Caris Life Sciences, Inc. $CAI Stake Cut by Salem Investment Counselors Inc.

Key Points

• Salem Investment Counselors cut its Caris Life Sciences stake by 85% in the third quarter, selling 85,000 shares and retaining 15,000 shares valued at approximately $459,000.
• CAI shares opened at $30.25, up 2.4%, with the stock trading near its 52-week high of $33.65. Analysts maintain a “Moderate Buy” consensus, with a target price of $27.82.
• Institutional investors including PointState Capital, BlackRock and Amundi established or significantly increased positions, while Caris insiders sold more than $27.2 million in shares over the past 90 days.

Salem Investment Counselors Inc. lowered its position in Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) by 85.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 15,000 shares of the company's stock after selling 85,000 shares during the quarter. Salem Investment Counselors Inc.'s holdings in Caris Life Sciences were worth $459,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. PointState Capital LP purchased a new position in shares of Caris Life Sciences during the 2nd quarter worth $121,690,000. BlackRock Inc. purchased a new position in shares of Caris Life Sciences in the second quarter valued at approximately $98,666,000. Canada Pension Plan Investment Board acquired a new position in shares of Caris Life Sciences in the second quarter valued at approximately $24,502,000. Bank of America Corp DE acquired a new position in shares of Caris Life Sciences in the second quarter valued at approximately $21,395,000. Finally, Amundi increased its stake in Caris Life Sciences by 5,709.5% during the 2nd quarter. Amundi now owns 1,218,364 shares of the company's stock worth $21,711,000 after buying an additional 1,197,392 shares during the period.

Caris Life Sciences Stock Up 2.4%

CAI stock opened at $30.25 on Thursday. The company's 50 day moving average price is $26.73 and its 200 day moving average price is $20.75. The firm has a market capitalization of $8.55 billion, a price-to-earnings ratio of 82.03 and a beta of 0.86. Caris Life Sciences, Inc. has a fifty-two week low of $14.19 and a fifty-two week high of $33.65. The company has a debt-to-equity ratio of 0.66, a quick ratio of 4.88 and a current ratio of 5.53.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on CAI shares. BTIG Research increased their target price 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. UBS Group began coverage on shares of Caris Life Sciences in a research note on Wednesday, September 9th. They issued a "neutral" rating and a $28.00 price target for the company. TD Cowen boosted their price target on shares of Caris Life Sciences from $30.00 to $36.00 and gave the stock a "buy" rating in a research note on Tuesday. Wall Street Zen raised Caris Life Sciences from a "sell" rating to a "hold" rating in a research report on Sunday, August 16th. Finally, JPMorgan Chase & Co. increased their price objective on Caris Life Sciences from $25.00 to $35.00 and gave the company an "overweight" rating in a research note on Wednesday. Eight research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Caris Life Sciences presently has a consensus rating of "Moderate Buy" and a consensus target price of $27.82.

Insider Buying and Selling

In other Caris Life Sciences news, President David Spetzler sold 478,000 shares of the business's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $24.86, for a total transaction of $11,883,080.00. Following the completion of the transaction, the president owned 1,052,083 shares in the company, valued at $26,154,783.38. The trade was a 31.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider John Russel Denton sold 7,500 shares of the business's stock in a transaction that occurred on Tuesday, September 22nd. The stock was sold at an average price of $31.82, for a total transaction of $238,650.00. Following the transaction, the insider owned 174,855 shares of the company's stock, valued at $5,563,886.10. This trade represents a 4.11% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 1,004,712 shares of company stock worth $27,205,419 over the last 90 days. 50.00% of the stock is owned by insiders.

Caris Life Sciences Company Profile

Caris Life Sciences is a biotechnology company focused on precision oncology and the use of molecular and artificial intelligence technologies to support cancer diagnosis and treatment decisions. The company analyzes tumor and blood samples to identify genetic, molecular and other biological characteristics that may help physicians select targeted therapies and develop individualized treatment plans.

Its offerings include comprehensive tumor profiling, molecular testing and data-driven clinical support for oncologists and other healthcare providers.

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