11 Oversold Global Stocks to Buy According to Hedge Funds

4. ICON Public Limited Company (NASDAQ:ICLR)

RSI: 38.45

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 sixth on our recent list of 11 Oversold Growth Stocks to Buy Now.

ICON Public Limited Company (NASDAQ:ICLR) reported Q4 2024 results that met prior guidance, though revenue growth remained modest due to ongoing industry headwinds. The company continues to navigate a cautious biopharma funding environment, especially in biotech, where trial starts remain delayed. However, ICLR’s bookings and backlog growth reflect improved award activity across strategic partnerships, particularly outside the top 20 pharma cohort. The company recorded $3.06 billion in gross bookings and a trailing 12-month book-to-bill of 1.2x, supported by new work in oncology and cardiometabolic diseases.

Looking ahead, ICON Public Limited Company (NASDAQ:ICLR) reaffirmed its previous full-year 2025 guidance, citing visibility into mid-year acceleration as newer awards ramp up. Cost control remains a strong focus – management aims to exceed $100 million in savings through robotic process automation, while also executing global resource realignment to match demand. Margin pressure is expected in the short term due to an increase in pass-through revenue mix, but ICLR remains optimistic about its digital innovation strategy and the scalability of its functional service partnerships. Management sees the broader outsourcing market as resilient, despite current volatility, and continues to prioritize long-term growth and efficiency. With that being said, ICLR remains a reliable executor and one of the best oversold stocks to consider in anticipation of a potential reacceleration in the clinical research market.