Icon (NASDAQ:ICLR) Shares Gap Down - What's Next?

Key Points

• Icon shares dropped sharply: The stock opened at $165.75 versus a prior close of $178.18 and last traded near $163.72, down about 5.5%.
• Analyst sentiment is mixed: The consensus rating is “Hold,” with an average price target of $168.73; price targets range from $145 to $190, including upgrades from Mizuho and Barclays.
• Quarterly results slightly exceeded expectations: Icon reported adjusted EPS of $2.56 versus the $2.55 consensus and revenue of $2.06 billion, up 2.3% year over year, while institutional investors own 95.61% of the stock.

Icon Plc (NASDAQ:ICLR - Get Free Report) gapped down before the market opened on Thursday . The stock had previously closed at $178.18, but opened at $165.75. Icon shares last traded at $163.7160, with a volume of 178,616 shares traded.

Analyst Ratings Changes

A number of research analysts have weighed in on ICLR shares. Weiss Ratings cut shares of Icon from a "sell (d+)" rating to a "sell (d)" rating in a research note on Friday, May 29th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $165.00 price target on shares of Icon in a report on Friday, May 29th. Mizuho upped their price objective on Icon from $180.00 to $190.00 and gave the company an "outperform" rating in a research note on Friday, June 26th. Barclays upped their price objective on Icon from $160.00 to $175.00 and gave the company an "equal weight" rating in a research note on Thursday, June 25th. Finally, Leerink Partners set a $145.00 price objective on Icon in a report on Thursday, May 28th. Seven research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $168.73.

Icon Stock Down 5.5%

The stock has a market capitalization of $12.90 billion, a P/E ratio of 30.12, a price-to-earnings-growth ratio of 8.85 and a beta of 1.22. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.14 and a quick ratio of 1.14. The stock has a fifty day moving average price of $154.79 and a 200 day moving average price of $135.54.

Icon (NASDAQ:ICLR - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The medical research company reported $2.56 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.55 by $0.01. Icon had a return on equity of 8.73% and a net margin of 5.35%.The company had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2 billion. During the same period in the previous year, the company posted $3.26 EPS. The firm's revenue for the quarter was up 2.3% compared to the same quarter last year. On average, research analysts forecast that Icon Plc will post 9.43 earnings per share for the current year.

Hedge Funds Weigh In On Icon

A number of large investors have recently modified their holdings of the company. Toth Financial Advisory Corp purchased a new stake in Icon in the 4th quarter worth approximately $27,000. EFG International AG purchased a new position in shares of Icon during the 4th quarter valued at $27,000. Abound Financial LLC purchased a new position in shares of Icon during the 4th quarter valued at $54,000. GAMMA Investing LLC increased its holdings in shares of Icon by 21.4% in the second quarter. GAMMA Investing LLC now owns 391 shares of the medical research company's stock worth $68,000 after purchasing an additional 69 shares during the period. Finally, Johnson Financial Group Inc. purchased a new stake in shares of Icon in the third quarter worth $71,000. 95.61% of the stock is currently owned by institutional investors.

Icon Company Profile

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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