Caris Life Sciences (NASDAQ:CAI) Stock Price Up 6.2% - Time to Buy?

Key Points

• Caris Life Sciences shares rose 6.2% to approximately $24.17, with trading volume 59% below the average session volume.
• Analyst sentiment is broadly positive: seven analysts rate the stock Buy, four Hold, and one Sell, producing a consensus “Moderate Buy” rating and an average price target of $26.33.
• The board authorized a $100 million share repurchase plan, allowing buybacks of up to 2.1% of outstanding shares; the company also reports strong liquidity, including a 5.53 current ratio.

Shares of Caris Life Sciences, Inc. (NASDAQ:CAI - Get Free Report) rose 6.2% on Thursday . The company traded as high as $24.23 and last traded at $24.1670. Approximately 1,217,386 shares were traded during trading, a decline of 59% from the average session volume of 2,991,510 shares. The stock had previously closed at $22.76.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CAI shares. Wall Street Zen upgraded Caris Life Sciences from a "sell" rating to a "hold" rating in a report on Sunday. Evercore reiterated an "outperform" rating and set a $26.00 price objective on shares of Caris Life Sciences in a research note on Thursday, August 6th. JPMorgan Chase & Co. decreased their target price on Caris Life Sciences from $35.00 to $30.00 and set an "overweight" rating for the company in a research note on Friday, May 8th. Robert W. Baird set a $22.00 target price on Caris Life Sciences in a research report on Friday, May 8th. Finally, BTIG Research lifted their price objective on shares of Caris Life Sciences from $32.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Seven research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $26.33.

Caris Life Sciences Stock Up 7.5%

The business has a 50-day moving average price of $18.14 and a 200-day moving average price of $18.51. The company has a quick ratio of 4.88, a current ratio of 5.53 and a debt-to-equity ratio of 0.66. The company has a market capitalization of $6.91 billion, a price-to-earnings ratio of 67.94 and a beta of 0.68.

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

Institutional Trading of Caris Life Sciences

Hedge funds have recently modified their holdings of the business. Moore Capital Management LP purchased a new position in Caris Life Sciences during the 2nd quarter valued at about $1,139,000. Public Employees Retirement System of Ohio acquired a new position in Caris Life Sciences in the 2nd quarter valued at approximately $626,000. Capstone Investment Advisors LLC purchased a new stake in Caris Life Sciences in the 2nd quarter worth approximately $360,000. Corient Private Wealth LP acquired a new stake in shares of Caris Life Sciences during the 2nd quarter valued at $316,000. Finally, PointState Capital LP purchased a new position in shares of Caris Life Sciences during the 2nd quarter valued at $121,690,000.

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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