Caris Life Sciences (NASDAQ:CAI) Trading 3.9% Higher - What's Next?

Key Points

• Caris Life Sciences shares rose 3.9% to about $27.07, though trading volume was 54% below the average daily level. The company’s market capitalization is approximately $7.89 billion.
• Analyst sentiment is mixed: seven analysts rate the stock a Buy, five rate it Hold and one rates it Sell. The consensus rating is Hold, with an average price target of $26.50; BTIG raised its target to $33 and maintained a Buy rating.
• The board authorized a $100 million share-repurchase plan, covering up to 2.1% of outstanding shares. Separately, President David Spetzler sold 478,000 shares for about $11.9 million to cover tax obligations, reducing his ownership by 31.24%.

Caris Life Sciences, Inc. (NASDAQ:CAI - Get Free Report) was up 3.9% on Tuesday . The stock traded as high as $27.53 and last traded at $27.0720. 1,455,137 shares were traded during trading, a decline of 54% from the average daily volume of 3,192,122 shares. The stock had previously closed at $26.05.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Weiss Ratings upgraded Caris Life Sciences from a "sell (d-)" rating to a "sell (d)" rating in a research note on Friday, August 21st. Wall Street Zen upgraded Caris Life Sciences from a "sell" rating to a "hold" rating in a report on Sunday, August 16th. Wolfe Research downgraded Caris Life Sciences from an "outperform" rating to a "peer perform" rating in a research report on Monday, June 1st. Evercore reaffirmed an "outperform" rating and set a $26.00 target price on shares of Caris Life Sciences in a research report on Thursday, August 6th. Finally, BTIG Research boosted their price objective on Caris Life Sciences from $32.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Seven research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $26.50.

Caris Life Sciences Stock Up 7.1%

The stock has a market capitalization of $7.89 billion, a price-to-earnings ratio of 77.74 and a beta of 1.10. The firm has a 50 day simple moving average of $20.76 and a 200-day simple moving average of $19.05. The company has a debt-to-equity ratio of 0.66, a current ratio of 5.53 and a quick ratio of 4.88.

Caris Life Sciences declared that its Board of Directors has initiated a stock repurchase plan on Monday, June 8th that permits the company to buyback $100.00 million in shares. This buyback authorization permits the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback plans are often a sign that the company's leadership believes its stock is undervalued.

Insider Buying and Selling

In other Caris Life Sciences news, President David Spetzler sold 478,000 shares of the company's stock in a transaction dated 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 sale, the president directly owned 1,052,083 shares of the company's stock, valued at approximately $26,154,783.38. This represents a 31.24% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 50.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the company. Sterling Capital Management LLC increased its stake in shares of 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 buying an additional 1,083 shares during the period. PNC Financial Services Group Inc. boosted its holdings in 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 acquiring an additional 1,469 shares during the last quarter. PEAK6 LLC increased its position in Caris Life Sciences by 6.9% in the fourth quarter. PEAK6 LLC now owns 24,800 shares of the company's stock worth $669,000 after purchasing an additional 1,600 shares during the period. Strs Ohio increased its position in Caris Life Sciences by 301.3% in the first quarter. Strs Ohio now owns 2,179 shares of the company's stock worth $39,000 after purchasing an additional 1,636 shares during the period. Finally, Fifth Third Bancorp bought a new stake in Caris Life Sciences during the 1st quarter worth about $31,000.

About Caris Life Sciences

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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