Richard Pzena’s 5 New Stock Picks

3. PRA Health Sciences, Inc. (NASDAQ:PRAH)

Pzena Investment Management’s Stake Value: $558,000

Number of Hedge Fund Holders: 43

One of Richard Pzena’s recent stock picks is PRA Health Sciences, Inc. (NASDAQ:PRAH), which is a global biopharmaceutical company, operating in more than 90 countries.  PRA Health Sciences, Inc. (NASDAQ:PRAH) focuses on drug development, and conducts clinical trials locally in its 90 locations around the globe for efficient and accurate studies. PRA Health Sciences, Inc. (NASDAQ:PRAH) was recently acquired by ICON Public Limited Company (NASDAQ:ICLR), and the transaction will be completed in Q3 2021. 

PRA Health Sciences, Inc. (NASDAQ:PRAH) shareholders will own 34% of the shares in the combined company, and the parent company’s stakeholders will own 66%. ICON Public Limited Company (NASDAQ:ICLR) was upgraded to Overweight from Neutral by JPMorgan analyst Tycho Peterson on September 29, with the price target at $320, up from $230. Peterson said that the rating was due to the acquisition of PRA Health Sciences, Inc. (NASDAQ:PRAH), a high quality asset with a proven track record, that will result in a very strong financial outlook for the combined company. 

Richard Pzena owns 3,378 shares in PRA Health Sciences, Inc. (NASDAQ:PRAH), amounting to $558,000. 

Of the hedge funds tracked by Insider Monkey at the end of June, 43 funds reported owning stakes in  PRA Health Sciences, Inc. (NASDAQ:PRAH), up from 35 in Q1.