Caris Life Sciences (NASDAQ:CAI) Stock Price Down 6.9% - What's Next?

Key Points

• Shares fell 6.9% on Friday to $17.87 (intraday low $18.15) on volume of ~668,318 shares, roughly 73% below the stock's average daily volume.
• Analyst coverage is mixed with an average rating of "Hold" and an average price target of $29, while individual targets range from Evercore's $38 and Goldman Sachs' $27 "buy" to Canaccord's cut to $22.
• Caris beat Q4 expectations with EPS $0.28 vs. $0.01 est and revenue $292.9M (up 125.4% YoY), and several large institutional investors materially increased their positions in the quarter.

Shares of Caris Life Sciences, Inc. (NASDAQ:CAI - Get Free Report) were down 6.9% during trading on Friday . The company traded as low as $18.15 and last traded at $17.8670. Approximately 668,318 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 2,504,508 shares. The stock had previously closed at $19.20.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on CAI shares. Evercore set a $38.00 target price on shares of Caris Life Sciences in a research note on Monday, January 5th. The Goldman Sachs Group started coverage on shares of Caris Life Sciences in a research note on Wednesday, April 1st. They issued a "buy" rating and a $27.00 target price on the stock. Weiss Ratings reissued a "sell (d)" rating on shares of Caris Life Sciences in a research note on Monday, December 29th. Robert W. Baird raised their target price on shares of Caris Life Sciences from $26.00 to $28.00 and gave the company an "outperform" rating in a research note on Friday, February 27th. Finally, Canaccord Genuity Group cut their target price on shares of Caris Life Sciences from $30.00 to $22.00 and set a "hold" rating on the stock in a research note on Friday, March 13th. Three 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. According to MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $29.00.

Caris Life Sciences Stock Performance

The business's fifty day simple moving average is $19.65. The stock has a market capitalization of $5.05 billion and a price-to-earnings ratio of -98.92. The company has a debt-to-equity ratio of 0.66, a current ratio of 7.85 and a quick ratio of 7.35.

Caris Life Sciences (NASDAQ:CAI - Get Free Report) last released its quarterly earnings results on Thursday, February 26th. The company reported $0.28 earnings per share for the quarter, beating analysts' consensus estimates of $0.01 by $0.27. The firm had revenue of $292.89 million for the quarter, compared to analyst estimates of $281.00 million. Caris Life Sciences's revenue for the quarter was up 125.4% on a year-over-year basis. During the same period in the previous year, the business posted ($1.73) earnings per share.

Institutional Investors Weigh In On Caris Life Sciences

Several hedge funds and other institutional investors have recently modified their holdings of CAI. PointState Capital LP increased its position in shares of 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 during the last quarter. UBS Group AG increased its position in shares of 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 during the last quarter. Balyasny Asset Management L.P. increased its position in shares of 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 during the last quarter. JPMorgan Chase & Co. increased its position in shares of 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 during the last quarter. Finally, T. Rowe Price Investment Management Inc. increased its position in shares of 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 during the last quarter.

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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