Shares of Medidata Solutions, Inc. (MDSO) headed higher this morning on a very robust beat of revenues and earnings for its first quarter.  Revenues came in at $104.2 million vs. an expected $103.4 million.  Adjusted earnings came in at 25 cents per share vs. an expected 19 cents per share. 

The stock is a bit over extended now.  We bought the stock at $36 and have a nice profit at this point. And while the stock could still move higher, especially if the market stays on an uptrend, the stock has come a long way in a short time which means that it’s time to see what happens next. 

On April 20, the day before earnings were released Bristol Myers announced that it would begin use of Medidata’s Clinical Cloud software “to help manage, monitor and analyze its clinical trials. Medidata’s cutting-edge technology platform will support Bristol-Myers Squibb’s research capabilities in immuno-oncology, oncology, immunoscience, virology, cardiovascular, fibrotic diseases, genetically modified diseases and metabolics.”

Medidata restated its full year guidance targets for earnings and revenues.

Raise Sell Stop to $41 – Wait for consolidation and further instructions before buying further.