BTIG Research Forecasts Strong Price Appreciation for Caris Life Sciences (NASDAQ:CAI) Stock

Key Points

• BTIG Research raised Caris Life Sciences’ price target to $33 from $32 and maintained a “buy” rating, implying 65% upside from the prior close.
• Analyst sentiment remains broadly positive, with seven Buy, four Hold and one Sell rating; the consensus is “Moderate Buy” with an average target of $26.33.
• Caris authorized a $100 million share repurchase program, while two directors purchased shares and insiders collectively own 50% of the company.

Caris Life Sciences (NASDAQ:CAI - Get Free Report) had its target price lifted by research analysts at BTIG Research from $32.00 to $33.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. BTIG Research's price target suggests a potential upside of 65.00% from the company's previous close.

CAI has been the topic of a number of other reports. JPMorgan Chase & Co. lowered their price target on Caris Life Sciences from $35.00 to $30.00 and set an "overweight" rating on the stock in a report on Friday, May 8th. Piper Sandler assumed coverage on Caris Life Sciences in a report on Friday, April 10th. They issued a "neutral" rating and a $21.00 target price on the stock. Wolfe Research cut shares of Caris Life Sciences from an "outperform" rating to a "peer perform" rating in a research note on Monday, June 1st. Robert W. Baird set a $22.00 price objective on Caris Life Sciences in a research note on Friday, May 8th. Finally, Citigroup dropped their target price on shares of Caris Life Sciences from $35.00 to $28.00 and set a "buy" rating for the company in a report on Friday, May 8th. Seven research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $26.33.

Caris Life Sciences Price Performance

Shares of NASDAQ CAI opened at $20.00 on Thursday. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.52 and a current ratio of 7.05. The company has a market capitalization of $5.65 billion, a price-to-earnings ratio of 55.56 and a beta of 0.68. The company has a 50 day simple moving average of $17.10 and a two-hundred day simple moving average of $18.73. Caris Life Sciences has a fifty-two week low of $14.19 and a fifty-two week high of $42.50.

Caris Life Sciences announced that its board has initiated a stock buyback program on Monday, June 8th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Insider Activity

In other news, Director Jon Halbert acquired 68,000 shares of Caris Life Sciences stock in a transaction that occurred on Friday, May 15th. The shares were bought at an average cost of $14.56 per share, with a total value of $990,080.00. Following the transaction, the director directly owned 704,598 shares of the company's stock, valued at $10,258,946.88. This trade represents a 10.68% increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. Also, Director Jeff L. Vacirca purchased 31,050 shares of the firm's stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average cost of $16.15 per share, with a total value of $501,457.50. Following the completion of the purchase, the director directly owned 49,671 shares in the company, valued at $802,186.65. The trade was a 166.75% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 50.00% of the company's stock.

Institutional Trading of Caris Life Sciences

Large investors have recently modified their holdings of the company. Global Retirement Partners LLC increased its holdings in Caris Life Sciences by 99,900.0% during the 4th quarter. Global Retirement Partners LLC now owns 1,000 shares of the company's stock worth $27,000 after purchasing an additional 999 shares during the period. PNC Financial Services Group Inc. increased its stake in shares of Caris Life Sciences by 839.4% during the first quarter. PNC Financial Services Group Inc. now owns 1,644 shares of the company's stock valued at $29,000 after buying an additional 1,469 shares during the period. Fifth Third Bancorp bought a new stake in shares of Caris Life Sciences in the first quarter valued at about $31,000. Sterling Capital Management LLC lifted its stake in Caris Life Sciences by 128.3% in the first quarter. Sterling Capital Management LLC now owns 1,927 shares of the company's stock worth $34,000 after acquiring an additional 1,083 shares during the period. Finally, Trifecta Capital Advisors LLC purchased a new stake in Caris Life Sciences in the second quarter worth about $37,000.

Caris Life Sciences Company Profile

Caris Life Sciences NASDAQ: CAI is a molecular science company focused on advancing precision medicine in oncology. The company develops and delivers comprehensive molecular profiling services designed to identify actionable biomarkers across DNA, RNA and protein modalities. Its clinical services are intended to support oncologists in treatment decision-making by matching patients to targeted therapies, immunotherapies and relevant clinical trials based on tumor biology.

Caris provides laboratory-based diagnostic testing and related interpretive reports, combining high-throughput sequencing and other molecular technologies with bioinformatic analysis.

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