Citigroup Lowers Icon (NASDAQ:ICLR) Price Target to $120.00

Icon (NASDAQ:ICLR) had its target price lowered by investment analysts at Citigroup from $200.00 to $120.00 in a research report issued on Wednesday,Benzinga reports. The brokerage currently has a “neutral” rating on the medical research company’s stock. Citigroup’s price target indicates a potential upside of 23.14% from the company’s current price.

ICLR has been the topic of several other reports. Truist Financial reaffirmed a “hold” rating and issued a $222.00 price objective (down from $231.00) on shares of Icon in a research note on Thursday, January 8th. Mizuho set a $216.00 target price on Icon in a research note on Friday, January 9th. Zacks Research cut shares of Icon from a “hold” rating to a “strong sell” rating in a report on Wednesday, February 25th. Rothschild & Co Redburn set a $100.00 price target on shares of Icon and gave the company a “neutral” rating in a research note on Tuesday, February 17th. Finally, TD Cowen raised shares of Icon from a “hold” rating to a “buy” rating and decreased their price target for the company from $183.00 to $120.00 in a report on Wednesday, February 18th. Six equities research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, Icon has an average rating of “Hold” and a consensus price target of $146.80.

Icon Stock Performance

Shares of Icon stock opened at $97.45 on Wednesday. The company has a 50 day moving average of $145.89 and a 200-day moving average of $166.01. Icon has a 1-year low of $66.57 and a 1-year high of $211.00. The company has a current ratio of 1.06, a quick ratio of 1.06 and a debt-to-equity ratio of 0.31. The company has a market cap of $7.87 billion, a PE ratio of 13.19, a price-to-earnings-growth ratio of 2.70 and a beta of 1.35.

Hedge Funds Weigh In On Icon

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Muhlenkamp & Co. Inc. acquired a new position in Icon during the 3rd quarter worth about $12,857,000. Mitchell Capital Management Co. acquired a new stake in shares of Icon in the third quarter valued at about $1,627,000. First National Bank of Omaha acquired a new stake in shares of Icon in the third quarter valued at about $6,267,000. Tributary Capital Management LLC raised its position in shares of Icon by 84.5% during the third quarter. Tributary Capital Management LLC now owns 11,752 shares of the medical research company’s stock worth $2,057,000 after acquiring an additional 5,381 shares during the last quarter. Finally, Stephens Investment Management Group LLC lifted its stake in shares of Icon by 15.7% in the third quarter. Stephens Investment Management Group LLC now owns 480,104 shares of the medical research company’s stock worth $84,018,000 after acquiring an additional 65,264 shares during the period. 95.61% of the stock is currently owned by institutional investors and hedge funds.

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.