Orbimed Advisors LLC Sells 309,200 Shares of Caris Life Sciences, Inc. $CAI

Key Points

• Orbimed Advisors reduced its Caris Life Sciences stake by 9.9%, selling 309,200 shares in the first quarter and retaining 2.81 million shares worth approximately $50.2 million, or 0.99% of the company.
• Analyst sentiment is mixed: six analysts rate CAI a Buy, four rate it Hold, and one rates it Sell. The stock has an average rating of Hold and an average price target of $26.11, compared with a recent price of $15.52.
• Caris authorized a $100 million share-repurchase program covering up to 2.1% of outstanding shares, while two directors also purchased shares. Insiders collectively own 50% of the company.

Orbimed Advisors LLC lowered its position in Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) by 9.9% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,806,811 shares of the company's stock after selling 309,200 shares during the quarter. Orbimed Advisors LLC owned 0.99% of Caris Life Sciences worth $50,186,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. PointState Capital LP boosted its holdings in shares of Caris Life Sciences by 73.0% in the 4th quarter. PointState Capital LP now owns 6,718,707 shares of the company's stock worth $181,271,000 after acquiring an additional 2,834,986 shares in the last quarter. UBS Group AG boosted its stake in shares of Caris Life Sciences by 825.9% in the 4th quarter. UBS Group AG now owns 2,183,980 shares of the company's stock valued at $58,924,000 after purchasing an additional 1,948,107 shares during the last quarter. Balyasny Asset Management L.P. grew its holdings in 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 acquiring an additional 1,653,363 shares during the period. JPMorgan Chase & Co. increased its holdings in Caris Life Sciences by 185.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,445,281 shares of the company's stock valued at $65,974,000 after purchasing an additional 1,587,176 shares during the last quarter. Finally, T. Rowe Price Investment Management Inc. raised its position in shares of Caris Life Sciences by 14.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 9,205,959 shares of the company's stock valued at $248,377,000 after acquiring an additional 1,180,200 shares during the period.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on CAI shares. BTIG Research restated a "buy" rating and set a $32.00 price objective on shares of Caris Life Sciences in a report on Thursday, July 2nd. Citigroup lowered 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. Wolfe Research downgraded Caris Life Sciences from an "outperform" rating to a "peer perform" rating in a research note on Monday, June 1st. Wall Street Zen cut shares of Caris Life Sciences from a "buy" rating to a "hold" rating in a report on Saturday, May 2nd. Finally, Robert W. Baird set a $22.00 price target on shares of Caris Life Sciences in a research note on Friday, May 8th. Six 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 data from MarketBeat.com, Caris Life Sciences currently has an average rating of "Hold" and an average target price of $26.11.

Caris Life Sciences Stock Performance

CAI opened at $15.52 on Monday. Caris Life Sciences, Inc. has a twelve month low of $14.19 and a twelve month high of $42.50. The company has a quick ratio of 6.52, a current ratio of 7.05 and a debt-to-equity ratio of 0.64. The company has a fifty day moving average of $16.96 and a 200-day moving average of $19.42. The stock has a market cap of $4.39 billion and a PE ratio of -2.04.

Caris Life Sciences declared that its Board of Directors has authorized a share buyback plan on Monday, June 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 2.1% of its shares through open market purchases. Shares buyback plans are usually a sign that the company's board believes its shares are undervalued.

Insider Activity

In related news, Director Jeff L. Vacirca bought 31,050 shares of the business's stock in a transaction that occurred on Monday, May 11th. The shares were bought at an average price of $16.15 per share, with a total value of $501,457.50. Following the completion of the transaction, the director directly owned 49,671 shares in the company, valued at approximately $802,186.65. This represents a 166.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Jon Halbert purchased 68,000 shares of the firm's stock in a transaction dated Friday, May 15th. The shares were bought at an average price of $14.56 per share, with a total value 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 ownership of the stock. The SEC filing for this purchase provides additional information. Insiders own 50.00% of the company's stock.

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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