Icon (NASDAQ:ICLR) Shares Gap Up – Here’s Why

Icon Plc (NASDAQ:ICLR) 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 trading hands.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ICLR. Royal Bank Of Canada raised shares of Icon from a “sector perform” rating to an “outperform” rating and raised their target price for the stock from $126.00 to $185.00 in a research report on Thursday, June 25th. Barclays increased their price target on shares of Icon from $160.00 to $175.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 25th. Piper Sandler cut shares of Icon to a “neutral” rating in a research note on Thursday, May 28th. Citigroup upped their price objective on Icon from $140.00 to $165.00 and gave the stock a “neutral” rating in a report on Thursday, June 25th. Finally, TD Cowen increased their target price on Icon from $164.00 to $197.00 and gave the stock a “buy” rating in a research report on Thursday, June 25th. Nine research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat, Icon currently has an average rating of “Hold” and a consensus target price of $173.19.

Icon Trading Up 2.4%

The stock has a market capitalization of $13.11 billion, a price-to-earnings ratio of 30.48, a PEG ratio of 8.18 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 business’s 50-day simple moving average is $149.05 and its two-hundred day simple moving average is $136.36.

Hedge Funds Weigh In On Icon

Institutional investors and hedge funds have recently bought and sold shares of the stock. Trinity Street Asset Management LLP grew its position in Icon by 27.1% in the second quarter. Trinity Street Asset Management LLP now owns 1,535,462 shares of the medical research company’s stock valued at $266,725,000 after acquiring an additional 327,314 shares in the last quarter. Handelsbanken Fonder AB lifted its position in shares of Icon by 463.8% during the second 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 in the last quarter. Polianta Ltd purchased a new position in shares of Icon in the second quarter valued at $1,876,000. GAMMA Investing LLC boosted its stake 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 grew its holdings in Icon by 30.0% during the 2nd 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 in the last quarter. Hedge funds and other institutional investors own 95.61% of the company’s stock.

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.