Parsons secures $24 million biodefense contract

CHANTILLY, Va. - Parsons Corporation (NYSE: PSN), a technology company with annual revenues exceeding $6.7 billion and impressive year-over-year growth of 24%, has been awarded a $24 million contract to support the Naval Medical Research Command’s (NMRC) Biological Defense Research Directorate (BDRD). The contract, announced today, includes a one-year base period with four subsequent one-year option periods.

Under the terms of the contract, Parsons will aid the BDRD in advancing research for rapid detection of infectious diseases critical to the Department of Defense and enhancing global disease surveillance. This effort is geared towards early pathogen detection and response, a vital component in safeguarding U.S. military personnel worldwide.

Parsons has been collaborating with NMRC since 2018, providing expertise in various scientific disciplines such as molecular biology and immunology. The company’s full spectrum of biodefense services includes risk assessments, biological threat detection, surveillance, incident response, and technical expertise on biosecurity issues.

Jon Moretta, President of Engineered Systems at Parsons, emphasized the company’s commitment to leveraging its team of scientists and biodefense capabilities to support the federal government’s counter-biological threat initiatives.

The announcement comes as part of Parsons’ ongoing efforts to deliver disruptive technology solutions in national security and infrastructure. The company operates across multiple sectors, including cyber and intelligence, space and missile defense, transportation, and environmental remediation.

While the contract signifies continued trust in Parsons’ services, it’s important to note that forward-looking statements regarding the company’s future performance are subject to uncertainties and external factors beyond their control. According to InvestingPro data, Parsons’ stock has experienced a significant decline of over 44% in the past six months, though analysts remain optimistic about its prospects. InvestingPro analysis suggests the stock is currently trading below its Fair Value, presenting a potential opportunity for investors. For detailed insights and additional ProTips about Parsons’ financial health and growth prospects, explore the comprehensive Pro Research Report available on InvestingPro.As with all government contracts, Parsons’ engagement is subject to federal budgetary processes and other regulatory considerations.

This news is based on a press release statement, which provides an overview of Parsons’ latest government contract and its role in bolstering national biodefense research efforts.

In other recent news, Parsons Corporation announced an increase in its stock repurchase authorization to $250 million, reflecting strong operating results and cash flow. This move aims to enhance shareholder returns while pursuing strategic growth initiatives. Sealing Technologies, a Parsons subsidiary, secured a prototype agreement with the Department of Defense to develop the Joint Cyber Hunt Kit, emphasizing its role in enhancing national security cyber operations. Analyst firms have recently adjusted their outlooks on Parsons, with Benchmark lowering its price target to $90 but maintaining a Buy recommendation, citing the company’s diverse contract portfolio and minimal exposure to Department of Defense maneuvers. TD Cowen downgraded Parsons from Buy to Hold, reducing the price target to $56 due to concerns about growth slowdown and financial guidance overestimations. Jefferies also revised its price target to $85, maintaining a Buy rating, noting potential growth constraints due to a confidential program but highlighting opportunities in the Critical Infrastructure segment. These developments reflect Parsons’ current strategic and financial positioning in the market.

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