Phase Forward Inc. (NSDQ: PFWD), having closed a prior, $40 million stock buyback plan, initiated a second, $25 million share repurchasing program.
The Waltham, Mass.-based clinical data management provider said it may repurchase shares “from time to time at prevailing prices in the open market or in negotiated transactions off the market” under the new plan, using cash on hand or generated from future operations to fund the buys.
Phase Forward chairman and CEO Bob Weiler said the move, which companies often make to boost share prices when they feel their stock is under-valued, is predicated on the company’s belief that the market for integrated clinical research suites is growing.
Phase Forward shares reached $11.81 in mid-day trading, up 1.6 percent on the day.