Menlo Advisors LLC Acquires Shares of 300,518 Caris Life Sciences, Inc. $CAI

Key Points

• Menlo Advisors initiated a position of 300,518 Caris Life Sciences shares worth approximately $5.4 million, representing 0.11% of the company and 2.4% of Menlo’s portfolio. Several other institutional investors also increased their holdings.
• Caris authorized a $100 million share-repurchase program, allowing it to buy back up to 2.1% of outstanding shares. The stock recently traded at $24.04, with a consensus analyst rating of “Hold” and an average price target of $26.50.
• President David Spetzler sold 478,000 shares for roughly $11.9 million to cover tax obligations, reducing his ownership by 31.24%; insiders still own approximately 50% of the company.

Menlo Advisors LLC bought a new position in Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 300,518 shares of the company's stock, valued at approximately $5,355,000. Caris Life Sciences comprises 2.4% of Menlo Advisors LLC's portfolio, making the stock its 17th biggest position. Menlo Advisors LLC owned 0.11% of Caris Life Sciences at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the company. Global Retirement Partners LLC raised its position in Caris Life Sciences by 99,900.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,000 shares of the company's stock worth $27,000 after purchasing an additional 999 shares during the period. PNC Financial Services Group Inc. boosted its position in shares of Caris Life Sciences by 839.4% during the first quarter. PNC Financial Services Group Inc. now owns 1,644 shares of the company's stock valued at $29,000 after buying an additional 1,469 shares during the period. MetLife Investment Management LLC grew its stake in shares of Caris Life Sciences by 84.0% during the fourth quarter. MetLife Investment Management LLC now owns 1,654 shares of the company's stock valued at $45,000 after buying an additional 755 shares during the last quarter. Fifth Third Bancorp bought a new position in shares of Caris Life Sciences during the first quarter valued at approximately $31,000. Finally, Sterling Capital Management LLC raised its holdings in shares of Caris Life Sciences by 128.3% in the first 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 during the period.

Caris Life Sciences Trading Up 0.0%

CAI opened at $24.04 on Friday. The company has a quick ratio of 4.88, a current ratio of 5.53 and a debt-to-equity ratio of 0.66. The stock's fifty day moving average is $20.47 and its two-hundred day moving average is $18.95. The company has a market capitalization of $6.79 billion, a P/E ratio of 66.78 and a beta of 1.10. Caris Life Sciences, Inc. has a 52 week low of $14.19 and a 52 week high of $35.20.

Caris Life Sciences announced that its board has authorized a share buyback program on Monday, June 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to repurchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's board of directors believes its shares are undervalued.

Insider Activity

In other news, President David Spetzler sold 478,000 shares of the firm's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $24.86, for a total transaction of $11,883,080.00. Following the transaction, the president owned 1,052,083 shares in the company, valued at approximately $26,154,783.38. This trade represents a 31.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 50.00% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have commented on the company. UBS Group began coverage on Caris Life Sciences in a research report on Wednesday. They issued a "neutral" rating and a $28.00 price objective on the stock. Weiss Ratings upgraded shares of Caris Life Sciences from a "sell (d-)" rating to a "sell (d)" rating in a report on Friday, August 21st. BTIG Research raised their price target on shares of Caris Life Sciences from $32.00 to $33.00 and gave the stock a "buy" rating in a research note 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. Finally, Evercore reissued an "outperform" rating and issued a $26.00 price objective on shares of Caris Life Sciences in a research report on Thursday, August 6th. Seven investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $26.50.

Caris Life Sciences Profile

Caris Life Sciences is a precision medicine and biotechnology company headquartered in Irving, Texas. Founded in 2008, the company combines molecular profiling, artificial intelligence and clinical data to support more informed decisions in cancer diagnosis and treatment.

Caris provides comprehensive tumor profiling and other laboratory testing services designed to identify genetic, molecular and immune characteristics of a patient's cancer. Its offerings are intended to help physicians match patients with targeted therapies, immunotherapies and clinical trials, while also supporting cancer research and drug development.

The company serves healthcare providers, biopharmaceutical companies and academic or research institutions.

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