Icon (NASDAQ:ICLR) Stock

Icon

Icon is a global late-stage contract research organization that provides drug development and clinical trial services to pharmaceutical, biotechnology, and medical-device firms. While the vast majority of its revenue comes from clinical research, Icon also offers ancillary services such as laboratory and imaging capabilities. The company is headquartered in Ireland.

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Elliott Investment Management made several portfolio moves in the fourth quarter, closing multiple options positions and shaking up the activist firm&#39;s technology exposure.

Elliott Investment Management Bets Against Nvidia In Q4 (CORRECTED)

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Eleven large-cap stocks were the worst performers in the last week. Short positions announced for FTAI, revenue updates for MRNA, and price forecasts changed for GME, SNAP, RKLB, NTRA, LLY, ICLR, BNTX, NVO, and BMRN.

Moderna, GameStop And Snap Are Among Top Large-Cap Losers Last Week (Jan 13-Jan 17): Are The Others In Your Portfolio?

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General

ICON forecasts 2025 revenue at $8.05 billion–$8.65 billion and adjusted EPS of $13.00–$15.00, citing biopharma spending cuts and biotech recovery delays.

Clinical Research Firm ICON Faces Headwinds From Top Customers And Biotech Recovery Uncertainty

Icon PLC

Barclays analyst Luke Sergott maintains Icon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) with a Overweight and lowers the price target from $275 to $240.

Price Target

Barclays Maintains Overweight on Icon, Lowers Price Target to $240

Editor's Note: This article has been updated to clarify that Elliott Investment Management purchased convertible senior notes of Wolfspeed and MicroStrategy.
Elliott Investment Management made several portfolio moves in the fourth quarter, closing multiple options positions and shaking up the activist firm&#8217;s <a href="https://www.benzinga.com/trading-ideas/long-ideas/25/02/43811538/5-top-tech-stocks-hedge-funds-have-been-bullish-on-in-q4-hint-its-not-nvidia">technology exposure</a>.
According to a new&nbsp;<a href="https://www.sec.gov/Archives/edgar/data/1791786/000101359425000294/xslForm13F_X02/primary_doc.xml" target="_blank" rel="noreferrer noopener">13-F</a>&nbsp;filing with the U.S. Securities and Exchange Commission, Elliott added the following new positions in the fourth quarter:
<ul>
<li>Wolfspeed Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WOLF#NYSE">WOLF</a>) 0.25% and 1.875% convertible senior notes</li>
</ul>
<ul>
<li>NVIDIA Corp (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NVDA#NASDAQ">NVDA</a>) put options</li>
</ul>
<ul>
<li>SPDR Select Sector Fund Industrial (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLI#NYSE">XLI</a>) put options</li>
</ul>
<ul>
<li>SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) put options</li>
</ul>
Here's a look at all of the positions Elliott added to during the fourth quarter:
<ul>
<li>Invesco QQQ Trust (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) increased by 369%</li>
</ul>
<ul>
<li>MicroStrategy Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MSTR#NASDAQ">MSTR</a>) increased convertible senior notes by 200%</li>
</ul>
<ul>
<li>CorMedix Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CRMD#NASDAQ">CRMD</a>) increased by 85%</li>
</ul>
<ul>
<li>HDFC Bank Limited (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/HDB#NYSE">HDB</a>) increased by 6%</li>
</ul>
Here&#8217;s a look at all of the positions Elliott closed during the fourth quarter:
<ul>
<li>Catalent Inc (CTLC) </li>
</ul>
<ul>
<li>Cardinal Health Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CAH#NYSE">CAH</a>)</li>
</ul>
<ul>
<li>Unity Software Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/U#NYSE">U</a>)</li>
</ul>
<ul>
<li>BILL Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/BILL#NYSE">BILL</a>)</li>
</ul>
Elliott closed out of calls in several names including Arm Holdings, American Airlines and Alaska Air Group. The firm also closed multiple put positions including Equinix, Hyatt Hotels and Host Hotels.
Here's a look at all of the positions Elliott trimmed during the fourth quarter:
<ul>
<li>ICON Plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) decreased by 62%</li>
</ul>
<ul>
<li>RingCentral Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RING#NYSE">RING</a>) decreased by 55%</li>
</ul>
<ul>
<li>NRG Energy Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NRG#NYSE">NRG</a>) decreased by 50%</li>
</ul>
<ul>
<li>Confluent Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CFLT#NASDAQ">CFLT</a>) decreased by 37%</li>
</ul>
<ul>
<li>Southwest Airlines Co (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LUV#NYSE">LUV</a>) decreased by 2%</li>
</ul>
The above information does not include call or put options that were added to or trimmed&nbsp;during the quarter.
This information was gathered using comparison tools from&nbsp;<a href="https://13f.info/13f/000101359425000294/compare/000101359424000968" target="_blank" rel="noreferrer noopener">13f.info</a>.
Read Next:
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This illustration was generated using artificial intelligence via Midjourney.

WIIM

Icon shares are trading higher after the company reported Q4 financial results and beat its adjusted EPS estimate.

Icon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) reported quarterly earnings of $3.43 per share which beat the analyst consensus estimate of $3.42 by 0.29 percent. This is a 0.87 percent decrease over earnings of $3.46 per share from the same period last year. The company reported quarterly sales of $2.04 billion which met the analyst consensus estimate. This is a 1.22 percent decrease over sales of $2.07 billion the same period last year.

Earnings

Earnings Beats

Icon Q4 2024 Adj EPS $3.43 Beats $3.42 Estimate, Sales $2.04B Inline

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Earnings Scheduled For February 19, 2025

Truist Securities analyst Jailendra Singh maintains Icon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) with a Buy and lowers the price target from $284 to $262.

Truist Securities Maintains Buy on Icon, Lowers Price Target to $262

JP Morgan analyst Casey Woodring maintains Icon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) with a Overweight and lowers the price target from $280 to $265.

JP Morgan Maintains Overweight on Icon, Lowers Price Target to $265

These eleven large-cap stocks were the worst performers in the last week. Are they in your portfolio?
<ol>
<li>FTAI Aviation Ltd. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FTAI#NASDAQ">FTAI</a>) shares plummeted 35.42% after short seller firm Muddy Waters Research announced they <a href="https://www.benzinga.com//node/43040046" target="_blank" rel="noreferrer noopener">initiated a short position in the company</a>.</li>
<li>Moderna, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MRNA#NASDAQ">MRNA</a>) stock plunged 19.38% after the company updated its 2025 expected revenue range to $1.5 billion to $2.5 billion, below <a href="https://www.benzinga.com//node/42946454" target="_blank" rel="noreferrer noopener">analyst estimates of $2.951 billion</a>. Morgan Stanley maintained an Equal-Weight rating and lowered the <a href="https://www.benzinga.com/quote/mrna/analyst-ratings" target="_blank" rel="noreferrer noopener">price forecast from $70 to $38</a>.</li>
<li>GameStop Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GME#NYSE">GME</a>) stock declined 14.86%. In a recent X post, CNBC's Jim Cramer <a href="https://www.benzinga.com//node/43053808" target="_blank" rel="noreferrer noopener">steered investors toward</a> quantum stocks, suggesting they reinvest gains from GameStop into Rigetti Computing Inc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RGTI#NASDAQ">RGTI</a>).</li>
<li>Snap Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SNAP#NYSE">SNAP</a>) shares dipped 12.91% following a report suggesting that Trump is considering an executive order to save TikTok from a U.S. ban.</li>
<li>Rocket Lab USA, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/RKLB#NASDAQ">RKLB</a>) shares were down 10.81%. The company disclosed that its second Pioneer spacecraft for Varda Space Industries, Inc. is<a href="https://www.benzinga.com//node/43028933" target="_blank" rel="noreferrer noopener"> successfully operating in orbit</a>.</li>
<li>Natera, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NTRA#NASDAQ">NTRA</a>) stock lost 9.51% last week despite Guggenheim <a href="https://www.benzinga.com/quote/ntra/analyst-ratings" target="_blank" rel="noreferrer noopener">raising the price forecast</a> from $170 to $200. The company is due to provide a roadmap and outlook at the J.P. Morgan Healthcare Conference.</li>
<li>Eli Lilly and Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LLY#NYSE">LLY</a>) stock decreased 9.27%  after the company issued FY24 revenue guidance <a href="https://www.benzinga.com//node/42976923" target="_blank" rel="noreferrer noopener">below the previous estimate</a>.</li>
<li>ICON plc (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) stock fell 9.22% after the company issued FY25 guidance with <a href="https://www.benzinga.com//node/42971328" target="_blank" rel="noreferrer noopener">its midpoint below estimates</a>.</li>
<li>BioNTech SE (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BNTX#NASDAQ">BNTX</a>) shares declined 8.89% after Moderna issued 2025 revenue <a href="https://www.benzinga.com//node/42951363" target="_blank" rel="noreferrer noopener">guidance below analyst estimates</a>.</li>
<li>Novo Nordisk A/S (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NVO#NYSE">NVO</a>) shares fell 8.89% after Ozempic and Wegovy were included in a list of 15 medications for <a href="https://www.benzinga.com//node/43062779" target="_blank" rel="noreferrer noopener">Medicare drug price negotiations</a>.</li>
<li>BioMarin Pharmaceutical Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BMRN#NASDAQ">BMRN</a>) shares tumbled 8.68%. The company initiated a legal action against Ascendis Pharma A/S for infringement of European patent EP 3 175 863 B1 at the <a href="https://www.benzinga.com//node/42953403" target="_blank" rel="noreferrer noopener">Unified Patent Court (UPC) in Munich, Germany</a>.</li>
</ol>
Photos courtesy: Shutterstock

RBC Capital analyst Sean Dodge reiterates Icon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) with a Outperform and maintains $263 price target.

Reiteration

RBC Capital Reiterates Outperform on Icon, Maintains $263 Price Target

ICON shares are trading lower after the company issued FY25 guidance with its midpoint below estimates.

Guidance

ICON Earlier Issued Guidance; Sees FY25 Revenue $8.05B-$8.65B vs $8.496B Est., Adj. EPS $13.00-$15.00 vs $14.83 Est.

Clinical research organization ICON plc&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) announced its financial guidance for <a target="_blank" href="https://www.benzinga.com/pressreleases/25/01/b42971328/icon-issues-financial-guidance-for-full-year-2025" rel="noreferrer noopener">fiscal year 2025 on Tuesday</a>.
What Happened: The Dublin-based company forecasts revenues of $8.05 billion — $8.65 billion. This represents growth of about 1% at the midpoint compared to the <a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus of $8.5 billion</a>.
The company expects adjusted earnings per share to be in the range of $13 to $15. That&#8217;s flat over the full-year 2024 adjusted earnings per share guidance midpoint compared to the consensus of $14.83.
See Also: <a href="https://www.benzinga.com/25/01/42980742/trump-off-hook-in-2020-election-case-special-counsel-smith-says-evidence-was-sufficient-to-obtain-and-sustain-a-conviction">Trump&#8217;s 2024 Election Win Spares Him From &#8216;Conviction&#8217; In Jan. 6 Case, Special Counsel Says</a>
ICON CEO Steve Cutler says trial activity has been &#8220;impacted by cautious spending from biopharma customers in both the biotech and large pharma businesses.&#8221; 
The company&#8217;s outlook for this year reflects an expected transition period, which includes a headwind from its top two customers on a combined basis, coupled with &#8220;an inconsistent recovery in biotech,&#8221; he added.
For fiscal year 2024, the company reaffirmed its current guidance of revenue of $8.26 billion — $8.3 billion and adjusted EPS of $13.90 &#8211; $14.10 versus consensus of $8.28 billion and $13.98, respectively.
Why It Matters: William Blair analysts are &#8220;surprised by the size of the topline cut relative to management&#8217;s initial thoughts last quarter (anticipated revenue growth in the low to mid-single digits for this year).&#8221;
Analyst Max Smock expects the company to face challenges in understanding &#8220;cautious spending patterns&#8221; from biopharma clients, including Pfizer Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) and Johnson &amp; Johnson (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JNJ#NYSE">JNJ</a>).
There&#8217;s also uncertainty about when biotech demand will stabilize. Investors debate whether $14 or $15 per share was the right target for the quarter.
The initial guidance for next year will lean closer to $15, observers say. However, margins will face more pressure than expected.
Price Action: Icon stock is down 6.96% at $202.81 at last check Tuesday.
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Image: Shutterstock

William Blair analyst Max Smock reiterates Icon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) from Outperform to Outperform.

William Blair Reiterates Outperform on Iconto Outperform

ICON Plc Released The Findings Of A Survey Of Over 120 Biotech And Pharma Professionals Developing Treatments For Neurodegenerative Disorders

Icon shares are trading higher after RBC Capital initiated coverage on the stock with an Outperform rating and announced a price target of $263.

Top Wall Street analysts changed their outlook on these top names. For a complete view of all analyst rating changes, including upgrades, downgrades and initiations, please see our <a href="https://www.benzinga.com/analyst-stock-ratings">analyst ratings page</a>.
<ul>
<li>Piper Sandler analyst Mike Lavery initiated coverage on The Coca-Cola Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/KO#NYSE">KO</a>) with an Overweight rating and announced a price target of $74. Coca-Cola shares closed at $60.81 on Monday. <a href="https://www.benzinga.com/quote/KO/analyst-ratings">See how other analysts view this stock.</a></li>
<li>Truist Securities analyst John McDonald initiated coverage on JPMorgan Chase &amp; Co. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JPM#NYSE">JPM</a>) with a Hold rating and announced a price target of $260. JPMorgan shares closed at $240.85 on Monday. <a href="https://www.benzinga.com/quote/JPM/analyst-ratings">See how other analysts view this stock.</a></li>
<li>RBC Capital analyst Sean Dodge initiated coverage on ICON Public Limited Company (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) with an Outperform rating and announced a price target of $263. Icon shares closed at $215.51 on Monday. <a href="https://www.benzinga.com/quote/ICLR/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>UBS analyst Eliana Merle initiated coverage on Ascendis Pharma A/S (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ASND#NASDAQ">ASND</a>) with a Buy rating and announced a price target of $196. Ascendis Pharma shares closed at $140.28 on Monday. <a href="https://www.benzinga.com/quote/ASND/analyst-ratings">See how other analysts view this stock</a>.</li>
<li>Cantor Fitzgerald analyst Ross Osborn initiated coverage on Anteris Technologies Global Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AVR#NASDAQ">AVR</a>) with an Overweight rating and announced a price target of $9. Anteris Technologies shares closed at $5.61 on Monday. <a href="https://www.benzinga.com/quote/AVR/analyst-ratings">See how other analysts view this stock.</a></li>
</ul>
Considering buying KO stock? Here&#8217;s what analysts think: 
<figure class="wp-block-image size-large is-resized"><img loading="lazy" decoding="async" width="1024" height="486" src="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/07090849/image-35-1024x486.png" alt="" class="wp-image-721909" style="width:491px;height:auto" srcset="https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/07090849/image-35-1024x486.png 1024w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/07090849/image-35-300x142.png 300w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/07090849/image-35-768x364.png 768w,https://editorial-assets.benzinga.com/wp-content/uploads/2025/01/07090849/image-35.png 1142w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>
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Initiation

Pre-Market Outlook

Markets

ASND

This Coca-Cola Analyst Begins Coverage On A Bullish Note; Here Are Top 5 Initiations For Tuesday

RBC Capital analyst Sean Dodge initiates coverage on Icon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) with a Outperform rating and announces Price Target of $263.

RBC Capital Initiates Coverage On Icon with Outperform Rating, Announces Price Target of $263

Citigroup analyst Patrick Donnelly maintains Icon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) with a Buy and lowers the price target from $300 to $290.

Citigroup Maintains Buy on Icon, Lowers Price Target to $290

Truist Securities analyst Jailendra Singh reiterates Icon (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/ICLR#NASDAQ">ICLR</a>) with a Buy and lowers the price target from $295 to $284.

Truist Securities Reiterates Buy on Icon, Lowers Price Target to $284

Barry will continue to report to ICON's Chief Executive Officer, Steve Cutler.

Management

ICON Appoints Barry Balfe As COO

Legal

Press Releases

DEADLINE ALERT for MPWR, GSK, and ICLR: The Law Offices of Frank R. Cruz Reminds Investors of Class Actions on Behalf of Shareholders

Shareholders that lost money on ICON Public Limited Company (ICLR) should contact The Gross Law Firm about pending Class Action - ICLR

ICLR Investors are Suing ICON PLC; Contact Robbins LLP for More Information

Levi & Korsinsky Reminds Shareholders of a Lead Plaintiff Deadline of April 11, 2025 in ICON Public Limited Company Lawsuit - ICLR

ICLR Class Action Lawsuit Reminder: Kessler Topaz Meltzer & Check, LLP Reminds ICON Public Limited Company (ICLR) Investors that a Securities Fraud Class Action Lawsuit Has Been Filed

ICON plc (ICLR) Investors Who Lost Money Have Opportunity to Lead Securities Fraud Lawsuit

Shareholders of ICON Public Limited Company Should Contact Levi & Korsinsky Before April 11, 2025 to Discuss Your Rights – ICLR

INVESTOR ALERT: ICON PLC Investors with Substantial Losses Have Opportunity to Lead Class Action Lawsuit - ICLR

ICON SHAREHOLDER ALERT: CLAIMSFILER REMINDS INVESTORS WITH LOSSES IN EXCESS OF $100,000 of Lead Plaintiff Deadline in Class Action Lawsuit Against ICON plc - ICLR

ICLR CLASS ACTION DEADLINE: ICON plc Investors with Losses are Notified of Ongoing Lawsuit – Contact BFA Law by April 11 Deadline (NASDAQ:ICLR)

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