11 Oversold Growth Stocks to Buy Now

6. ICON Public Limited Company (NASDAQ:ICLR)

RSI: 39.12

Estimated average analysts’ upside: 43.74%

Last 5 years revenue CAGR: 28.75%

Number of Hedge Fund Holders: 46

​ICON Public Limited Company (NASDAQ:ICLR) is a global contract research organization that provides development and commercialization services to pharmaceutical companies. In other words, the company helps pharma companies save costs by outsourcing some parts of the lengthy and cumbersome drug development process. ICLR’s competitive advantage consists of a large scale of operations in over 55 countries, and offering a wide range of services including clinical trial management, data analytics, regulatory consulting, and laboratory services. ICLR ranked 8^th on our recent list of 10 Best Beaten Down Stocks to Buy According to Analysts.

ICON Public Limited Company (NASDAQ:ICLR)’s latest reported Q4 2024 performance aligned with expectations, with revenue and adjusted EPS results coming at the midpoint of their previous guidance range. The company achieved full-year revenue growth of 2% and adjusted earnings per share growth of 9.5% in 2024. They demonstrated strong business development performance in Q4 with gross bookings of $3.06 billion, increasing 8% sequentially and 3% YoY, though this was partially offset by elevated cancellations totaling $651 million. The company’s backlog grew to $24.7 billion at the end of 2024, representing an increase of 8.3% YoY.

Looking ahead, ICON Public Limited Company (NASDAQ:ICLR) is navigating through a transition period with mixed market conditions, where they’re seeing positive leading indicators alongside continuing cautiousness and volatility. The company is focusing on cost management and automation initiatives, which are expected to save over $100 million in total costs annually compared to what they would have been without these automations. Despite current market volatility, ICLR remains confident in its strategic position, particularly noting strength in its lab and early phase business, and continued growth in therapeutic areas such as cardiometabolic diseases and oncology. Management’s confidence is further reinforced by a large estimated upside of 43.74% and 46 hedge funds owning the stock, making ICLR one of the oversold stocks to consider in 2025.