Caris Life Sciences, Inc. $CAI Stake Lessened by Rock Springs Capital Management LP

Key Points

• Rock Springs Capital reduced its Caris Life Sciences stake by 18.1% in the first quarter, selling 124,500 shares and retaining 563,000 shares valued at approximately $10.1 million. Several other institutional investors, including Quantinno Capital and Renaissance Technologies, increased their positions.
• Caris shares opened at $15.63, near the lower end of their 52-week range of $14.19 to $42.50. The company also authorized a $100 million share-repurchase program, allowing it to buy back up to 2.1% of outstanding shares.
• Insiders recently bought shares, including directors Jon Halbert and Jeff L. Vacirca, while analysts maintain a mixed outlook. The stock has an overall “Hold” consensus rating and an average price target of $26.11.

Rock Springs Capital Management LP decreased its holdings in shares of Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) by 18.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 563,000 shares of the company's stock after selling 124,500 shares during the quarter. Rock Springs Capital Management LP owned 0.20% of Caris Life Sciences worth $10,066,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently bought and sold shares of the business. The Manufacturers Life Insurance Company grew its stake 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 acquiring an additional 51,696 shares in the last quarter. Quantinno Capital Management LP lifted its position in Caris Life Sciences by 117.0% in the 1st quarter. Quantinno Capital Management LP now owns 140,909 shares of the company's stock worth $2,519,000 after buying an additional 75,987 shares in the last quarter. Lazard Asset Management LLC boosted its stake in shares of 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 buying an additional 63,132 shares during the period. Entropy Technologies LP acquired a new stake in shares of Caris Life Sciences during the 1st quarter valued at $724,000. Finally, Renaissance Technologies LLC grew its holdings in shares of Caris Life Sciences by 36.4% during the 1st quarter. Renaissance Technologies LLC now owns 449,900 shares of the company's stock valued at $8,044,000 after acquiring an additional 120,000 shares in the last quarter.

Caris Life Sciences Stock Up 0.7%

CAI stock opened at $15.63 on Tuesday. The firm has a market cap of $4.42 billion and a PE ratio of -2.05. Caris Life Sciences, Inc. has a 1 year low of $14.19 and a 1 year high of $42.50. The company has a fifty day simple moving average of $16.97 and a 200 day simple moving average of $19.34. The company has a current ratio of 7.05, a quick ratio of 6.52 and a debt-to-equity ratio of 0.64.

Caris Life Sciences declared that its board has approved a share buyback plan on Monday, June 8th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, Director Jon Halbert purchased 68,000 shares of the firm's stock in a transaction dated Friday, May 15th. The stock was bought at an average price of $14.56 per share, for a total transaction of $990,080.00. Following the purchase, the director owned 704,598 shares in the company, valued at $10,258,946.88. The trade was a 10.68% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Jeff L. Vacirca acquired 31,050 shares of the business's stock in a transaction that occurred 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 position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 50.00% of the company's stock.

Analyst Upgrades and Downgrades

CAI has been the subject of several recent research reports. Wall Street Zen lowered Caris Life Sciences from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Evercore set a $25.00 target price on Caris Life Sciences in a research note on Monday, July 6th. Jefferies Financial Group started coverage on Caris Life Sciences in a research report on Monday, April 13th. They issued a "buy" rating and a $28.00 target price on the stock. Citigroup reduced their price target on Caris Life Sciences from $35.00 to $28.00 and set a "buy" rating for the company in a report on Friday, May 8th. Finally, Piper Sandler assumed coverage on Caris Life Sciences in a research note on Friday, April 10th. They issued a "neutral" rating and a $21.00 price target for the company. Six 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's stock. According to data from MarketBeat.com, the company currently has an average rating of "Hold" and an average price target of $26.11.

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.