Assenagon Asset Management S.A. Lowers Stock Holdings in Fortrea Holdings Inc. $FTRE

Assenagon Asset Management S.A. lessened its position in Fortrea Holdings Inc. (NASDAQ:FTRE) by 57.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 115,779 shares of the company’s stock after selling 157,445 shares during the quarter. Assenagon Asset Management S.A. owned approximately 0.13% of Fortrea worth $1,997,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Wealth Enhancement Advisory Services LLC boosted its holdings in Fortrea by 6.1% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 65,318 shares of the company’s stock valued at $1,146,000 after acquiring an additional 3,781 shares during the period. GAMMA Investing LLC increased its stake in Fortrea by 82.0% during the fourth quarter. GAMMA Investing LLC now owns 10,997 shares of the company’s stock worth $190,000 after purchasing an additional 4,954 shares during the period. JPMorgan Chase & Co. lifted its position in shares of Fortrea by 65.5% during the third quarter. JPMorgan Chase & Co. now owns 692,702 shares of the company’s stock worth $5,833,000 after purchasing an additional 274,209 shares in the last quarter. Allworth Financial LP lifted its position in shares of Fortrea by 19.6% during the third quarter. Allworth Financial LP now owns 6,769 shares of the company’s stock worth $57,000 after purchasing an additional 1,109 shares in the last quarter. Finally, CIBC Bancorp USA Inc. purchased a new position in shares of Fortrea in the third quarter valued at approximately $187,000.

Insider Transactions at Fortrea

In other Fortrea news, CFO Jill G. Mcconnell sold 5,061 shares of the stock in a transaction that occurred on Tuesday, March 10th. The shares were sold at an average price of $9.07, for a total value of $45,903.27. Following the transaction, the chief financial officer directly owned 69,796 shares in the company, valued at $633,049.72. This represents a 6.76% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders sold 9,673 shares of company stock valued at $92,242 over the last three months. Corporate insiders own 0.38% of the company’s stock.

Fortrea Stock Down 2.2%

Shares of NASDAQ FTRE opened at $8.87 on Tuesday. The business has a 50-day moving average of $11.92 and a two-hundred day moving average of $12.42. The company has a market capitalization of $829.35 million, a price-to-earnings ratio of -0.81, a price-to-earnings-growth ratio of 0.33 and a beta of 1.81. Fortrea Holdings Inc. has a 1 year low of $3.97 and a 1 year high of $18.67. The company has a debt-to-equity ratio of 1.86, a current ratio of 0.98 and a quick ratio of 0.98.

Fortrea (NASDAQ:FTRE) last released its quarterly earnings data on Thursday, February 26th. The company reported $0.09 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.07). Fortrea had a negative net margin of 36.21% and a positive return on equity of 6.23%. The business had revenue of $660.50 million during the quarter, compared to analysts’ expectations of $665.22 million. On average, analysts forecast that Fortrea Holdings Inc. will post 0.51 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of research analysts recently weighed in on the stock. Wedbush set a $21.00 price objective on shares of Fortrea in a report on Thursday, December 11th. Robert W. Baird decreased their price target on shares of Fortrea from $19.00 to $16.00 and set an “outperform” rating for the company in a research report on Friday, February 27th. TD Cowen upgraded shares of Fortrea from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a research note on Monday, March 9th. Evercore set a $25.00 price objective on Fortrea and gave the stock an “outperform” rating in a research report on Tuesday, January 6th. Finally, Citigroup upgraded Fortrea from a “neutral” rating to a “buy” rating and increased their price objective for the company from $12.00 to $21.00 in a research note on Thursday, December 11th. Five equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $16.15.

About Fortrea

Fortrea, Inc is a global contract development and manufacturing organization (CDMO) that provides integrated solutions for pharmaceutical and biotechnology companies. Established as a spin-off from Thermo Fisher Scientific’s Pharma Services business in October 2023, Fortrea leverages a legacy of scientific expertise and manufacturing scale to support drug development from early-stage research through commercial production. The company’s comprehensive offerings address the complex needs of both small-molecule and biologics programs, making it a single source for clients seeking to accelerate timelines and manage costs.

Fortrea’s core services encompass analytical and formulation development, process optimization, clinical and commercial manufacturing, and packaging services.