Parexel, a global contract research organization (CRO), continues on a nice roll with its shares up another 1.7% yesterday to $57—just off its 52-week high.

Last week when Parexel reported strong earnings, its shares got a hefty pop. That good news came after Mad Money host Jim Cramer gave the contract research sector a thumbs up on Jan. 14, noting Parexel’s strength in late phase work.

In its second quarter reported Jan. 23, Parexel said net income jumped 27% to $11.5 million, or 40 cents a share, from $9.08 million, or 32 cents a share, in the year ago period. Revenue increased 29% to $284.3 million.

Josef H. von Rickenbach, Parexel’s chairman and chief executive officer, noted, "During the second quarter, very strong revenue growth was driven by increases across all business and geographic reporting segments. The quarter's operating performance further validates our strategy and tangibly demonstrates that the initiatives we have been focusing on over the past few years are bearing fruit. In combination with the current favorable outsourcing market, our proven capabilities to compete for and win significant levels of new business leaves us well-positioned to further improve operating margins and drive profitable growth.”

For its third quarter, the company expects earnings of 42 cents to 44 cents a share on  revenue of $240 million to $250 million.

For  fiscal 2008, Parexel boosted guidance to $1.78 to $1.83 a share from $1.75 to $1.81 a share. Parexel also adjusted upward its revenue range to $935 million to $955 million, from $890 million to $920 million.

Parexel’s backlog rose 41% year-over-year to $1.778 billion as of Dec. 31, 2007.