Parnassus Mid Cap Growth Fund believes ICON PLC will benefit from increased R&D spending

From Yahoo Finance: 2025-07-03 10:13:00

Parnassus Investments released the “Parnassus Mid Cap Growth Fund” first quarter 2025 investor letter. The Fund fell -9.98% in the quarter, compared to the Russell Midcap Growth Index’s -7.12% fall. Stock selection in Consumer Discretionary and Industrials contributed to the relative performance, while Communication Services and Health Care detracted.

In its first-quarter 2025 investor letter, Parnassus Mid Cap Growth Fund highlighted ICON Public Limited Company (NASDAQ: ICLR). ICON’s one-month return was 8.03%, and its shares lost 52.57% of their value over the last 52 weeks. On July 2, 2025, ICON stock closed at $150.82 per share, with a market capitalization of $11.988 billion.

Parnassus Mid Cap Growth Fund stated that ICON Public Limited Company (ICLR) is the second largest player in the clinical research organization market. They bought the stock after it sold off following delays in R&D spend in the biotech industry. With the stock trading at a low valuation, they believe ICON will benefit as R&D spend improves and market share increases.

ICON Public Limited Company (NASDAQ: ICLR) is not on the list of 30 Most Popular Stocks Among Hedge Funds. 44 hedge fund portfolios held ICLR at the end of the first quarter, down from 46 in the previous quarter. ICON’s first quarter revenue declined 4.3% year-over-year to $2 billion. Hedge funds are more interested in AI stocks for potential higher returns.



Read more at Yahoo Finance: Will ICON PLC (ICLR) Benefit from R&D Spending?