Mitsubishi UFJ Asset Management Co. Ltd. Invests $1.52 Million in Caris Life Sciences, Inc. $CAI

Key Points

• Mitsubishi UFJ Asset Management initiated a $1.52 million position in Caris Life Sciences during the second quarter by purchasing 85,600 shares. Several other institutional investors also increased or initiated smaller stakes.
• Analyst sentiment is generally positive, with Caris receiving a consensus “Moderate Buy” rating and an average price target of $26.33, though targets range from $22 to $30 and Weiss Ratings maintains a sell rating.
• Caris shares opened at $26.27, while the company has authorized a $100 million stock buyback covering up to 2.1% of outstanding shares. The company specializes in molecular profiling and precision-medicine services for oncology.

Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 85,600 shares of the company's stock, valued at approximately $1,525,000.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in CAI. Global Retirement Partners LLC boosted its stake in shares of Caris Life Sciences by 99,900.0% during the 4th quarter. Global Retirement Partners LLC now owns 1,000 shares of the company's stock worth $27,000 after acquiring an additional 999 shares during the last quarter. PNC Financial Services Group Inc. increased its stake 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 purchasing an additional 1,469 shares in the last quarter. Fifth Third Bancorp purchased a new stake in shares of Caris Life Sciences in the 1st quarter worth $31,000. Sterling Capital Management LLC raised its holdings in Caris Life Sciences by 128.3% in the 1st quarter. Sterling Capital Management LLC now owns 1,927 shares of the company's stock worth $34,000 after purchasing an additional 1,083 shares during the period. Finally, Trifecta Capital Advisors LLC purchased a new position in Caris Life Sciences during the second quarter valued at $37,000.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. New Street Research initiated coverage on Caris Life Sciences in a report on Friday, May 8th. They set a "market perform" rating for the company. Evercore reaffirmed an "outperform" rating and set a $26.00 price objective on shares of Caris Life Sciences in a research report on Thursday, August 6th. JPMorgan Chase & Co. reduced their target price on shares of Caris Life Sciences from $35.00 to $30.00 and set an "overweight" rating for the company in a report on Friday, May 8th. Robert W. Baird set a $22.00 target price on shares of Caris Life Sciences in a research note on Friday, May 8th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Caris Life Sciences in a report on Friday, August 7th. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, Caris Life Sciences currently has a consensus rating of "Moderate Buy" and a consensus target price of $26.33.

Caris Life Sciences Stock Performance

NASDAQ:CAI opened at $26.27 on Friday. The firm has a market capitalization of $7.42 billion, a PE ratio of 72.97 and a beta of 0.68. The stock's fifty day moving average is $18.43 and its 200 day moving average is $18.57. Caris Life Sciences, Inc. has a fifty-two week low of $14.19 and a fifty-two week high of $42.50. 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 announced that its board has initiated a stock buyback program on Monday, June 8th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.

Caris Life Sciences Company 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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