Icon (NASDAQ:ICLR) Shares Gap Down - Should You Sell?

Key Points

• Shares gapped down, opening at $107.50 from a prior close of $115.43 and last trading around $107.08 (down about 7.1%) on volume of ~200,800 shares.
• Analysts are mixed with a consensus rating of Hold and an average price target of $148.80 (7 Buy, 7 Hold, 3 Sell), amid recent notable revisions including Citigroup lowering its target to $120 and Zacks cutting to a "strong sell".
• Institutional ownership is very high (95.61%) with several funds recently adding to positions; the company has a $8.66 billion market cap, a P/E of 14.52, a 50‑day MA of $105.02 versus a 200‑day MA of $152.27, signaling recent weakness versus the longer trend.

Icon Plc (NASDAQ:ICLR - Get Free Report)'s share price gapped down before the market opened on Thursday . The stock had previously closed at $115.43, but opened at $107.50. Icon shares last traded at $107.0790, with a volume of 200,807 shares.

Analyst Ratings Changes

A number of research firms recently commented on ICLR. Mizuho set a $216.00 price objective on Icon in a report on Friday, January 9th. Robert W. Baird set a $119.00 price objective on Icon in a report on Friday, February 13th. Zacks Research cut Icon from a "hold" rating to a "strong sell" rating in a report on Wednesday, February 25th. Citigroup decreased their price objective on Icon from $200.00 to $120.00 and set a "neutral" rating on the stock in a report on Wednesday, March 11th. Finally, Truist Financial reiterated a "hold" rating and issued a $222.00 price objective (down from $231.00) on shares of Icon in a report on Thursday, January 8th. Seven research analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $148.80.

Icon Stock Down 7.1%

The stock has a market capitalization of $8.66 billion, a price-to-earnings ratio of 14.52, a PEG ratio of 2.91 and a beta of 1.28. The business has a fifty day moving average of $105.02 and a 200 day moving average of $152.27. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.06 and a quick ratio of 1.06.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the company. Skylands Capital LLC lifted its stake in Icon by 241.6% during the first quarter. Skylands Capital LLC now owns 19,300 shares of the medical research company's stock worth $2,136,000 after purchasing an additional 13,650 shares in the last quarter. Janney Montgomery Scott LLC lifted its stake in Icon by 53.1% during the first quarter. Janney Montgomery Scott LLC now owns 36,659 shares of the medical research company's stock worth $4,057,000 after purchasing an additional 12,717 shares in the last quarter. Ground Swell Capital LLC acquired a new position in Icon during the first quarter worth $209,000. Live Oak Private Wealth LLC lifted its stake in Icon by 10.7% during the first quarter. Live Oak Private Wealth LLC now owns 20,822 shares of the medical research company's stock worth $2,304,000 after purchasing an additional 2,007 shares in the last quarter. Finally, Blue Trust Inc. lifted its stake in Icon by 207.5% during the first quarter. Blue Trust Inc. now owns 658 shares of the medical research company's stock worth $73,000 after purchasing an additional 444 shares in the last quarter. 95.61% of the stock is currently owned by institutional investors and hedge funds.

About Icon

Icon plc NASDAQ: ICLR is a global provider of outsourced drug development and clinical research services to the pharmaceutical, biotechnology and medical device industries. The company partners with clients at all stages of the product life cycle, offering expertise in protocol design, trial execution and regulatory compliance across a broad range of therapeutic areas.

Icon's service portfolio encompasses clinical trial management, data management and biostatistics, medical imaging, pharmacovigilance and safety monitoring, laboratory sciences and specialized analytical solutions.

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