The Manufacturers Life Insurance Company Has $2.75 Million Position in Caris Life Sciences, Inc. $CAI

Key Points

• The Manufacturers Life Insurance Company increased its Caris Life Sciences stake by 50.8% in the first quarter, reaching 153,512 shares valued at approximately $2.75 million. Several other institutional investors also added or initiated positions.
• Caris insiders demonstrated confidence through major purchases: directors Jeff L. Vacirca and Jon Halbert bought shares worth roughly $501,000 and $990,000, respectively. Insiders collectively own 50% of the company.
• Analyst sentiment remains generally positive, with a “Moderate Buy” consensus and an average price target of $26.33 versus a recent price of $22.74. The company also authorized a $100 million share-repurchase plan covering up to 2.1% of outstanding shares.

The Manufacturers Life Insurance Company raised its stake in Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) by 50.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 153,512 shares of the company's stock after buying an additional 51,696 shares during the quarter. The Manufacturers Life Insurance Company owned 0.05% of Caris Life Sciences worth $2,745,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. Sumitomo Mitsui Trust Group Inc. raised its holdings in shares of Caris Life Sciences by 26.5% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 75,330 shares of the company's stock worth $2,032,000 after acquiring an additional 15,778 shares in the last quarter. Oak Ridge Investments LLC acquired a new position in Caris Life Sciences in the 4th quarter worth about $589,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Caris Life Sciences in the 4th quarter worth about $370,000. GF Fund Management CO. LTD. purchased a new stake in shares of Caris Life Sciences during the 4th quarter worth about $150,000. Finally, TD Waterhouse Canada Inc. purchased a new stake in shares of Caris Life Sciences during the 4th quarter worth about $2,498,000.

Insiders Place Their Bets

In other news, Director Jeff L. Vacirca bought 31,050 shares of the business's stock in a transaction on Monday, May 11th. The stock was purchased at an average price of $16.15 per share, with a total value of $501,457.50. Following the transaction, the director directly owned 49,671 shares in the company, valued at approximately $802,186.65. The trade was a 166.75% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jon Halbert purchased 68,000 shares of the firm's stock in a transaction on Friday, May 15th. The shares were purchased at an average price of $14.56 per share, with a total value of $990,080.00. Following the completion of the acquisition, the director directly owned 704,598 shares of the company's stock, valued at approximately $10,258,946.88. This trade represents a 10.68% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Company insiders own 50.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on CAI. Weiss Ratings raised shares of Caris Life Sciences from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Monday, May 11th. Robert W. Baird set a $22.00 price objective on shares of Caris Life Sciences in a research note on Friday, May 8th. 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 research report on Thursday. Jefferies Financial Group initiated coverage on Caris Life Sciences in a report on Monday, April 13th. They set a "buy" rating and a $28.00 target price on the stock. Finally, Wall Street Zen cut Caris Life Sciences from a "hold" rating to a "sell" rating in a research report on Saturday. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $26.33.

Caris Life Sciences Trading Up 13.7%

NASDAQ:CAI opened at $22.74 on Friday. The company's 50 day moving average is $17.22 and its 200-day moving average is $18.76. The company has a quick ratio of 6.52, a current ratio of 5.53 and a debt-to-equity ratio of 0.66. Caris Life Sciences, Inc. has a 12 month low of $14.19 and a 12 month high of $42.50. The firm has a market cap of $6.43 billion, a price-to-earnings ratio of 63.17 and a beta of 0.68.

Caris Life Sciences announced that its Board of Directors has authorized a stock repurchase plan on Monday, June 8th that allows the company to buyback $100.00 million in shares. This buyback authorization allows the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's leadership believes its shares are undervalued.

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.

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