ICON shares slip despite results

Shares in Dublin-headquartered pharmaceutical and healthcare services firm, ICON fell by over 8.5% yesterday, despite the publication of a strong set of third quarter financial figures.

The Nasdaq-quoted company’s shares, which are more than 90%-owned by institutional investors, were priced at just over $64.30 in afternoon trading in New York, but still have an average short-term price target, amongst analysts, of over $80.

The Leopardstown company, which provides clinical trial data and drug development studies to the biopharmaceutical sector yesterday reported a solid third quarter performance, with net revenue up, year-on-year, 1.8% at just under $395m (€358m).