Caris Life Sciences (NASDAQ:CAI) Cut to Sell at Wall Street Zen

Wall Street Zen lowered shares of Caris Life Sciences (NASDAQ:CAI) from a hold rating to a sell rating in a report released on Saturday morning.

Other equities analysts also recently issued research reports about the company. JPMorgan Chase & Co. dropped their price objective on Caris Life Sciences from $35.00 to $30.00 and set an “overweight” rating on the stock in a research note on Friday, May 8th. Citigroup decreased their target price on Caris Life Sciences from $35.00 to $28.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Robert W. Baird set a $22.00 target price on Caris Life Sciences in a research note on Friday, May 8th. BTIG Research increased their price target on Caris Life Sciences from $32.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Finally, Piper Sandler initiated coverage on Caris Life Sciences in a report on Friday, April 10th. They issued a “neutral” rating and a $21.00 price objective for the company. Seven investment analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $26.33.

Caris Life Sciences Stock Up 2.9%

Caris Life Sciences stock opened at $23.40 on Friday. Caris Life Sciences has a twelve month low of $14.19 and a twelve month high of $42.50. The firm has a 50 day moving average price of $17.36 and a 200-day moving average price of $18.68. The company has a market capitalization of $6.61 billion, a P/E ratio of 65.00 and a beta of 0.68. The company has a quick ratio of 4.88, a current ratio of 5.53 and a debt-to-equity ratio of 0.66.

Caris Life Sciences declared that its board has approved a stock buyback program on Monday, June 8th that allows the company to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 2.1% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Caris Life Sciences

In related news, Director Jon Halbert purchased 68,000 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was purchased at an average cost of $14.56 per share, with a total value of $990,080.00. Following the completion of the acquisition, the director directly owned 704,598 shares of the company’s stock, valued at approximately $10,258,946.88. The trade was a 10.68% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. 50.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Caris Life Sciences

Large investors have recently modified their holdings of the company. Edmond DE Rothschild Holding S.A. bought a new position in Caris Life Sciences in the 2nd quarter valued at $498,000. Meeder Asset Management Inc. purchased a new position in shares of Caris Life Sciences during the 2nd quarter valued at about $607,000. BlackRock Inc. bought a new stake in shares of Caris Life Sciences in the 2nd quarter worth approximately $98,666,000. Deutsche Bank AG bought a new stake in Caris Life Sciences in the second quarter worth $778,000. Finally, Perigon Wealth Management LLC bought a new stake in shares of Caris Life Sciences in the 2nd quarter valued at about $438,000.

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.