Caris Life Sciences (NASDAQ:CAI) Shares Up 3% - Here's Why

Key Points

• Caris Life Sciences shares rose 3% to approximately $32.43, despite trading volume falling 83% below the average session volume.
• Analyst sentiment remains mixed: seven analysts rate the stock a Buy, five rate it Hold and one rates it Sell, producing a consensus Hold rating and $26.50 price target.
• The company authorized a $100 million share buyback covering up to 2.1% of outstanding shares, while insiders sold nearly $27 million of stock over the past 90 days.

Caris Life Sciences, Inc. (NASDAQ:CAI - Get Free Report) was up 3% during trading on Wednesday . The stock traded as high as $32.71 and last traded at $32.4260. 576,757 shares traded hands during mid-day trading, a decline of 83% from the average session volume of 3,344,354 shares. The stock had previously closed at $31.47.

Analyst Upgrades and Downgrades

CAI has been the subject of several analyst reports. Evercore reissued an "outperform" rating and issued a $26.00 target price on shares of Caris Life Sciences in a report on Thursday, August 6th. BTIG Research upped their price target 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, August 6th. Weiss Ratings upgraded shares of Caris Life Sciences from a "sell (d)" rating to a "sell (d+)" rating in a research note on Wednesday, September 16th. Wolfe Research downgraded shares of Caris Life Sciences from an "outperform" rating to a "peer perform" rating in a report on Monday, June 1st. Finally, UBS Group started coverage on Caris Life Sciences in a report on Wednesday, September 9th. They set a "neutral" rating and a $28.00 price target on the stock. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus price target of $26.50.

Caris Life Sciences Stock Performance

The business's fifty day moving average price is $22.28 and its two-hundred day moving average price is $19.49. The company has a debt-to-equity ratio of 0.66, a quick ratio of 4.88 and a current ratio of 5.53. The stock has a market capitalization of $8.98 billion, a P/E ratio of 88.27 and a beta of 1.10.

Caris Life Sciences announced that its Board of Directors has authorized a stock buyback program on Monday, June 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Insider Activity at Caris Life Sciences

In related news, President David Spetzler sold 119,212 shares of the stock in a transaction on Friday, September 4th. The stock was sold at an average price of $24.76, for a total transaction of $2,951,689.12. Following the sale, the president owned 1,182,871 shares in the company, valued at approximately $29,287,885.96. This represents a 9.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Brian J. Brille sold 400,000 shares of Caris Life Sciences stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $30.33, for a total transaction of $12,132,000.00. Following the transaction, the insider directly owned 230,303 shares of the company's stock, valued at $6,985,089.99. The trade was a 63.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 997,212 shares of company stock valued at $26,966,769 over the last ninety days. Corporate insiders own 50.00% of the company's stock.

Institutional Investors Weigh In On Caris Life Sciences

Institutional investors have recently made changes to their positions in the company. PNC Financial Services Group Inc. raised its holdings 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 worth $29,000 after buying an additional 1,469 shares during the period. Fifth Third Bancorp bought a new position in Caris Life Sciences in the 1st quarter valued at $31,000. Sterling Capital Management LLC lifted its position in shares of Caris Life Sciences by 128.3% during the first 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 last quarter. MCF Advisors LLC purchased a new stake in shares of Caris Life Sciences during the second quarter valued at $36,000. Finally, Trifecta Capital Advisors LLC purchased a new position in Caris Life Sciences in the 2nd quarter worth about $37,000.

Caris Life Sciences Company Profile

Caris Life Sciences is a precision medicine and biotechnology company headquartered in Irving, Texas. Founded in 2008, the company combines molecular profiling, artificial intelligence and clinical data to support more informed decisions in cancer diagnosis and treatment.

Caris provides comprehensive tumor profiling and other laboratory testing services designed to identify genetic, molecular and immune characteristics of a patient's cancer. Its offerings are intended to help physicians match patients with targeted therapies, immunotherapies and clinical trials, while also supporting cancer research and drug development.

The company serves healthcare providers, biopharmaceutical companies and academic or research institutions.

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