Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Madison Dividend Income Fund John Brown, Drew Justman | “Our investments in drug development companies like Charles River Labs (CRL) and Medpace Holdings (MEDP) pulled back, driven by AI disruption fears. Our work suggests disruption fears are overexaggerat” | BULL | Q1 2026 Apr 18, 2026 | View Pitch |
Canopy Investors Kris Webster, Michael Poulsen, and Jack McManus | “Medpace was the Fund's largest contributor in H1 FY26, having been among its largest detractors over the prior 12 months. Medpace is a US-listed clinical research organisation focused on small biotechnology companies. The pharmaceutical sector has been in a period of cyclical weakness since mid-2024, driven by the impending loss of exclusivity on several major drugs, pricing pressure from the Inflation Reduction Act, heightened political scrutiny, and a weak biotech funding environment following the COVID-era boom amid higher interest rates. After four consecutive quarters of elevated project cancellations, Medpace delivered a strong inflection in fundamentals, reporting very robust net bookings growth in Q2 and Q3 FY25, alongside stronger-than-expected guidance for FY26. BSD Analysis: Medpace is a specialized contract research organization known for tight operational control and superior trial execution. Its focus on mid-sized biopharma clients creates stickier relationships and higher margins than broader CRO peers. Backlog visibility is strong, even as biotech funding cycles introduce noise. Medpace's founder-led culture emphasizes discipline over growth-at-all-costs. Margins are best-in-class due to internal staffing and limited outsourcing. The trade-off is slower top-line growth during biotech downturns. Medpace is a high-quality CRO that prioritizes profitability and execution.” | BULL | Q4 2025 Dec 31, 2025 | View Pitch |
Optimist Fund Jordan McNamee | “Position initiated in April. Reported one of the strongest quarters with Q2 2025 revenue growing 14.2% year-over-year to $603.3 million. EBITDA rose 16.2% to $130.5 million, pushing the margin to 21.6” | BULL | Q3 2025 Oct 21, 2025 | View Pitch |
Optimist Fund Jordan McNamee | “Medpace is one of the leading contract research organizations (CROs) focused on small and mid-sized biotech companies. Founded in the early 1990s by Dr. August Troendle, who still serves as CEO and owns roughly 20% of the company, Medpace has compounded organically at roughly 20% per year for over three decades. In Q2 2025, revenue grew 14.2% to $603.3 million, net income reached $90.3 million ($3.10 per diluted share), and EBITDA rose 16.2% to $130.5 million with a margin of 21.6%. The company repurchased ~1.75 million shares for $518 million, signaling confidence in its intrinsic value. Management lifted 2025 guidance to $2.42–$2.52 billion in revenue and GAAP net income of $405–$428 million. BSD Analysis: Optimist Fund views Medpace as an elite founder-led CRO compounder with unmatched capital discipline, operational efficiency, and alignment. The firm's consistent 20% organic growth, 21%+ EBITDA margins, and active repurchases reflect a superior business model anchored in niche biotech relationships. At ~22x forward EPS and strong cash conversion (>90% FCF/NI), Medpace remains well positioned to gain share as biotech funding normalizes. Founder alignment and disciplined capital allocation enhance long-term compounding potential.” | BULL | Q3 2025 Oct 21, 2025 | View Pitch |
Spyglass Capital Management Portfolio Manager | “Medpace posted strong Q2 results that beat expectations on both top and bottom lines, leading to a full-year guidance upgrade. Furthermore, massive share repurchases of $518.5 million signal deep management confidence in the company's trajectory.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Canopy Investors Kris Webster, Michael Poulsen, and Jack McManus | “Medpace increased by 8%. Medpace is a clinical research organization (CRO) that focuses primarily on small biotech customers. Small biotechs are the engine of innovation in the pharma industry and are expected to grow at high-single-digit rates over the medium term. After a year of weakness, in July, Medpace's Q2 result showed surprisingly resilient net bookings growth, driving sharp appreciation in its share price. Subsequently, incremental news about biotech and pharma has been cautiously positive, including the level of biotech funding as well as Pfizer coming to an agreement with the Trump Administration on drug pricing. BSD Analysis: Medpace is the CRO that keeps embarrassing bigger competitors because it actually knows how to execute. While the big contract research players drown in bureaucracy and bloat, Medpace runs a tight, high-velocity model that clients swear by. Its biotech-heavy customer base isn't dead — funding is stabilizing, pipelines are moving, and Medpace keeps winning share on speed, cost predictability, and quality. Margins remain elite in an industry where “elite” is rare. With zero debt and a founder-led culture obsessed with profitability, Medpace is one of the few pure-play CRO compounders still running at full stride.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Madison Mid Cap Fund Haruki Toyama, Andy Romanowich, Rich Eisinger | “Medpace posted accelerating revenue and bookings growth in 2Q 2025, defying industry expectations of a slowdown in contract research activity. Management expressed confidence in continued strength for the remainder of the year, citing robust demand and operational execution. The company's asset-light model and strong balance sheet enable high returns on invested capital. Madison sees Medpace as a best-in-class CRO with a long runway for growth as outsourcing trends expand. BSD Analysis: Medpace continues to post best-in-class growth in clinical outsourcing, driven by biotech-heavy clients that value its speed, accountability, and clean execution. Margins remain exceptional due to disciplined cost control and a tightly integrated operating model. Backlog visibility is strong, and cash generation is outstanding. The stock always looks expensive — and Medpace always grows into it. This remains one of the most consistent small-mid CRO compounders in the world.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
LVS Advisory - Growth LVS Advisory LLC | “LVS Advisory favors Medpace's focus on serving small biotech companies with full-service CRO work over Icon's large pharma roll-up strategy. The manager doubled down on the Medpace position using proceeds from selling Icon, believing the small biotech model is structurally superior.” | BULL | Q1 2025 Apr 2, 2025 | View Pitch |
LVS Advisory - Event Driven LVS Advisory LLC | “LVS is highly optimistic about Medpace because its focused business model of serving small biotech companies with full-service CRO work is structurally superior to serving large pharma. LVS reinforced its commitment to Medpace by doubling down on the position using proceeds from the sale of its competitor, Icon.” | BULL | Q1 2025 Apr 2, 2025 | View Pitch |
Vulcan Value Partners - Large Cap C.T. Fitzpatrick | “Medpace is a global clinical contract research organization featuring a robust balance sheet and strong cash generation. While near-term growth may flatten in 2025, its less price-sensitive mid-sized biotech customer base supports a long-term return to double-digit growth.” | BULL | Q1 2025 Mar 31, 2025 | View Pitch |
Vulcan Value Partners Focus Plus Vulcan Value Partners LLC | “Medpace operates an attractive outsourced drug development model serving small and midsized biotech firms. Despite expecting flat growth in 2025, the company possesses outstanding free cash flow and an exceptional long-term double-digit growth path. Management is recognized for making highly intelligent capital allocation decisions.” | BULL | Q1 2025 Mar 31, 2025 | View Pitch |
Vulcan Value Partners - Small Cap C.T. Fitzpatrick | “The manager highlights Medpace's full-service model which serves price-insensitive small to mid-sized biotech companies lacking internal clinical trial infrastructure. The company features robust free cash flow, a solid balance sheet, and a management team skilled at capital allocation. Although growth is expected to remain flat in 2025, long-term double-digit growth remains highly probable.” | BULL | Q1 2025 Mar 31, 2025 | View Pitch |
Vulcan Value Partners Focus Plus Vulcan Value Partners LLC | “Medpace continues to outperform expectations by winning business awards and expanding free cash flow despite biotech funding noise. A debt-free balance sheet supports strong earnings durability.” | BULL | Q4 2023 Dec 31, 2023 | View Pitch |
Vulcan Value Partners - Small Cap C.T. Fitzpatrick | “Medpace delivers superior financial performance by managing outsourced clinical trials for biotech clients. Despite broad sector funding headwinds, new business wins and free cash flow generation exceeded expectations. A zero-debt balance sheet provides strategic flexibility.” | BULL | Q4 2023 Dec 31, 2023 | View Pitch |
Vulcan Value Partners - All Cap C.T. Fitzpatrick | “Medpace outperformed expectations across net new business awards, revenue, and cash conversion despite broader biotech funding headwinds. Initial 2024 financial guidance exceeded consensus estimates, driving positive stock reaction. A debt-free balance sheet and aligned executive team bolster long-term thesis stability.” | BULL | Q4 2023 Dec 31, 2023 | View Pitch |
Vulcan Value Partners - Focus Vulcan Value Partners, LLC | “Medpace outperformed expectations with robust new contract wins and strong cash generation despite biotech funding headwinds. The company issued 2024 guidance that surpassed consensus forecasts. Vulcan commends its debt-free balance sheet and aligned executive team.” | BULL | Q4 2023 Dec 31, 2023 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
