Fortrea Holdings (FTRE)

• Market cap: $1.73B
• 1 day: 4.11%
• 5 days: -3.36%
• 1 month: 0.57%
• 3 months: -19.41%
• 6 months: -19.52%
• Year to date: -44.11%
• 1 year: -40.99%
• 5 years: -36.01%
• 10 years: -36.01%
• Sector: Healthcare
• Industry: Medical Laboratories

About: Fortrea Holdings is a late-stage contract research organization, or CRO, that provides comprehensive Phase I through IV clinical trial management, clinical pharmacology, and patient access solutions. The company works with emerging and large biopharma, medical device, and diagnostic companies to run their clinical trials as a functional-service provider, full-service provider, and offers hybrid trials. In 2023, Fortrea was formed as an independent, publicly traded company after Labcorp spun off its clinical development business, which it acquired via its purchase of Covance in 2015 for $6.1 billion. Fortrea has 19,000 staff members across 90 countries.

Employees: 15,500

Fund manager confidence

Based on 2024 Q3 regulatory filings by fund managers ($100M+ AUM)

391% more call options, than puts

Call options by funds: $10.8M | Put options by funds: $2.19M

7.23% less ownership

Funds ownership: 116.2% [Q2] → 108.97% (-7.23%) [Q3]

11% less funds holding

Funds holding: 387 [Q2] → 346 (-41) [Q3]

19% less capital invested

Capital invested by funds: $2.42B [Q2] → $1.95B (-$472M) [Q3]

51% less repeat investments, than reductions

Existing positions increased: 74 | Existing positions reduced: 151

51% less first-time investments, than exits

New positions opened: 39 | Existing positions closed: 80

67% less funds holding in top 10

Funds holding in top 10: 3 [Q2] → 1 (-2) [Q3]

Research analyst outlook

7 Wall Street Analysts provided 1 year price targets over the past 3 months

• Low target: $20 4% upside
• Avg. target: $23 20% upside
• High target: $25 30% upside

7 analyst ratings

• positive: 0 0%
• neutral: 7 100%
• negative: 0 0%

Citigroup Patrick Donnelly 43% 1-year accuracy 13 / 30 met price target	19% upside $23	Neutral Downgraded	11 Dec 2024
Baird Eric Coldwell 32% 1-year accuracy 11 / 34 met price target	30% upside $25	Neutral Downgraded	6 Dec 2024
TD Cowen Charles Rhyee 22% 1-year accuracy 2 / 9 met price target	30% upside $25	Hold Maintained	11 Nov 2024
Barclays Luke Sergott 27% 1-year accuracy 13 / 48 met price target	30% upside $25	Equal-Weight Maintained	11 Nov 2024
Evercore ISI Group Elizabeth Anderson 34% 1-year accuracy 11 / 32 met price target	4% upside $20	In-Line Maintained	8 Oct 2024