Assenagon Asset Management S.A. Increases Stake in Fortrea Holdings Inc. $FTRE

Key Points

• Assenagon Asset Management increased its Fortrea stake by 90.7% in the second quarter, acquiring 82,349 additional shares and bringing its holdings to 173,129 shares valued at approximately $3.0 million.
• Fortrea reported quarterly EPS of $0.23, beating estimates of $0.18, while revenue of $678.2 million also exceeded expectations. Analysts maintain a consensus “Hold” rating with an average price target of $20.75.
• CEO Anshul Thakral sold 99,869 shares for roughly $1.9 million to cover tax withholding tied to vested equity awards. Fortrea shares opened at $17.82, down 2.8%, but remain well above their 52-week low of $7.40.

Assenagon Asset Management S.A. grew its stake in Fortrea Holdings Inc. (NASDAQ:FTRE - Free Report) by 90.7% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 173,129 shares of the company's stock after purchasing an additional 82,349 shares during the period. Assenagon Asset Management S.A. owned about 0.18% of Fortrea worth $3,012,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the company. Sanctuary Advisors LLC lifted its stake in shares of Fortrea by 1.7% in the 4th quarter. Sanctuary Advisors LLC now owns 36,648 shares of the company's stock valued at $632,000 after purchasing an additional 627 shares during the period. Oregon Public Employees Retirement Fund raised its position in shares of Fortrea by 3.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 21,166 shares of the company's stock worth $365,000 after acquiring an additional 700 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Fortrea by 9.5% during the 1st quarter. EverSource Wealth Advisors LLC now owns 10,936 shares of the company's stock worth $103,000 after acquiring an additional 953 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake in shares of Fortrea by 27.9% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,490 shares of the company's stock worth $77,000 after acquiring an additional 980 shares in the last quarter. Finally, Larson Financial Group LLC grew its position in shares of Fortrea by 136.7% during the 4th quarter. Larson Financial Group LLC now owns 1,856 shares of the company's stock valued at $32,000 after acquiring an additional 1,072 shares during the period.

Insiders Place Their Bets

In other Fortrea news, CEO Anshul Thakral sold 99,869 shares of the firm's stock in a transaction that occurred on Wednesday, August 5th. The shares were sold at an average price of $19.16, for a total value of $1,913,490.04. Following the transaction, the chief executive officer directly owned 316,797 shares of the company's stock, valued at $6,069,830.52. This trade represents a 23.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 0.73% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

FTRE has been the topic of a number of recent analyst reports. Barclays increased their price target on Fortrea from $18.00 to $22.00 and gave the stock an "equal weight" rating in a research report on Thursday, July 30th. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Fortrea in a research note on Friday, July 17th. Robert W. Baird set a $23.00 target price on Fortrea in a research report on Thursday, July 30th. William Blair raised shares of Fortrea to a "hold" rating in a research note on Wednesday, July 29th. Finally, TD Cowen upped their price objective on shares of Fortrea from $19.00 to $23.00 and gave the stock a "buy" rating in a research report on Tuesday, August 4th. Five research analysts have rated the stock with a Buy rating, six have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Fortrea has a consensus rating of "Hold" and an average target price of $20.75.

Fortrea Trading Down 2.8%

Shares of FTRE stock opened at $17.82 on Friday. Fortrea Holdings Inc. has a fifty-two week low of $7.40 and a fifty-two week high of $21.39. The company has a debt-to-equity ratio of 1.98, a quick ratio of 0.96 and a current ratio of 0.96. The stock's fifty day moving average is $17.70 and its two-hundred day moving average is $13.92. The firm has a market capitalization of $1.69 billion, a P/E ratio of -19.58, a PEG ratio of 0.44 and a beta of 1.99.

Fortrea (NASDAQ:FTRE - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $0.23 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.18 by $0.05. The business had revenue of $678.20 million during the quarter, compared to analyst estimates of $647.57 million. Fortrea had a negative net margin of 3.18% and a positive return on equity of 10.72%. Research analysts expect that Fortrea Holdings Inc. will post 0.85 earnings per share for the current fiscal year.

Fortrea Profile

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.

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