Caris Life Sciences (NASDAQ:CAI) Hits New 12-Month High - Still a Buy?

Key Points

• Caris Life Sciences reached a new 52-week high of $33.20, giving the company a market capitalization of approximately $9.49 billion.
• Analyst sentiment is broadly positive, with a consensus “Moderate Buy” rating from 14 analysts and an average price target of $29.00—below the current share price; individual targets range up to $35.00.
• Insiders have sold roughly 1 million shares worth $27.2 million over the past three months, although some sales were tied to tax withholding on vested equity awards.

Caris Life Sciences, Inc. (NASDAQ:CAI - Get Free Report)'s share price reached a new 52-week high during mid-day trading on Tuesday. The company traded as high as $33.20 and last traded at $33.1890, with a volume of 752,234 shares changing hands. The stock had previously closed at $32.46.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on CAI shares. Canaccord Genuity Group lifted their price target on Caris Life Sciences from $22.00 to $30.00 and gave the stock a "hold" rating in a research note on Monday, October 19th. Wall Street Zen raised shares of Caris Life Sciences from a "sell" rating to a "hold" rating in a report on Sunday, August 16th. Weiss Ratings cut Caris Life Sciences from a "sell (d+)" rating to a "sell (d)" rating in a research report on Friday, October 2nd. JPMorgan Chase & Co. boosted their target price on shares of Caris Life Sciences from $25.00 to $35.00 and gave the company an "overweight" rating in a research note on Wednesday, October 14th. Finally, Evercore reissued an "outperform" rating and issued a $26.00 price target on shares of Caris Life Sciences in a report on Thursday, August 6th. Eight analysts have rated the stock with a Buy rating, five have given 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 a consensus target price of $29.00.

Caris Life Sciences Price Performance

The firm has a market capitalization of $9.49 billion, a P/E ratio of 92.97 and a beta of 0.86. The company has a fifty day moving average of $27.95 and a 200 day moving average of $21.49. The company has a debt-to-equity ratio of 0.66, a current ratio of 5.53 and a quick ratio of 4.88.

Insider Buying and Selling at Caris Life Sciences

In related news, insider Brian Brille sold 400,000 shares of the company's stock in a transaction that occurred on Thursday, September 17th. The stock was sold at an average price of $30.33, for a total value of $12,132,000.00. Following the transaction, the insider owned 230,303 shares in the company, valued at approximately $6,985,089.99. This represents a 63.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President David Spetzler sold 478,000 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $24.86, for a total transaction of $11,883,080.00. Following the completion of the transaction, the president owned 1,052,083 shares of the company's stock, valued at $26,154,783.38. This trade represents a 31.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,004,712 shares of company stock worth $27,205,419 over the last three months. 50.00% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Caris Life Sciences

Several large investors have recently modified their holdings of the stock. Renaissance Technologies LLC boosted its position in Caris Life Sciences by 36.4% in the first quarter. Renaissance Technologies LLC now owns 449,900 shares of the company's stock worth $8,044,000 after purchasing an additional 120,000 shares during the last quarter. Maxi Investments CY Ltd purchased a new position in shares of Caris Life Sciences in the second quarter valued at $3,754,000. Sei Investments Co. lifted its stake in shares of Caris Life Sciences by 2,348.6% in the 1st quarter. Sei Investments Co. now owns 598,712 shares of the company's stock valued at $10,705,000 after purchasing an additional 574,261 shares during the last quarter. Moore Capital Management LP bought a new stake in Caris Life Sciences in the second quarter worth about $1,139,000. Finally, The Manufacturers Life Insurance Company purchased a new position in Caris Life Sciences in the 2nd quarter worth about $848,000.

About Caris Life Sciences

Caris Life Sciences is a biotechnology and precision-medicine company that uses molecular profiling and artificial intelligence to support cancer diagnosis, treatment selection and drug development. The company analyzes tumor and blood samples to identify genomic, molecular and immune characteristics that may help physicians better understand a patient's disease and select targeted therapies.

Its offerings include comprehensive tumor profiling, liquid-biopsy testing and data-driven clinical decision-support tools.

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