward guidance.

The downgrade reflects weaker contract momentum and a slightly lower backlog conversion rate, with guidance trailing analyst expectations.