Arrowstreet Capital Limited Partnership Acquires New Holdings in Caris Life Sciences, Inc. $CAI

Key Points

• Arrowstreet Capital acquired 210,593 shares of Caris Life Sciences in the first quarter, valued at approximately $3.8 million and representing about 0.07% of the company.
• Caris authorized a $100 million share-repurchase program, allowing it to buy back up to 2.1% of outstanding shares. Two directors also made substantial purchases, while insiders collectively own 50% of the stock.
• CAI recently traded at $16.32, near the lower end of its 52-week range. Analysts have a consensus “Hold” rating and an average price target of $26.11, with targets ranging from $21 to $30.

Arrowstreet Capital Limited Partnership bought a new position in shares of Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 210,593 shares of the company's stock, valued at approximately $3,765,000. Arrowstreet Capital Limited Partnership owned about 0.07% of Caris Life Sciences at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. MetLife Investment Management LLC raised its position in shares of Caris Life Sciences by 84.0% during the 4th quarter. MetLife Investment Management LLC now owns 1,654 shares of the company's stock worth $45,000 after purchasing an additional 755 shares during the last quarter. Global Retirement Partners LLC increased its position in Caris Life Sciences by 99,900.0% during the fourth quarter. Global Retirement Partners LLC now owns 1,000 shares of the company's stock worth $27,000 after buying an additional 999 shares in the last quarter. Sterling Capital Management LLC raised its holdings in shares of 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 last quarter. PNC Financial Services Group Inc. lifted its position in shares of Caris Life Sciences by 839.4% in the first quarter. PNC Financial Services Group Inc. now owns 1,644 shares of the company's stock valued at $29,000 after acquiring an additional 1,469 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey increased its position in Caris Life Sciences by 15.0% during the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 11,932 shares of the company's stock worth $322,000 after purchasing an additional 1,560 shares in the last quarter.

Caris Life Sciences Stock Up 4.1%

CAI opened at $16.32 on Tuesday. The firm has a 50 day moving average price of $17.00 and a 200 day moving average price of $18.92. The company has a market cap of $4.61 billion, a PE ratio of -2.14 and a beta of 0.68. Caris Life Sciences, Inc. 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 0.64, a quick ratio of 6.52 and a current ratio of 7.05.

Caris Life Sciences announced that its board has initiated a share repurchase plan on Monday, June 8th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board believes its shares are undervalued.

Insider Buying and Selling

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

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on CAI shares. Piper Sandler assumed coverage on shares of Caris Life Sciences in a research note on Friday, April 10th. They set a "neutral" rating and a $21.00 price objective on the stock. Evercore set a $25.00 price target on Caris Life Sciences in a report on Monday, July 6th. Jefferies Financial Group started coverage on Caris Life Sciences in a research note on Monday, April 13th. They set a "buy" rating and a $28.00 price target on the stock. New Street Research started coverage on Caris Life Sciences in a report on Friday, May 8th. They set a "market perform" rating on the stock. Finally, JPMorgan Chase & Co. lowered their price objective on Caris Life Sciences from $35.00 to $30.00 and set an "overweight" rating for the company in a research report on Friday, May 8th. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Caris Life Sciences has an average rating of "Hold" and an average price target of $26.11.

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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