Caris Life Sciences, Inc. (NASDAQ:CAI) Given Average Recommendation of “Hold” by Brokerages

Caris Life Sciences, Inc. (NASDAQ:CAI) has been given an average rating of “Hold” by the eleven research firms that are currently covering the company, MarketBeat reports. One analyst has rated the stock with a sell rating, four have given a hold rating and six have given a buy rating to the company. The average 1 year target price among analysts that have updated their coverage on the stock in the last year is $27.5556.

A number of brokerages have recently issued reports on CAI. Robert W. Baird set a $22.00 price target on shares of Caris Life Sciences in a report on Friday, May 8th. Wolfe Research downgraded shares of Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a report on Monday, June 1st. New Street Research began coverage on shares of Caris Life Sciences in a research note on Friday, May 8th. They issued a “market perform” rating on the stock. Citigroup lowered their price objective on shares of Caris Life Sciences from $35.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Finally, Piper Sandler began coverage on shares of Caris Life Sciences in a research note on Friday, April 10th. They issued a “neutral” rating and a $21.00 price objective on the stock.

Insider Buying and Selling

In other Caris Life Sciences news, Director Jeff L. Vacirca acquired 31,050 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were purchased at an average cost of $16.15 per share, with a total value of $501,457.50. Following the purchase, the director owned 49,671 shares in the company, valued at approximately $802,186.65. The trade was a 166.75% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 50.00% of the company’s stock.

Institutional Investors Weigh In On Caris Life Sciences

A number of large investors have recently added to or reduced their stakes in the business. T. Rowe Price Investment Management Inc. grew its stake in Caris Life Sciences by 14.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 9,205,959 shares of the company’s stock valued at $248,377,000 after acquiring an additional 1,180,200 shares during the last quarter. Braidwell LP boosted its stake in shares of Caris Life Sciences by 6.8% during the 4th quarter. Braidwell LP now owns 7,816,142 shares of the company’s stock worth $210,880,000 after purchasing an additional 500,000 shares during the last quarter. PointState Capital LP boosted its stake in shares of Caris Life Sciences by 73.0% during the 4th quarter. PointState Capital LP now owns 6,718,707 shares of the company’s stock worth $181,271,000 after purchasing an additional 2,834,986 shares during the last quarter. Orbimed Advisors LLC boosted its stake in shares of Caris Life Sciences by 2.7% during the 4th quarter. Orbimed Advisors LLC now owns 3,116,011 shares of the company’s stock worth $84,070,000 after purchasing an additional 81,153 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Caris Life Sciences by 185.0% during the 4th quarter. JPMorgan Chase & Co. now owns 2,445,281 shares of the company’s stock worth $65,974,000 after purchasing an additional 1,587,176 shares during the last quarter.

Caris Life Sciences Price Performance

Shares of CAI opened at $17.97 on Monday. The company has a 50-day moving average of $17.79. The company has a debt-to-equity ratio of 0.64, a current ratio of 7.05 and a quick ratio of 6.52. The stock has a market cap of $5.08 billion and a P/E ratio of -2.36. Caris Life Sciences has a 52-week low of $14.19 and a 52-week high of $42.50.

Caris Life Sciences announced that its Board of Directors has approved a share buyback plan on Monday, June 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its shares are undervalued.

About Caris Life Sciences

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.