Caris Life Sciences (NASDAQ:CAI) Shares Gap Down - Here's What Happened

Key Points

• Shares gapped down — CAI opened at $18.05 versus a prior close of $19.00 and last traded around $18.25 on volume of about 167,140 shares.
• Analyst sentiment is mixed but tilted positive: four Buy, two Hold and one Sell, with an average price target of $28.86 after several recent initiations and upgrades.
• Earnings beat and institutional buying — Caris reported $0.28 EPS vs $0.01 expected and revenue of $292.9M (up 125% YoY), while major funds (PointState, UBS, Balyasny, JPMorgan, T. Rowe) significantly increased their stakes.

Shares of Caris Life Sciences, Inc. (NASDAQ:CAI - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $19.00, but opened at $18.05. Caris Life Sciences shares last traded at $18.2470, with a volume of 167,140 shares trading hands.

Wall Street Analysts Forecast Growth

CAI has been the subject of a number of recent research reports. The Goldman Sachs Group initiated coverage on shares of Caris Life Sciences in a research report on Wednesday, April 1st. They set a "buy" rating and a $27.00 price objective for the company. Evercore set a $38.00 price objective on shares of Caris Life Sciences in a research report on Monday, January 5th. BTIG Research cut their price objective on shares of Caris Life Sciences from $45.00 to $38.00 and set a "buy" rating for the company in a research report on Friday, February 27th. Robert W. Baird boosted their price objective on shares of Caris Life Sciences from $26.00 to $28.00 and gave the company an "outperform" rating in a research report on Friday, February 27th. Finally, Wall Street Zen raised shares of Caris Life Sciences from a "hold" rating to a "buy" rating in a research report on Saturday, March 7th. Four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $28.86.

Caris Life Sciences Stock Performance

The stock has a market capitalization of $5.24 billion and a P/E ratio of -103.03. The company has a current ratio of 7.85, a quick ratio of 7.35 and a debt-to-equity ratio of 0.66. The stock has a fifty day simple moving average of $19.10.

Caris Life Sciences (NASDAQ:CAI - Get Free Report) last issued its earnings results on Thursday, February 26th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.27. The firm had revenue of $292.89 million during the quarter, compared to the consensus estimate of $281.00 million. The company's quarterly revenue was up 125.4% on a year-over-year basis. During the same period in the prior year, the company posted ($1.73) EPS. On average, equities research analysts expect that Caris Life Sciences, Inc. will post 0.12 EPS for the current year.

Institutional Trading of Caris Life Sciences

Several hedge funds have recently bought and sold shares of CAI. PointState Capital LP lifted its stake in Caris Life Sciences by 73.0% in the 4th quarter. PointState Capital LP now owns 6,718,707 shares of the company's stock worth $181,271,000 after purchasing an additional 2,834,986 shares in the last quarter. UBS Group AG lifted its stake in Caris Life Sciences by 825.9% in the 4th quarter. UBS Group AG now owns 2,183,980 shares of the company's stock worth $58,924,000 after purchasing an additional 1,948,107 shares in the last quarter. Balyasny Asset Management L.P. lifted its stake in Caris Life Sciences by 23,902.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,660,280 shares of the company's stock worth $44,794,000 after purchasing an additional 1,653,363 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Caris Life Sciences by 185.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,445,281 shares of the company's stock worth $65,974,000 after purchasing an additional 1,587,176 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. lifted its stake in Caris Life Sciences by 14.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 9,205,959 shares of the company's stock worth $248,377,000 after purchasing an additional 1,180,200 shares in the last quarter.

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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