Icon (NASDAQ:ICLR) Trading Up 4.7% - Here's Why

Key Points

• ICON shares rose 4.7% to about $171.53, outperforming the prior close despite trading volume running 85% below its average.
• Analyst sentiment remains mixed: the consensus rating is “Hold” with a $170.07 target, while Mizuho and TD Cowen recently raised their targets to $190 and $197, respectively.
• ICON slightly beat quarterly expectations with $2.56 EPS versus $2.55 expected and $2.06 billion in revenue, up 2.3% year over year; however, insiders sold roughly $3.9 million of stock over the past 90 days.

Icon Plc (NASDAQ:ICLR - Get Free Report)'s stock price shot up 4.7% during trading on Thursday . The company traded as high as $170.48 and last traded at $171.5250. 194,107 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 1,278,780 shares. The stock had previously closed at $163.90.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on ICLR shares. Mizuho boosted their price target on Icon from $180.00 to $190.00 and gave the company an "outperform" rating in a research report on Friday, June 26th. Zacks Research upgraded Icon from a "strong sell" rating to a "hold" rating in a research note on Tuesday, July 28th. TD Cowen lifted their price objective on shares of Icon from $164.00 to $197.00 and gave the company a "buy" rating in a research report on Thursday, June 25th. Citigroup cut their price objective on shares of Icon from $180.00 to $175.00 and set a "neutral" rating for the company in a research report on Friday, September 18th. Finally, Weiss Ratings reissued a "sell (d)" rating on shares of Icon in a research note on Wednesday, August 26th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, seven have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $170.07.

Icon Price Performance

The company has a market cap of $13.00 billion, a price-to-earnings ratio of 39.88, a price-to-earnings-growth ratio of 7.73 and a beta of 1.20. The company has a fifty day simple moving average of $167.08 and a two-hundred day simple moving average of $141.61. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23.

Icon (NASDAQ:ICLR - Get Free Report) last posted its earnings results on Thursday, July 30th. The medical research company reported $2.56 earnings per share for the quarter, beating the consensus estimate of $2.55 by $0.01. Icon had a net margin of 3.99% and a return on equity of 8.02%. The firm had revenue of $2.06 billion during the quarter, compared to the consensus estimate of $2 billion. During the same period last year, the firm posted $3.26 EPS. The firm's revenue for the quarter was up 2.3% on a year-over-year basis. On average, equities research analysts anticipate that Icon Plc will post 9.56 earnings per share for the current fiscal year.

Insider Transactions at Icon

In related news, Director John Climax sold 5,005 shares of Icon stock in a transaction on Wednesday, September 16th. The stock was sold at an average price of $175.00, for a total value of $875,875.00. Following the transaction, the director owned 2,087 shares in the company, valued at approximately $365,225. This trade represents a 70.57% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Eugene Mccague sold 3,255 shares of Icon stock in a transaction dated Thursday, September 17th. The shares were sold at an average price of $175.00, for a total value of $569,625.00. Following the completion of the transaction, the director directly owned 3,811 shares in the company, valued at $666,925. This represents a 46.07% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 22,796 shares of company stock worth $3,887,139 in the last ninety days. Company insiders own 44.00% of the company's stock.

Institutional Investors Weigh In On Icon

A number of large investors have recently modified their holdings of ICLR. Abound Financial LLC purchased a new position in Icon in the 4th quarter worth approximately $54,000. GAMMA Investing LLC raised its stake in shares of Icon by 21.4% during 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. Blue Trust Inc. lifted its position in shares of 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. Global Retirement Partners LLC lifted its position in shares of Icon by 308.2% during the fourth quarter. Global Retirement Partners LLC now owns 547 shares of the medical research company's stock worth $100,000 after purchasing an additional 413 shares in the last quarter. Finally, Fifth Third Bancorp boosted its stake in shares of Icon by 1,062.0% in the first quarter. Fifth Third Bancorp now owns 918 shares of the medical research company's stock valued at $102,000 after purchasing an additional 839 shares during the period. Institutional investors and hedge funds own 95.61% of the company's stock.

Icon Company Profile

ICON plc is a contract research and development organization that provides services to pharmaceutical, biotechnology, medical device and government clients. The company helps sponsors plan, manage and execute clinical development programs, supporting the progression of new medicines and healthcare products from early research through regulatory approval and commercialization.

Its services include clinical trial design and management, clinical data management, biostatistics, pharmacovigilance, regulatory consulting, medical affairs, laboratory services and real-world evidence.

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