JPMorgan Chase & Co. Issues Pessimistic Forecast for Icon (NASDAQ:ICLR) Stock Price

Icon (NASDAQ:ICLR) had its price target cut by equities research analysts at JPMorgan Chase & Co. from $175.00 to $120.00 in a note issued to investors on Monday,Benzinga reports. The firm presently has a “neutral” rating on the medical research company’s stock. JPMorgan Chase & Co.‘s target price suggests a potential upside of 2.67% from the company’s current price.

Several other equities analysts have also issued reports on the company. Jefferies Financial Group set a $135.00 target price on Icon and gave the company a “buy” rating in a research note on Monday, February 23rd. Bank of America reiterated an “underperform” rating and issued a $75.00 target price on shares of Icon in a research note on Thursday, February 12th. Leerink Partners set a $125.00 target price on Icon in a research note on Monday, May 4th. Robert W. Baird set a $119.00 target price on Icon in a research note on Friday, February 13th. Finally, Royal Bank Of Canada initiated coverage on Icon in a research note on Monday. They issued a “sector perform” rating and a $123.00 target price on the stock. Seven investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and three have given a Sell rating to the company’s stock. Based on data from MarketBeat, Icon currently has a consensus rating of “Hold” and an average price target of $145.67.

Icon Stock Up 0.4%

ICLR traded up $0.51 on Monday, hitting $116.89. The company had a trading volume of 62,197 shares, compared to its average volume of 1,621,199. The stock has a fifty day moving average price of $109.72 and a 200-day moving average price of $144.56. Icon has a 12-month low of $66.57 and a 12-month high of $211.00. The company has a debt-to-equity ratio of 0.31, a quick ratio of 1.06 and a current ratio of 1.06. The stock has a market capitalization of $9.44 billion, a price-to-earnings ratio of 15.80, a P/E/G ratio of 3.04 and a beta of 1.23.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Muhlenkamp & Co. Inc. purchased a new position in Icon during the 3rd quarter worth $12,857,000. Mitchell Capital Management Co. purchased a new position in Icon during the 3rd quarter worth $1,627,000. First National Bank of Omaha purchased a new position in Icon during the 3rd quarter worth $6,267,000. Allspring Global Investments Holdings LLC grew its stake in Icon by 1.1% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 1,080,192 shares of the medical research company’s stock worth $203,800,000 after buying an additional 11,335 shares during the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new position in Icon during the 3rd quarter worth $39,074,000. 95.61% of the stock is currently owned by hedge funds and other institutional investors.

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.