Piper Jaffray analyst Sean Wieland notes that Medidata reported a mostly in-line quarter, and tempered expectations to its $1B by 2020 goal previously stated. That said, strong bookings and backlog provide leading indicators of positive momentum for 2018 and beyond, the analyst points out, adding that the expansion of sales and marketing efforts positions Medidata well for a growing end market. Wieland reiterates an Overweight rating and $83 price target on the shares, and says he would be a buyer on today's selloff. In afternoon trading, shares of Medidata have dropped over 4% to $63.43.