06:47 AM EDT, 10/23/2024 (MT Newswires) -- Fortrea Holdings ( FTRE ) shares rose as much as 1.8% in recent premarket activity on Wednesday after media reports indicated that activist investor Corvex Management had acquired a stake in the contract research firm.

The size of the stake and further details were unclear, according to these reports.

Corvex contends Fortrea ( FTRE ) could be worth $25 to $27 per share once it improves its EBITDA margin, Bloomberg reported late Tuesday, citing Corvex's chief investment officer, Keith Meister, as saying at a New York event.

Meister said in the event that Corvex is following the footsteps of other activist investors, Reuters reported late Tuesday.

"They have already done the work and we think they are credible," Reuters quoted Meister as saying, referring to the work of activist investor Starboard Value in Fortrea ( FTRE ), as well as billionaire Carl Icahn and Mantle Ridge in Corvex's other investments Illumina ( ILMN ) and Dollar Tree ( DLTR ) .

Fortrea ( FTRE ) did not immediately respond to MT Newswires' request for comment. Attempts to reach Corvex were not immediately successful.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 18.12, Change: +0.32, Percent Change: +1.80