Icon (NASDAQ:ICLR) Shares Gap Up - Still a Buy?

Key Points

• Icon shares gapped up ahead of Thursday’s open, rising from a prior close of $167.28 to an opening price of $175.00, with the stock last trading around $174.42.
• Several analysts recently raised their price targets on Icon, including BMO Capital Markets and Robert W. Baird, though the overall consensus rating remains Hold with an average target price of $173.19.
• The company has a market cap of about $13.11 billion, and institutional ownership remains very high at 95.61%, with hedge funds and asset managers increasing positions in the second quarter.

Icon Plc (NASDAQ:ICLR - Get Free Report) shares gapped up before the market opened on Thursday . The stock had previously closed at $167.28, but opened at $175.00. Icon shares last traded at $174.4160, with a volume of 104,673 shares.

Analyst Ratings Changes

A number of research analysts have recently weighed in on ICLR shares. BMO Capital Markets raised their price target on Icon from $160.00 to $187.00 and gave the company an "outperform" rating in a research report on Thursday, June 25th. Citigroup boosted their price objective on shares of Icon from $140.00 to $165.00 and gave the stock a "neutral" rating in a research report on Thursday, June 25th. Barclays raised their target price on shares of Icon from $160.00 to $175.00 and gave the company an "equal weight" rating in a report on Thursday, June 25th. JPMorgan Chase & Co. upped their price target on shares of Icon from $130.00 to $155.00 and gave the company a "neutral" rating in a report on Thursday, June 25th. Finally, Robert W. Baird raised their price objective on shares of Icon from $168.00 to $186.00 and gave the stock an "outperform" rating in a research note on Thursday, June 25th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $173.19.

Icon Trading Up 2.4%

The firm has a market cap of $13.11 billion, a price-to-earnings ratio of 30.48, a price-to-earnings-growth ratio of 8.18 and a beta of 1.22. The business has a 50 day moving average of $149.05 and a 200 day moving average of $136.36. The company has a quick ratio of 1.14, a current ratio of 1.14 and a debt-to-equity ratio of 0.31.

Hedge Funds Weigh In On Icon

Institutional investors have recently modified their holdings of the company. Trinity Street Asset Management LLP boosted its position in Icon by 27.1% during the second quarter. Trinity Street Asset Management LLP now owns 1,535,462 shares of the medical research company's stock worth $266,725,000 after acquiring an additional 327,314 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in shares of Icon by 463.8% during the 2nd quarter. Handelsbanken Fonder AB now owns 71,817 shares of the medical research company's stock worth $12,475,000 after purchasing an additional 59,078 shares during the period. Polianta Ltd acquired a new stake in shares of Icon during the second quarter worth $1,876,000. GAMMA Investing LLC grew its position 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 valued at $68,000 after purchasing an additional 69 shares during the period. Finally, Grove Bank & Trust increased its stake in Icon by 30.0% in the second quarter. Grove Bank & Trust now owns 866 shares of the medical research company's stock valued at $150,000 after purchasing an additional 200 shares during the last quarter. Institutional investors and hedge funds own 95.61% of the company's stock.

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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