Caris Life Sciences (NASDAQ:CAI) Stock Price Down 6% - Here's What Happened

Key Points

• Caris Life Sciences shares fell 6% to about $28.79, with trading volume roughly 55% below the stock’s average daily volume.
• Analyst sentiment remains mixed: the stock carries an average “Hold” rating and a consensus price target of $26.50, despite some recent upgrades and bullish ratings.
• Insiders sold more than 1 million shares worth approximately $27.2 million over the past quarter, while the company has authorized a $100 million buyback covering up to 2.1% of its shares.

Caris Life Sciences, Inc. (NASDAQ:CAI - Get Free Report)'s share price fell 6% during trading on Thursday. The company traded as low as $28.96 and last traded at $28.7890. Approximately 1,514,966 shares were traded during trading, a decline of 55% from the average daily volume of 3,371,704 shares. The stock had previously closed at $30.63.

Analyst Ratings Changes

A number of analysts have commented on the stock. BTIG Research upped their target price on shares of Caris Life Sciences from $32.00 to $33.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Wall Street Zen upgraded Caris Life Sciences from a "sell" rating to a "hold" rating in a research report on Sunday, August 16th. Evercore restated an "outperform" rating and issued a $26.00 price target on shares of Caris Life Sciences in a research report on Thursday, August 6th. Weiss Ratings raised shares of Caris Life Sciences from a "sell (d)" rating to a "sell (d+)" rating in a report on Wednesday, September 16th. Finally, UBS Group began coverage on shares of 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 investment 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, Caris Life Sciences has an average rating of "Hold" and an average price target of $26.50.

Caris Life Sciences Trading Down 4.9%

The firm has a market cap of $8.23 billion, a PE ratio of 80.82 and a beta of 1.10. The company has a debt-to-equity ratio of 0.66, a current ratio of 5.53 and a quick ratio of 4.88. The business has a 50-day moving average price of $24.13 and a two-hundred day moving average price of $20.04.

Caris Life Sciences declared that its Board of Directors has initiated a share repurchase program 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 stock through open market purchases. Stock buyback programs are usually an indication that the company's management believes its stock is undervalued.

Insider Buying and Selling at Caris Life Sciences

In other news, insider John Russel Denton sold 7,500 shares of the stock in a transaction that occurred on Tuesday, September 22nd. The shares were sold at an average price of $31.82, for a total value of $238,650.00. Following the sale, the insider directly owned 174,855 shares in the company, valued at $5,563,886.10. This represents a 4.11% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Brian Brille sold 400,000 shares of the firm'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 transaction of $12,132,000.00. Following the transaction, the insider directly owned 230,303 shares of the company's stock, valued at approximately $6,985,089.99. This trade represents a 63.46% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,004,712 shares of company stock valued at $27,205,419 over the last quarter. Corporate insiders own 50.00% of the company's stock.

Institutional Trading of Caris Life Sciences

Several institutional investors and hedge funds have recently made changes to their positions in CAI. Sterling Capital Management LLC grew its stake 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 worth $34,000 after acquiring an additional 1,083 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Caris Life Sciences by 839.4% during the first quarter. PNC Financial Services Group Inc. now owns 1,644 shares of the company's stock worth $29,000 after purchasing an additional 1,469 shares during the last quarter. PEAK6 LLC grew its position in shares of Caris Life Sciences by 6.9% in the fourth quarter. PEAK6 LLC now owns 24,800 shares of the company's stock valued at $669,000 after purchasing an additional 1,600 shares during the period. Strs Ohio increased its stake in Caris Life Sciences by 301.3% in the first quarter. Strs Ohio now owns 2,179 shares of the company's stock valued at $39,000 after purchasing an additional 1,636 shares during the last quarter. Finally, Fifth Third Bancorp acquired a new stake in Caris Life Sciences in the 1st quarter worth about $31,000.

Caris Life Sciences Company Profile

Caris Life Sciences is a biotechnology company focused on precision oncology and the use of molecular and artificial intelligence technologies to support cancer diagnosis and treatment decisions. The company analyzes tumor and blood samples to identify genetic, molecular and other biological characteristics that may help physicians select targeted therapies and develop individualized treatment plans.

Its offerings include comprehensive tumor profiling, molecular testing and data-driven clinical support for oncologists and other healthcare providers.

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