Medpace Reports Higher Cancellations, Peers' Shares Decline
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Feb 10 2026
0mins
Should l Buy ICLR?
Shares of Contract Research Organizations including Icon plc (ICLR), Fortrea (FTRE) and Charles River Labs (CRL) are trading lower after peer Medpace (MEDP) reported earnings last night and spoke to "a higher level cancellations overall" in Q4. Shares of Medpace are down $66.26, or 12%, to $464.09 in morning trading.
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Analyst Views on ICLR
Wall Street analysts forecast ICLR stock price to rise
13 Analyst Rating
6 Buy
7 Hold
0 Sell
Moderate Buy
Current: 88.620
Low
172.00
Averages
202.67
High
222.00
Current: 88.620
Low
172.00
Averages
202.67
High
222.00
About ICLR
ICON Public Limited Company is a healthcare intelligence and clinical research organization. The Company is engaged in providing outsourced services to pharmaceutical, biotechnology, medical device and government and public health organizations. It offers a range of specialized services to assist pharmaceutical, biotechnology and medical device companies to bring new drugs and devices to market faster. The Company's services include clinical research services, commercial positioning, consulting, early phase, strategic solutions, laboratories, language services, medical imaging, real world intelligence, site and patient solutions, COVID-19 clinical operation and decentralized and hybrid clinical solutions. It also provides its full range of clinical, consulting and commercial services across several sectors, which include biosimilars, biotechnology, government and public health solutions, medical devices and pharmaceuticals.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
ICON Faces Investor Lawsuit Investigation
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- Earnings Delay Announcement: On February 12, 2026, ICON announced it would release its fourth quarter and full year 2025 earnings results by April 30, 2026, while disclosing an ongoing internal investigation into accounting practices initiated in late October 2025, which may impact investor confidence.
- Stock Price Volatility: Following the announcement, ICON's ordinary shares plummeted during intraday trading on February 12, 2026, reflecting market concerns over the company's financial transparency and management capabilities, potentially leading to investor losses.
- Investor Rights Protection: Bragar Eagel & Squire encourages affected investors to reach out for legal support, emphasizing the importance of protecting investor rights and potentially triggering further legal actions.
See More
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- Market Value Decline: ICON lost nearly 40% of its market value on Thursday after withdrawing its 2025 outlook, reflecting market concerns over the ongoing accounting investigation, although analysts believe this reaction is overstated and the actual impact on earnings is limited.
- Revenue Forecast Adjustment: ICON indicated that its revenue figures for 2023 and 2024 may have been overstated by less than 2% due to potential “material weaknesses” in internal controls, suggesting challenges in financial transparency but also potential for future recovery.
- Cash Flow Performance: Despite the ongoing accounting probe and AI-related risks, ICON continues to generate meaningful free cash flow, with analysts remaining optimistic about the company's outlook, lowering the price target to $120, which still implies approximately 35% upside potential.
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See More
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- Internal Investigation Disclosure: On February 12, 2026, ICON plc revealed that an internal accounting investigation found potential revenue overstatements of up to 2% for fiscal years 2023 and 2024, which could undermine financial transparency and investor confidence.
- Delayed Financial Results: Due to the investigation's findings, ICON has decided to postpone the release of its fourth-quarter and full-year 2025 financial results, potentially leading to negative impacts on investor expectations regarding the company's future performance.
- Severe Market Reaction: Following the investigation disclosure, ICON's stock plummeted approximately 40%, erasing billions in market capitalization, indicating serious market concerns about the company's financial health.
- Repurchase Plans Compromised: Despite repurchasing $750 million of its shares in the first three quarters of 2025 and authorizing an additional $1 billion repurchase program in Q2, this incident may affect the company's future capital allocation and shareholder trust.
See More
ICON plc Faces Investigation After Revenue Overstatement Disclosure
- Internal Investigation Unveiled: On February 12, 2026, ICON plc disclosed that an internal accounting investigation revealed potential revenue overstatements of up to 2% for fiscal years 2023 and 2024, prompting the company to delay its fourth-quarter and full-year 2025 financial results, which may undermine investor confidence.
- Significant Financial Impact: With annual revenues exceeding $8 billion, a 2% overstatement translates to approximately $160 million annually, which could materially alter earnings per share, operating margins, and year-over-year growth trajectories, placing substantial financial pressure on the company.
- Stock Price Volatility: Following the February 12 disclosure, ICLR shares plummeted by about 40%, erasing billions in market capitalization, reflecting severe market concerns regarding the company's financial transparency and management capabilities.
- Repurchase Plans in Jeopardy: Prior to the investigation's revelation, ICON had repurchased $750 million of its shares in the first three quarters of 2025 and authorized an additional $1 billion repurchase program in Q2, but the scrutiny on its financial health may jeopardize future capital allocation strategies.
See More
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See More
ICON Faces Investor Lawsuit Investigation
- Legal Investigation Initiated: Bragar Eagel & Squire, P.C. is investigating ICON plc for potential violations of federal securities laws and other unlawful business practices, indicating serious concerns regarding the company's compliance.
- Earnings Delay Announcement: On February 12, 2026, ICON announced it would release its fourth quarter and full year 2025 earnings results by April 30, 2026, while disclosing an ongoing internal investigation into accounting practices initiated in late October 2025, which may impact investor confidence.
- Stock Price Volatility: Following the announcement, ICON's ordinary shares plummeted during intraday trading on February 12, 2026, reflecting market concerns over the company's financial transparency and management capabilities, potentially leading to investor losses.
- Investor Rights Protection: Bragar Eagel & Squire encourages affected investors to reach out for legal support, emphasizing the importance of protecting investor rights and potentially triggering further legal actions.
See More
ICON Shares Rise After Upgrade to Buy by TD Cowen
- Upgrade Announcement: TD Cowen upgraded ICON Public Limited (ICLR) from Hold to Buy, citing a compelling risk-reward setup following a significant recent selloff, indicating renewed market confidence in the company's future performance.
- Market Value Decline: ICON lost nearly 40% of its market value on Thursday after withdrawing its 2025 outlook, reflecting market concerns over the ongoing accounting investigation, although analysts believe this reaction is overstated and the actual impact on earnings is limited.
- Revenue Forecast Adjustment: ICON indicated that its revenue figures for 2023 and 2024 may have been overstated by less than 2% due to potential “material weaknesses” in internal controls, suggesting challenges in financial transparency but also potential for future recovery.
- Cash Flow Performance: Despite the ongoing accounting probe and AI-related risks, ICON continues to generate meaningful free cash flow, with analysts remaining optimistic about the company's outlook, lowering the price target to $120, which still implies approximately 35% upside potential.
See More
FDA Grants Breakthrough Therapy Designation for Rybrevant
- Breakthrough Therapy Designation: The FDA has granted Breakthrough Therapy Designation for Rybrevant (amivantamab and hyaluronidase-lpuj) as a monotherapy for adults with advanced head and neck squamous cell carcinoma, applicable to patients with recurrent or metastatic disease after progression on platinum-based chemotherapy and a PD-1 or PD-L1 inhibitor, indicating strong recognition and market potential for the new therapy.
- Contract Extension: The collaboration agreement signed by Johnson & Johnson in January 2025 has been extended to mid-2026 under the same economic terms, including a fixed monthly management fee, driven by strong engagement and satisfaction metrics, reflecting ongoing confidence in the program's performance.
- Market Model Development: Trellus Health CEO Marla Dubinsky stated that the company is establishing a scalable go-to-market model for pharmaceuticals, focusing on disciplined execution, recurring revenue growth, and expansion in immunology and inflammation, showcasing a positive outlook for future developments.
- Financial Outlook: Trellus Health expects fiscal 2025 revenue to be approximately $545,000 and has reduced its monthly cash burn to around $400,000, demonstrating improved financial management and confidence in future growth prospects.
See More
ICON plc Faces Accounting Investigation, Stock Plummets
- Internal Investigation Disclosure: On February 12, 2026, ICON plc revealed that an internal accounting investigation found potential revenue overstatements of up to 2% for fiscal years 2023 and 2024, which could undermine financial transparency and investor confidence.
- Delayed Financial Results: Due to the investigation's findings, ICON has decided to postpone the release of its fourth-quarter and full-year 2025 financial results, potentially leading to negative impacts on investor expectations regarding the company's future performance.
- Severe Market Reaction: Following the investigation disclosure, ICON's stock plummeted approximately 40%, erasing billions in market capitalization, indicating serious market concerns about the company's financial health.
- Repurchase Plans Compromised: Despite repurchasing $750 million of its shares in the first three quarters of 2025 and authorizing an additional $1 billion repurchase program in Q2, this incident may affect the company's future capital allocation and shareholder trust.
See More
ICON plc Faces Investigation After Revenue Overstatement Disclosure
- Internal Investigation Unveiled: On February 12, 2026, ICON plc disclosed that an internal accounting investigation revealed potential revenue overstatements of up to 2% for fiscal years 2023 and 2024, prompting the company to delay its fourth-quarter and full-year 2025 financial results, which may undermine investor confidence.
- Significant Financial Impact: With annual revenues exceeding $8 billion, a 2% overstatement translates to approximately $160 million annually, which could materially alter earnings per share, operating margins, and year-over-year growth trajectories, placing substantial financial pressure on the company.
- Stock Price Volatility: Following the February 12 disclosure, ICLR shares plummeted by about 40%, erasing billions in market capitalization, reflecting severe market concerns regarding the company's financial transparency and management capabilities.
- Repurchase Plans in Jeopardy: Prior to the investigation's revelation, ICON had repurchased $750 million of its shares in the first three quarters of 2025 and authorized an additional $1 billion repurchase program in Q2, but the scrutiny on its financial health may jeopardize future capital allocation strategies.
See More
Latest Ratings and Outlook from Wall Street
- Amazon Remains a Top Pick: Morgan Stanley reiterates Amazon as overweight, highlighting its underappreciated potential in AWS and retail, with expectations for AWS to grow over 30% in 2026/27, showcasing strong market competitiveness.
- Weak Demand for Crocs: Williams Trading downgrades Crocs from hold to sell, raising the price target to $84, reflecting ongoing declines in U.S. demand and challenges in expanding its global DTC business.
- Rush Street Interactive Upgrade: Citizens upgrades Rush Street Interactive to market outperform, citing its durable business model in online gaming, which indicates strong growth potential driven by favorable market conditions.
- Optimistic Outlook for Nvidia: Wells Fargo reiterates Nvidia as overweight, advising investors to buy ahead of next week's earnings report, anticipating strong demand and GPU spending dominance to drive stock price increases.
See More
