BlackRock Inc. Acquires New Stake in Caris Life Sciences, Inc. $CAI

Key Points

• BlackRock acquired 5.54 million shares of Caris Life Sciences during the second quarter, valued at approximately $98.7 million and representing a 1.96% stake.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $26.33; seven analysts rate the stock Buy, four Hold, and one Sell.
• Caris authorized a $100 million share-repurchase program, allowing it to buy back up to 2.1% of outstanding shares, while CAI recently traded at $25.63 against a 12-month range of $14.19 to $39.18.

BlackRock Inc. bought a new position in shares of Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 5,536,798 shares of the company's stock, valued at approximately $98,666,000. BlackRock Inc. owned about 1.96% of Caris Life Sciences at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in the stock. Global Retirement Partners LLC boosted its holdings in shares of Caris Life Sciences by 99,900.0% in the fourth quarter. Global Retirement Partners LLC now owns 1,000 shares of the company's stock valued at $27,000 after purchasing an additional 999 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Caris Life Sciences by 839.4% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,644 shares of the company's stock worth $29,000 after buying an additional 1,469 shares during the period. Fifth Third Bancorp purchased a new stake in shares of Caris Life Sciences in the 1st quarter worth $31,000. Sterling Capital Management LLC grew its position in shares of Caris Life Sciences by 128.3% during the 1st quarter. Sterling Capital Management LLC now owns 1,927 shares of the company's stock worth $34,000 after buying an additional 1,083 shares in the last quarter. Finally, Trifecta Capital Advisors LLC purchased a new position in shares of Caris Life Sciences during the second quarter valued at $37,000.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on CAI shares. New Street Research started coverage on Caris Life Sciences in a report on Friday, May 8th. They issued a "market perform" rating for the company. Evercore reissued an "outperform" rating and set a $26.00 target price on shares of Caris Life Sciences in a research report on Thursday, August 6th. Wall Street Zen upgraded shares of Caris Life Sciences from a "sell" rating to a "hold" rating in a report on Sunday, August 16th. Wolfe Research cut shares of Caris Life Sciences from an "outperform" rating to a "peer perform" rating in a research report on Monday, June 1st. Finally, Robert W. Baird set a $22.00 price objective on shares of Caris Life Sciences in a research note on Friday, May 8th. Seven investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.33.

Caris Life Sciences Price Performance

NASDAQ CAI opened at $25.63 on Friday. The firm's fifty day simple moving average is $19.27 and its two-hundred day simple moving average is $18.72. The company has a current ratio of 5.53, a quick ratio of 4.88 and a debt-to-equity ratio of 0.66. Caris Life Sciences, Inc. has a 12-month low of $14.19 and a 12-month high of $39.18. The firm has a market capitalization of $7.24 billion, a P/E ratio of 71.19 and a beta of 0.68.

Caris Life Sciences declared that its Board of Directors has authorized a stock buyback program on Monday, June 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.1% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board of directors believes its shares are undervalued.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

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