- A day after getting crushed thanks to a Q1 miss, Medidata (MDSO +4.8%) is higher following an upgrade to Buy from B. Riley. The firm's PT is $49.
- In spite of the Q1 miss, Medidata reiterated its full-year outlook on yesterday's CC (transcript), and also reported billings rose 43% Y/Y to $90M (exceeded revenue of $76.6M, +21% Y/Y). Analysts pressed the company on platform deal activity, services margin pressure, and the demand environment among biotech clients.