Headquartered in New York, Medidata Solutions Inc. (MDSO - Free Report) recently announced that Erytech Pharma has opted for the company’s flagship Medidata Clinical Cloud platform to boost research on cancer and other ‘difficult-to-treat’ diseases. Recently, the platform had also been adopted by Tokyo based-Nobelpharma to treat patients with unmet medical needs.
Meanwhile, Medidata gained almost 2.7% to close at $55.53 following the news. In fact, the current market sentiments are quite lucrative as Medidata represents a solid one-year return of roughly 26.2%, better than the S&P 500’s 5.4% over the same time frame.
Erytech Pharma is a France-based biopharmaceutical company that develops ‘tumor starvation’ treatment options for patients suffering from acute leukemia and other oncology issues. Erytech Pharma will leverage on Medidata’s high-end unified solutions to deal with operational complexity and simplify electronic data capture (EDC) into its Phase I-III clinical trials.
Notably, Medidata Rave and Medidata Balance of the company’s clinical cloud platform will be implemented by Erytech Pharma for the purpose of EDC and trial randomization, respectively.
Medidata has been a gaining prominence of late with its broad-based product portfolio that includes Medidata Rave, Medidata Coder, Image Management, Risk-Based Monitoring, Medidata Balance, Medidata CTMS and Medidata Patient Cloud. Notably, the Medidata Cloud has addressed 800 life sciences companies in the last reported quarter and gave them an integrated platform to meet the future development needs.
Medidata has been a pioneer in global drug development techniques, courtesy of its highly advanced cloud-based solutions for clinical research.
Of the recent developments, the launch of AppConnect Partner Program is noteworthy. AppConnect combines Medidata’s cloud and mHealth technology with the digital health firms to develop mobile apps related to health issues and remote patient research platforms.
The strategic partnership with University of North Carolina Wilmington (UNCW) to introduce cloud-based technology to the UNCW clinical research scholars is a prudent move which diversifies Medidata’s core business.
Coming to the latest development, we believe the platform would fortify the company’s position in Europe and worldwide. In this regard, Medidata has solid connections with pharmaceutical companies like Bayer, Galderma and Sanofi and with contract research organizations (CROs) such as ICON in Europe.
Meanwhile, the Cancer/Tumor Profiling market has bountiful prospects as it is forecasted to reach a worth of $35 billion by 2018, growing at a CAGR of 18.5% (Markets And Markets). This highlights the prospects for Medidata’s Clinical Cloud platform in the market for cancer and tumor treatment in the coming quarters.
Zacks Rank & Other Key Picks
Medidata has a Zacks Rank #2 (Buy).
Other favorably ranked stocks in the broader medical space include HMS Holdings Corp. (HMSY - Free Report) , Cambrex Corporation (CBM - Free Report) and Streamline Health Solutions, Inc. , all of which sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
HMS Holdings represents a strong long-term expected growth rate of 14.76%. Notably, the company has a solid one-year return of almost 40.22%.
Cambrex has a positive year-to-date return of roughly 13.3%. The company also has a promising long-term expected growth rate of 15.00%.
Streamline Health represents a stellar year-to-date return of 17.73%. The company has a long-term expected growth rate of almost 15.00%.
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