Bank of America Corp DE Lowers Stake in Caris Life Sciences, Inc. $CAI

Key Points

• Bank of America cut its Caris Life Sciences stake by 53.4% in the first quarter, selling 599,480 shares and retaining 523,268 shares worth approximately $9.36 million.
• Institutional activity was mixed, with Renaissance Technologies, UBS, Sei Investments, Manufacturers Life, and Lazard all increasing their positions. Analysts maintain a “Moderate Buy” consensus with an average price target of $26.33, despite some recent target reductions.
• Caris approved a $100 million share-repurchase program, covering up to 2.1% of outstanding shares, while CAI traded at $26.13 with a $7.38 billion market capitalization.

Bank of America Corp DE reduced its position in Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) by 53.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 523,268 shares of the company's stock after selling 599,480 shares during the quarter. Bank of America Corp DE owned 0.19% of Caris Life Sciences worth $9,356,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Renaissance Technologies LLC grew its stake in shares of Caris Life Sciences by 36.4% in the 1st quarter. Renaissance Technologies LLC now owns 449,900 shares of the company's stock worth $8,044,000 after buying an additional 120,000 shares during the last quarter. UBS Group AG raised 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. Sei Investments Co. boosted its stake in Caris Life Sciences by 2,348.6% in the 1st quarter. Sei Investments Co. now owns 598,712 shares of the company's stock worth $10,705,000 after purchasing an additional 574,261 shares in the last quarter. The Manufacturers Life Insurance Company grew its position in Caris Life Sciences by 50.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 153,512 shares of the company's stock valued at $2,745,000 after purchasing an additional 51,696 shares during the last quarter. Finally, Lazard Asset Management LLC increased its stake in Caris Life Sciences by 26.0% during the 1st quarter. Lazard Asset Management LLC now owns 305,911 shares of the company's stock valued at $5,470,000 after purchasing an additional 63,132 shares in the last quarter.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Citigroup reduced their price target on shares of Caris Life Sciences from $35.00 to $28.00 and set a "buy" rating for the company in a research report on Friday, May 8th. New Street Research began coverage on Caris Life Sciences in a research note on Friday, May 8th. They set a "market perform" rating on the stock. Robert W. Baird set a $22.00 price target on Caris Life Sciences in a research note on Friday, May 8th. JPMorgan Chase & Co. lowered their price target on Caris Life Sciences from $35.00 to $30.00 and set an "overweight" rating on the stock in a report on Friday, May 8th. Finally, Wall Street Zen raised Caris Life Sciences from a "sell" rating to a "hold" rating in a research report on Sunday, August 16th. Seven 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's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $26.33.

Caris Life Sciences Stock Performance

CAI opened at $26.13 on Tuesday. The company has a 50 day simple moving average of $18.59 and a two-hundred day simple moving average of $18.56. The company has a debt-to-equity ratio of 0.66, a current ratio of 5.53 and a quick ratio of 4.88. The firm has a market cap of $7.38 billion, a P/E ratio of 72.58 and a beta of 0.68. Caris Life Sciences, Inc. has a 1-year low of $14.19 and a 1-year high of $40.40.

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

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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