Caris Life Sciences (NASDAQ:CAI) Trading Up 7.9% – Here’s What Happened

Caris Life Sciences, Inc. (NASDAQ:CAI)’s share price traded up 7.9% during mid-day trading on Thursday . The company traded as high as $18.63 and last traded at $18.6940. 732,427 shares traded hands during mid-day trading, a decline of 72% from the average session volume of 2,630,706 shares. The stock had previously closed at $17.32.

Analyst Upgrades and Downgrades

CAI has been the subject of a number of analyst reports. Robert W. Baird set a $22.00 price objective on shares of Caris Life Sciences in a research note on Friday, May 8th. Citigroup dropped their target price 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. Weiss Ratings upgraded shares of Caris Life Sciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Wall Street Zen lowered shares of Caris Life Sciences from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Wolfe Research cut Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a research report on Monday, June 1st. Six research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $26.11.

Caris Life Sciences Trading Down 4.9%

The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.52 and a current ratio of 7.05. The firm has a market cap of $4.80 billion and a PE ratio of -2.23. The stock has a 50-day simple moving average of $17.12 and a two-hundred day simple moving average of $20.28.

Caris Life Sciences declared that its board has authorized a stock repurchase plan on Monday, June 8th that authorizes the company to buyback $100.00 million in shares. This buyback authorization authorizes the company to repurchase up to 2.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Caris Life Sciences

In related news, Director Jeff L. Vacirca bought 31,050 shares of the business’s stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $16.15 per share, with a total value of $501,457.50. Following the transaction, the director owned 49,671 shares in the company, valued at approximately $802,186.65. This trade represents a 166.75% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 50.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. T. Rowe Price Investment Management Inc. boosted its holdings in shares of Caris Life Sciences by 14.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 9,205,959 shares of the company’s stock worth $248,377,000 after buying an additional 1,180,200 shares during the last quarter. Braidwell LP lifted its position in Caris Life Sciences by 6.8% during the fourth quarter. Braidwell LP now owns 7,816,142 shares of the company’s stock valued at $210,880,000 after purchasing an additional 500,000 shares in the last quarter. PointState Capital LP increased its position in Caris Life Sciences by 73.0% in the fourth quarter. PointState Capital LP now owns 6,718,707 shares of the company’s stock worth $181,271,000 after buying an additional 2,834,986 shares in the last quarter. Orbimed Advisors LLC lifted its position 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 valued at $84,070,000 after buying an additional 81,153 shares in the last quarter. Finally, JPMorgan Chase & Co. increased its holdings in Caris Life Sciences by 185.0% in the 4th quarter. JPMorgan Chase & Co. now owns 2,445,281 shares of the company’s stock worth $65,974,000 after acquiring an additional 1,587,176 shares in the last quarter.

Caris Life Sciences Company Profile

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.