Braidwell LP Purchases 246,585 Shares of Caris Life Sciences, Inc. $CAI

Key Points

• Braidwell LP increased its Caris Life Sciences stake by 3.1%, purchasing 246,585 shares to reach 8.26 million shares valued at approximately $147.1 million. The position represents 5.5% of Braidwell’s portfolio and 2.92% of Caris’ outstanding stock.
• Several major institutions also built positions in Caris, including new stakes by PointState Capital and BlackRock, while UBS, Balyasny Asset Management, and JPMorgan significantly increased their holdings.
• Caris authorized a $100 million share-repurchase program covering up to 2.1% of shares. Analysts maintain a “Moderate Buy” consensus with an average price target of $26.33, compared with the stock’s reported price of $24.80.

Braidwell LP grew its position in shares of Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) by 3.1% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 8,256,032 shares of the company's stock after buying an additional 246,585 shares during the period. Caris Life Sciences makes up 5.5% of Braidwell LP's holdings, making the stock its biggest position. Braidwell LP owned 2.92% of Caris Life Sciences worth $147,122,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. PointState Capital LP bought a new position in shares of Caris Life Sciences during the second quarter worth approximately $121,690,000. BlackRock Inc. bought a new stake in shares of Caris Life Sciences during the 2nd quarter valued at $98,666,000. UBS Group AG grew its holdings in shares of Caris Life Sciences by 825.9% during 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 in the last quarter. Balyasny Asset Management L.P. grew its holdings in shares of Caris Life Sciences by 23,902.9% during 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 in the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Caris Life Sciences by 185.0% in the fourth 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 period.

Caris Life Sciences Price Performance

Caris Life Sciences stock opened at $24.80 on Thursday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 4.88 and a current ratio of 5.53. Caris Life Sciences, Inc. has a 52 week low of $14.19 and a 52 week high of $37.42. The stock has a market capitalization of $7.01 billion, a P/E ratio of 68.89 and a beta of 1.10. The stock has a fifty day moving average of $19.71 and a 200-day moving average of $18.77.

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

Analysts Set New Price Targets

CAI has been the subject of a number of analyst reports. Weiss Ratings raised shares of Caris Life Sciences from a "sell (d-)" rating to a "sell (d)" rating in a research report on Friday, August 21st. 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. Citigroup decreased their target price on shares of Caris Life Sciences from $35.00 to $28.00 and set a "buy" rating on the stock in a report on Friday, May 8th. BTIG Research upped their price target on shares of Caris Life Sciences from $32.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, JPMorgan Chase & Co. reduced their price target on shares of Caris Life Sciences from $35.00 to $30.00 and set an "overweight" rating on the stock in a research report on Friday, May 8th. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $26.33.

Caris Life Sciences 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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