- David Jones
- Jan 15
- 4 min read
CRO Stock Market Update: A Year in Clinical Research
15th January 2026
The CRO sector has experienced varied performance across its major publically listed players in recent months, reflecting both industry-wide trends and company-specific developments. Below we cover IQVIA, ICON, Charles River Laboratories, Medpace, Fortrea, & Labcorp.
IQVIA Holdings (IQV)
IQVIA continues to demonstrate strength in the CRO market, with shares trading around $241 in early January 2026. The stock has shown impressive momentum, rising approximately 19% over the past year and gaining more than 10% in the past month alone. Analysts remain bullish on the company, with recent price target increases from major firms including Truist (raising to $290), UBS (to $280), and Mizuho (to $266). With a market cap of nearly $40 billion, IQVIA maintains its position as the industry leader in clinical research services and healthcare analytics.
ICON plc (ICLR)
ICON has encountered more challenging conditions, with shares trading around $181 in mid-January 2026. The stock has experienced significant volatility, with analyst downgrades from both Truist (to Hold) and Bank of America (to Neutral) in December and early January. Despite these challenges, the company maintains a market cap of approximately $13 billion and continues to be viewed as a major player in the late-stage CRO market. Recent analyst actions reflect concerns about growth momentum, though the company's global infrastructure and regulatory expertise remain competitive strengths.
COG: CRO Summit brings together International leaders from Contract Research Organizations and functional service providers in the Raleigh-Durham Research Triangle to advance operational excellence and innovation in clinical trial delivery.
This premier two-day gathering delivers actionable insights on emerging technologies, strategic collaboration, and the evolving landscape of the global CRO industry.
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Charles River Laboratories (CRL)
Charles River has shown renewed strength, recently hitting a new 52-week high of $228.88 in mid-January 2026. The stock is currently trading around $220, representing strong recovery from earlier lows. The company recently announced significant leadership changes, with CEO James Foster set to retire in May 2026, to be succeeded by Birgit Girshick, the current COO. Analysts have responded positively to the company's strategic review and portfolio optimization efforts, with price target increases from Baird (to $224) and Mizuho (to $215). The company's market cap stands at approximately $11 billion.
Medpace Holdings (MEDP)
Medpace has been a standout performer in the CRO sector, with shares trading around $620 in late 2025 and into early 2026. The company delivered exceptional Q2 results with revenue up 23.7% year-over-year, representing the fastest revenue growth among its peers. The stock has surged over 70% following strong quarterly results, reflecting market confidence in the company's specialized approach to serving small and midsize biotech and pharmaceutical clients.
Fortrea Holdings (FTRE)
Fortrea, spun off from Labcorp in 2023, has experienced significant challenges but shows signs of stabilization. The stock is trading around $17 in mid-January 2026, having recently received several analyst upgrades, including moves to Buy from Hold at Truist and to Outperform at Evercore ISI. Despite a difficult first year as an independent company, analyst sentiment appears to be improving, with price targets being raised as the company establishes itself further in the market.
Labcorp Holdings (LH)
Labcorp, which includes drug development services alongside its diagnostic laboratory business, is trading around $254 in early January 2026. The stock recently reached an all-time high of $290 in October 2025. Recent price target increases from Baird (to $313) and maintained Buy ratings from major analysts reflect confidence in the company's diversified business model spanning both diagnostics and biopharma services.
Industry Outlook
The CRO sector continues to benefit from long-term tailwinds including increased outsourcing by pharmaceutical and biotech companies, growth in complex biologics and gene therapies, and rising global clinical trial activity. However, companies face near-term challenges including biotech funding volatility, elevated trial cancellations, and pricing pressures. The divergent stock performance across these major players reflects both company-specific execution and varying exposure to these industry dynamics.
Investors seeking exposure to the CRO sector should carefully consider each company's therapeutic focus, client mix, geographic footprint, and ability to navigate the evolving clinical development landscape.
Long-term tailwinds:
R&D funding reached a 10-year high in 2024 at $102 billion, substantially increasing from $71 billion in 2023
Major CROs including IQVIA, ICON and Medpace reported strong 2025 performance driven by stabilizing biotech funding and increased outsourcing demand
The global CRO market was valued at $48.4 billion in 2020 and is projected to surpass $100 billion by 2028
Growth in complex biologics and gene therapies is a major trend
Near-term challenges:
Some CROs have reported cancellations/rebids or slower new contracts in recent quarters
Analysts caution that clinical trial demand "hasn't fully recovered"
The biotech funding bust led to the number of active trials plateauing, with many companies carefully delaying late-stage trials
The market correction in 2022-2023 pushed companies to reassess their priorities and spending
Stock prices and information current as of January 15, 2026. Past performance is not indicative of future results. This article is for informational purposes only and should not be considered investment advice.
COG: CRO Summit brings together International leaders from Contract Research Organizations and functional service providers in the Raleigh-Durham Research Triangle to advance operational excellence and innovation in clinical trial delivery.
This premier two-day gathering delivers actionable insights on emerging technologies, strategic collaboration, and the evolving landscape of the global CRO industry.
Find Our More Here: https://www.thepbcgroup.com/crosummit
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