Icon growth outlook unchanged relative to Q2 call, says Truist

Truist analyst Jailendra Singh says Icon traded down 6% yesterday, which some investors attributed to the company’s comments on the macroenvironment at an investor conference. Icon emphasized that its messaging around the macro environment, pipeline, and growth outlook is largely unchanged relative to its Q2 earnings call, the analyst tells investors in a research note. The firm says the stock is down 19% from its peak in mid-July despite the outperformance in its core business. While recent soft biotech funding data “warrants monitoring,” Truist reiterates a Buy rating on Icon given its diversified business mix, continuing market share gains, higher exposure to late stage trials, financial flexibility, and attractive valuations, the analyst notes. Truist reiterates a Buy rating on the shares with a $383 price target.