Barclays downgraded Medpace Holdings Inc. (NASDAQ: MEDP) from Equalweight to Underweight and reduced its price target to $425.00 from $450.00.

The firm said the downgrade was primarily valuation-driven, noting that Medpace shares were trading well above the premium historically enjoyed relative to peers. While the biotech market was described as “bouncing along the bottom,” Barclays said it expected the company to continue winning new business.

However, the firm flagged potential risk in the second half of 2026, citing concern over whether Medpace could fill its backlog with faster-burning projects to sustain elevated growth as more traditional work ramps.