Fortrea Holdings (FTRE)

• Market cap: $1.68B
• 1 day: -0.95%
• 5 days: -12.55%
• 1 month: -1.32%
• 3 months: -16.57%
• 6 months: -30.58%
• Year to date: -45.79%
• 1 year: -42.20%
• 5 years: -37.94%
• 10 years: -37.94%
• 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

7.28% less ownership

Funds ownership: 116.2% [Q2] → 108.91% (-7.28%) [Q3]

12% less funds holding

Funds holding: 386 [Q2] → 341 (-45) [Q3]

20% less capital invested

Capital invested by funds: $2.42B [Q2] → $1.95B (-$473M) [Q3]

50% less repeat investments, than reductions

Existing positions increased: 74 | Existing positions reduced: 147

54% less first-time investments, than exits

New positions opened: 38 | Existing positions closed: 83

67% less funds holding in top 10

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

Research analyst outlook

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

• Low target: $20 7% upside
• Avg. target: $23 25% upside
• High target: $30 61% upside

8 analyst ratings

• positive: 1 13%
• neutral: 7 88%
• negative: 0 0%

TD Cowen Charles Rhyee 11% 1-year accuracy 1 / 9 met price target	34% upside $25	Hold Maintained	11 Nov 2024
Barclays Luke Sergott 21% 1-year accuracy 10 / 47 met price target	34% upside $25	Equal-Weight Maintained	11 Nov 2024
Baird Eric Coldwell 59% 1-year accuracy 16 / 27 met price target	61% upside $30	Outperform Maintained	11 Nov 2024
Barclays Luke Sergott 21% 1-year accuracy 10 / 47 met price target	7% upside $20	Equal-Weight Maintained	15 Oct 2024
Evercore ISI Group Elizabeth Anderson 44% 1-year accuracy 8 / 18 met price target	7% upside $20	In-Line Maintained	8 Oct 2024