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In a recent filing with the Securities and Exchange Commission, Fortrea Holdings Inc. (NASDAQ:FTRE) reported that its Chief Financial Officer, Jill G. McConnell, sold shares valued at $8,554. The transaction, which took place on February 10, 2025, involved the sale of 578 shares of common stock at a weighted average price of $14.80 per share. The sale comes as Fortrea, currently valued at $1.35 billion, trades near its 52-week low of $14.27. InvestingPro analysis suggests the stock is currently undervalued, with multiple indicators pointing to potential upside.
The sale was conducted to cover tax withholding obligations related to the vesting of Restricted Stock Units (RSUs), as mandated by Fortrea’s equity incentive plans. This "sell to cover" transaction was not a discretionary trade by McConnell. While the company reported losses in the last twelve months, InvestingPro data indicates analysts expect Fortrea to achieve profitability this year, with a strong free cash flow yield of 17%.
Earlier, on February 7, McConnell acquired 1,687 shares of common stock through the settlement of RSUs, which were converted from grants originally issued by Laboratory Corporation of America (NYSE:LH) Holdings (Labcorp) following Fortrea’s spin-off. These transactions reflect McConnell’s continued involvement in Fortrea’s equity plans and compliance with its tax obligations. For deeper insights into Fortrea’s financial health and valuation metrics, including 8 additional ProTips and comprehensive analysis, investors can access the full Pro Research Report available on InvestingPro.
In other recent news, Fortrea has been the focus of various analysts’ attention, with multiple adjustments to its stock ratings and price targets. Citi recently changed its rating from Buy to Neutral and reduced the price target to $23.00 due to uncertainties in the current market environment that are affecting Fortrea’s business-to-business outlook. Similarly, Baird downgraded Fortrea’s stock from Outperform to Neutral and lowered the price target to $25 following the company’s unexpected cancellation of two conferences and a planned non-deal roadshow.
However, Baird maintained an Outperform rating on Fortrea while reducing the price target to $28.00 after their third-quarter earnings report. The firm anticipates Fortrea will see a resumption of revenue growth due to easy comparisons to previous performance and unique company-specific factors. These factors are expected to contribute to significant cost leverage and a substantial reduction in interest expenses, which should lead to exceptional earnings per share growth.
On the other hand, TD Cowen showed a positive outlook on Fortrea, increasing the stock’s price target to $25 from $23, while maintaining a Hold rating. This adjustment follows Fortrea’s third-quarter performance, which indicated signs of progress and provided a clearer view of the company’s future business opportunities. These are recent developments that investors should keep an eye on.
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