Icon (NASDAQ:ICLR) Shares Down 4.3% – Here’s Why

Icon Plc (NASDAQ:ICLR) traded down 4.3% on Thursday . The stock traded as low as $174.13 and last traded at $179.6690. 515,478 shares traded hands during trading, a decline of 57% from the average session volume of 1,207,271 shares. The stock had previously closed at $187.78.

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Robert W. Baird set a $220.00 target price on shares of Icon in a report on Friday, October 24th. Barclays lowered their price target on shares of Icon from $190.00 to $185.00 and set an “equal weight” rating on the stock in a research note on Friday, October 24th. UBS Group set a $220.00 price objective on shares of Icon in a research note on Friday, October 24th. Jefferies Financial Group lowered shares of Icon from a “buy” rating to a “hold” rating and lowered their target price for the stock from $220.00 to $175.00 in a research report on Tuesday, September 9th. Finally, Citigroup reiterated a “neutral” rating and set a $200.00 price target (down from $225.00) on shares of Icon in a research report on Thursday, August 21st. Two equities research analysts have rated the stock with a Strong Buy rating, eight have given a Buy rating and ten have given a Hold rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $205.00.

Icon Trading Down 1.8%

The company has a market cap of $14.89 billion, a price-to-earnings ratio of 24.94, a PEG ratio of 3.29 and a beta of 1.25. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.06 and a quick ratio of 1.06. The business’s 50-day simple moving average is $175.44 and its 200-day simple moving average is $163.93.

Institutional Investors Weigh In On Icon

A number of institutional investors and hedge funds have recently bought and sold shares of ICLR. Artisan Partners Limited Partnership lifted its position in shares of Icon by 67.4% in the second quarter. Artisan Partners Limited Partnership now owns 7,184,870 shares of the medical research company’s stock valued at $1,045,039,000 after acquiring an additional 2,893,946 shares in the last quarter. Principal Financial Group Inc. increased its stake in Icon by 739.2% in the third quarter. Principal Financial Group Inc. now owns 3,277,293 shares of the medical research company’s stock valued at $573,526,000 after purchasing an additional 2,886,755 shares during the last quarter. Harris Associates L P purchased a new position in shares of Icon during the 2nd quarter worth about $238,256,000. Norges Bank acquired a new position in shares of Icon in the 2nd quarter valued at $158,639,000. Finally, 1832 Asset Management L.P. boosted its holdings in Icon by 587.9% in the second quarter. 1832 Asset Management L.P. now owns 1,151,328 shares of the medical research company’s stock valued at $167,461,000 after acquiring an additional 983,950 shares during the last quarter. Hedge funds and other institutional investors own 95.61% of the company’s stock.

Icon Company Profile

ICON Public Limited Company, a clinical research organization, provides outsourced development and commercialization services in Ireland, rest of Europe, the United States, and internationally. The company specializes in the strategic development, management, and analysis of programs that support various stages of the clinical development process from compound selection to Phase I-IV clinical studies.