Caris Life Sciences (NASDAQ:CAI) Rating Increased to Hold at Wall Street Zen

Key Points

• Wall Street Zen upgraded Caris Life Sciences from “sell” to “hold,” while broader analyst coverage remains more positive, with a consensus “Moderate Buy” rating and an average price target of $26.33.
• CAI shares opened at $21.80, compared with a 50-day moving average of $17.83 and a 52-week range of $14.19 to $42.50.
• The company approved a $100 million stock buyback program, allowing repurchases of up to 2.1% of outstanding shares, as several institutional investors also increased or initiated positions.

Caris Life Sciences (NASDAQ:CAI - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a note issued to investors on Sunday.

A number of other research analysts also recently commented on CAI. Weiss Ratings reissued a "sell (d-)" rating on shares of Caris Life Sciences in a research report on Friday, August 7th. Robert W. Baird set a $22.00 target price on shares of Caris Life Sciences in a research note on Friday, May 8th. New Street Research began coverage on Caris Life Sciences in a report on Friday, May 8th. They set a "market perform" rating for the company. Citigroup lowered their price target on Caris Life Sciences from $35.00 to $28.00 and set a "buy" rating on the stock in a research report on Friday, May 8th. Finally, Wolfe Research lowered Caris Life Sciences from an "outperform" rating to a "peer perform" rating in a research note on Monday, June 1st. Seven equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Caris Life Sciences has a consensus rating of "Moderate Buy" and an average price target of $26.33.

Caris Life Sciences Stock Performance

CAI opened at $21.80 on Friday. The company has a market capitalization of $6.16 billion, a price-to-earnings ratio of 60.56 and a beta of 0.68. The business's 50-day moving average price is $17.83 and its two-hundred day moving average price is $18.64. Caris Life Sciences has a 1 year low of $14.19 and a 1 year high of $42.50. The company has a debt-to-equity ratio of 0.66, a current ratio of 5.53 and a quick ratio of 4.88.

Caris Life Sciences declared that its Board of Directors has approved a stock buyback program on Monday, June 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's management believes its shares are undervalued.

Hedge Funds Weigh In On Caris Life Sciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Sumitomo Mitsui Trust Group Inc. raised its position in Caris Life Sciences by 26.5% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 75,330 shares of the company's stock valued at $2,032,000 after purchasing an additional 15,778 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Caris Life Sciences in the 4th quarter valued at $370,000. GF Fund Management CO. LTD. acquired a new stake in shares of Caris Life Sciences in the 4th quarter valued at $150,000. TD Waterhouse Canada Inc. bought a new position in shares of Caris Life Sciences in the 4th quarter valued at $2,498,000. Finally, DekaBank Deutsche Girozentrale acquired a new position in shares of Caris Life Sciences during the 4th quarter worth $3,942,000.

About Caris Life Sciences

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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