Icon PLC ICLR shares ended the last trading session 3.3% higher at $289.81. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 12.4% loss over the past four weeks.
ICON plc. scored a strong price rise, driven by optimism surrounding its latest presentation at the Baird 2024 Global Healthcare Conference, held on Tuesday. Last month, the company announced the appointment of Nigel Clerkin as its new Chief Financial Officer, who is set to join in the fourth quarter, succeeding Brendan Brennan.
This contract research organization is expected to post quarterly earnings of $3.85 per share in its upcoming report, which represents a year-over-year change of +16.7%. Revenues are expected to be $2.14 billion, up 4.2% 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 remained unchanged over the last 30 days. And a stock's price usually doesn't keep moving higher in the absence of any trend in earnings estimate revisions. 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 #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Icon PLC belongs to the Zacks Medical Services industry. Another stock from the same industry, Viatris VTRS, closed the last trading session 1.5% higher at $11.34. Over the past month, VTRS has returned -3.5%.
For Viatris
Infrastructure Stock Boom to Sweep America
A massive push to rebuild the crumbling U.S. infrastructure will soon be underway. It’s bipartisan, urgent, and inevitable. Trillions will be spent. Fortunes will be made.
The only question is “Will you get into the right stocks early when their growth potential is greatest?”
Zacks has released a Special Report to help you do just that, and today it’s free. Discover 5 special companies that look to gain the most from construction and repair to roads, bridges, and buildings, plus cargo hauling and energy transformation on an almost unimaginable scale.
Download FREE: How To Profit From Trillions On Spending For Infrastructure >>ICON PLC (ICLR) : Free Stock Analysis Report
Viatris Inc. (VTRS) : Free Stock Analysis Report
To read this article on Zacks.com click here.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
