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Strategies & Market Trends : Value Investing

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From: J Mako	10/11/2011 8:05:25 PM
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re: CVD online.barrons.com ---- The Princeton, N.J.-based company is one of the largest players in a little-known cluster of companies called contract research organizations (CROs). These companies are hired by drug makers to run their clinical trials and other drug-development practices. It was a booming business until the lousy economy and big changes to the drug industry led to a slowdown in research-and-development spending that crushed profits and share prices throughout the drug-research industry. Covance (ticker: CVD) suffered along with the rest, with its share price falling 52% since closing at a record high of $97.61 a share in August 2008. -- I like its consistent high ROE in the last 10 years. And since it's itself not a pharma, it removes the uncertainty and risk of getting drugs to the market through the pipelines. It's more a service company. Any thoughts?

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