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What smart money is saying about Fortrea HoldingsUnited States flag

FTRE · Healthcare · Biotechnology · Market cap $1.68B

2 funds in our archive have pitched Fortrea Holdings, most recently Malborough Marlborough Global SmallCap in August 2026.

Company profile

Fortrea Holdings Inc. functions as a global contract research organization (CRO), concentrating on providing development services for biopharmaceutical products and medical devices. The company's operations are divided into two main segments: Clinical Services and Enabling Services. Its Clinical Services division offers support across the entire spectrum of clinical pharmacology and development. The Enabling Services segment, conversely, delivers patient access programs and cutting-edge clinical trial technology solutions, aiming to simplify complex randomization processes and optimize the supply of trial medications for its customers. Fortrea presents a range of engagement options, such as full-service provision, functional service provider (FSP) models, and hybrid structures. Additionally, its portfolio includes managing clinical trials from Phase I through IV, offering distinctive technology-powered trial solutions, and providing post-market approval services. The company's client base primarily consists of pharmaceutical, biotechnology, and medical device entities. Fortrea Holdings Inc. was founded in 2023 and has its headquarters in Durham, North Carolina.

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1
Reported positions
0
Bought
1
Sold
3
Letters

Position history

Between Q4 2024 and Q3 2026, 1 fund letter reported a position in Fortrea Holdings, with 1 sell (trimmed or exited).

Fund letters reporting a position in Fortrea Holdings, by quarter
QuarterLettersBoughtSoldTheses
Q3 20260001
Q2 20250001
Q4 20241010

Bought and Sold count moves: the same sentence published by several funds of one house in a quarter counts once.

Fund activity · 1 position · 1 move

  • “We also sold Fortrea, a contract research organization providing biopharmaceutical product and medical device development services, in favor of peer ICON given Fortrea’s highly leveraged balance sheet, which has become an increasing liability amid a slowdown in contract research organization industry orders.”
    Fortrea Holdings

Fund coverage · 2 theses

  • Fortrea Holdings is a global CRO benefiting from rising R&D spending, greater outsourcing and increasing trial complexity.

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  • Curreen Capital
    June 2025

    Despite near-term struggles post-spinoff, Fortrea is a high-potential clinical trials firm poised for a turnaround, backed by growing demand, strong industry positioning, and a capital-light model with high barriers to entry—making its current distressed valuation an appealing contrarian bet.

    Read the full thesis

Read every full thesis on Fortrea Holdings

Read all 2 theses in full, with each fund's reasoning, and get unlimited access to the archive.

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