UBS Group Upgrades Caris Life Sciences (NASDAQ:CAI) to "Hold"

Key Points

• UBS Group upgraded Caris Life Sciences to “Hold”, aligning with the broader analyst consensus: seven analysts rate the stock Buy, five Hold and one Sell. The average price target is $26.50.
• Caris shares opened at $24.34, with a $6.88 billion market capitalization, and have traded between $14.19 and $34.75 over the past year.
• The company authorized a $100 million stock buyback, covering up to 2.1% of outstanding shares, while President David Spetzler sold $11.9 million of stock to cover tax obligations tied to vested equity awards.

Caris Life Sciences (NASDAQ:CAI - Get Free Report) was upgraded by stock analysts at UBS Group to a "hold" rating in a report released on Wednesday, Zacks reports.

Several other equities research analysts also recently issued reports on CAI. Wall Street Zen raised Caris Life Sciences from a "sell" rating to a "hold" rating in a research report on Sunday, August 16th. Weiss Ratings raised Caris Life Sciences from a "sell (d-)" rating to a "sell (d)" rating in a report on Friday, August 21st. BTIG Research upped their price target on Caris Life Sciences from $32.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Wolfe Research cut Caris Life Sciences from an "outperform" rating to a "peer perform" rating in a research report on Monday, June 1st. Finally, Evercore restated an "outperform" rating and issued a $26.00 price objective on shares of Caris Life Sciences in a research note on Thursday, August 6th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Caris Life Sciences currently has an average rating of "Hold" and an average price target of $26.50.

Caris Life Sciences Stock Performance

NASDAQ:CAI opened at $24.34 on Wednesday. The firm has a market capitalization of $6.88 billion, a PE ratio of 67.61 and a beta of 1.10. Caris Life Sciences has a 1 year low of $14.19 and a 1 year high of $34.75. The company has a current ratio of 5.53, a quick ratio of 4.88 and a debt-to-equity ratio of 0.66. The firm's fifty day simple moving average is $20.59 and its 200 day simple moving average is $18.98.

Caris Life Sciences announced that its Board of Directors has initiated a stock buyback plan on Monday, June 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Caris Life Sciences

In other news, President David Spetzler sold 478,000 shares of Caris Life Sciences stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $24.86, for a total transaction of $11,883,080.00. Following the sale, the president directly owned 1,052,083 shares in the company, valued at approximately $26,154,783.38. The trade was a 31.24% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 50.00% of the company's stock.

Institutional Investors Weigh In On Caris Life Sciences

A number of institutional investors have recently added to or reduced their stakes in the stock. ProShare Advisors LLC acquired a new position in shares of Caris Life Sciences in the 4th quarter worth approximately $336,000. Global Retirement Partners LLC grew its position in Caris Life Sciences by 99,900.0% in the fourth quarter. Global Retirement Partners LLC now owns 1,000 shares of the company's stock valued at $27,000 after acquiring an additional 999 shares during the period. Seven Grand Managers LLC raised its stake in Caris Life Sciences by 395.1% during the fourth quarter. Seven Grand Managers LLC now owns 495,095 shares of the company's stock worth $13,358,000 after acquiring an additional 395,095 shares in the last quarter. Norges Bank bought a new position in shares of Caris Life Sciences during the fourth quarter valued at $2,976,000. Finally, BNP Paribas Financial Markets increased its position in shares of Caris Life Sciences by 57,052.2% during the 4th quarter. BNP Paribas Financial Markets now owns 685,826 shares of the company's stock worth $18,504,000 after purchasing an additional 684,626 shares in the last quarter.

About Caris Life Sciences

Caris Life Sciences is a precision medicine and biotechnology company headquartered in Irving, Texas. Founded in 2008, the company combines molecular profiling, artificial intelligence and clinical data to support more informed decisions in cancer diagnosis and treatment.

Caris provides comprehensive tumor profiling and other laboratory testing services designed to identify genetic, molecular and immune characteristics of a patient's cancer. Its offerings are intended to help physicians match patients with targeted therapies, immunotherapies and clinical trials, while also supporting cancer research and drug development.

The company serves healthcare providers, biopharmaceutical companies and academic or research institutions.

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