Insider Buying: Caris Life Sciences (NASDAQ:CAI) Director Acquires $990,080.00 in Stock

Key Points

• Director Jon Halbert bought 68,000 shares of Caris Life Sciences at $14.56 each, spending about $990,080. After the purchase, he owned 704,598 shares, a 10.68% increase in his stake.
• The company’s board authorized a $100 million share repurchase program, which could cover up to 2.1% of outstanding shares. Buybacks are often seen as a sign management believes the stock may be undervalued.
• Analyst sentiment is mixed: the stock has an average Hold rating with a consensus price target of $26.11. Recent firms have set targets ranging from $21 to $30, while the shares recently traded at $16.99.

Caris Life Sciences, Inc. (NASDAQ:CAI - Get Free Report) Director Jon Halbert purchased 68,000 shares of the business's stock in a transaction dated Friday, May 15th. The stock was bought at an average price of $14.56 per share, with a total value of $990,080.00. Following the acquisition, the director directly owned 704,598 shares in the company, valued at approximately $10,258,946.88. This represents a 10.68% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website.

Caris Life Sciences Stock Performance

Shares of Caris Life Sciences stock opened at $16.99 on Monday. The company has a 50-day moving average of $17.12 and a two-hundred day moving average of $20.22. Caris Life Sciences, Inc. has a 12-month low of $14.19 and a 12-month high of $42.50. The company has a current ratio of 7.05, a quick ratio of 6.52 and a debt-to-equity ratio of 0.64. The stock has a market cap of $4.80 billion and a PE ratio of -2.23.

Caris Life Sciences announced that its board has authorized a share repurchase program on Monday, June 8th that permits the company to repurchase $100.00 million in outstanding 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 an indication that the company's board of directors believes its stock is undervalued.

Hedge Funds Weigh In On Caris Life Sciences

Hedge funds have recently bought and sold shares of the stock. MetLife Investment Management LLC raised its holdings in shares of Caris Life Sciences by 84.0% in the fourth quarter. MetLife Investment Management LLC now owns 1,654 shares of the company's stock worth $45,000 after acquiring an additional 755 shares during the last quarter. Global Retirement Partners LLC raised its stake 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 valued at $27,000 after purchasing an additional 999 shares during the last quarter. Sterling Capital Management LLC lifted 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 valued at $34,000 after purchasing an additional 1,083 shares in the last quarter. Olistico Wealth LLC acquired a new stake in shares of Caris Life Sciences during the 4th quarter worth about $31,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Caris Life Sciences by 839.4% in 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 last quarter.

Analyst Upgrades and Downgrades

A number of research firms have commented on CAI. JPMorgan Chase & Co. decreased their target price on Caris Life Sciences from $35.00 to $30.00 and set an "overweight" rating on the stock in a research report on Friday, May 8th. The Goldman Sachs Group started coverage on Caris Life Sciences in a research report on Wednesday, April 1st. They issued a "buy" rating and a $27.00 price target for the company. Robert W. Baird set a $22.00 price objective on shares of Caris Life Sciences in a research report on Friday, May 8th. Weiss Ratings raised shares of Caris Life Sciences from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Monday, May 11th. Finally, Piper Sandler initiated coverage on shares of Caris Life Sciences in a report on Friday, April 10th. They set a "neutral" rating and a $21.00 target price for the company. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $26.11.

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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