U.S. markets close in 3 hours 24 minutes
  • S&P 500

    4,540.34
    -9.44 (-0.21%)
     
  • Dow 30

    35,645.32
    +42.24 (+0.12%)
     
  • Nasdaq

    15,080.16
    -135.54 (-0.89%)
     
  • Russell 2000

    2,284.50
    -11.68 (-0.51%)
     
  • Crude Oil

    83.17
    +0.67 (+0.81%)
     
  • Gold

    1,792.90
    +11.00 (+0.62%)
     
  • Silver

    24.44
    +0.27 (+1.12%)
     
  • EUR/USD

    1.1635
    +0.0004 (+0.03%)
     
  • 10-Yr Bond

    1.6450
    -0.0310 (-1.85%)
     
  • GBP/USD

    1.3750
    -0.0046 (-0.33%)
     
  • USD/JPY

    113.4740
    -0.5140 (-0.45%)
     
  • BTC-USD

    61,269.16
    -2,212.59 (-3.49%)
     
  • CMC Crypto 200

    1,456.95
    -46.08 (-3.07%)
     
  • FTSE 100

    7,204.55
    +14.25 (+0.20%)
     
  • Nikkei 225

    28,804.85
    +96.27 (+0.34%)
     

Icon PLC (ICLR) Soars 4.4%: Is Further Upside Left in the Stock?

  • Oops!
    Something went wrong.
    Please try again later.
·2 min read
In this article:
  • Oops!
    Something went wrong.
    Please try again later.

Icon PLC ICLR shares soared 4.4% in the last trading session to close at $215.85. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 6.3% loss over the past four weeks.

ICON recorded a strong price increase following its announcement of the completion of its acquisition of PRA Health Sciences, thus creating an advanced healthcare intelligence and clinical research organisation. The combined company, which will retain the name ICON, will focus on leveraging data, applying technology and accessing a diverse patient pool to accelerate drug development, raising optimism.

This contract research organization is expected to post quarterly earnings of $1.95 per share in its upcoming report, which represents a year-over-year change of +62.5%. Revenues are expected to be $846.42 million, up 36.5% from the year-ago quarter.

Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.

For Icon PLC, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on ICLR going forward to see if this recent jump can turn into more strength down the road.

The stock currently carries a Zacks Rank 2 (Buy). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
ICON PLC (ICLR) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research