Caris Life Sciences (NASDAQ:CAI) Rating Increased to Hold at UBS Group

Caris Life Sciences (NASDAQ:CAI) was upgraded by stock analysts at UBS Group to a “hold” rating in a report released on Wednesday, Zacks reports.

A number of other research firms have also recently issued reports on CAI. Weiss Ratings raised Caris Life Sciences from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, August 21st. Wall Street Zen upgraded shares of 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 set a $26.00 target price on shares of Caris Life Sciences in a research report on Thursday, August 6th. Wolfe Research lowered shares of Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a report on Monday, June 1st. Finally, BTIG Research raised their price objective on shares of Caris Life Sciences from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Seven equities research analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Caris Life Sciences currently has an average rating of “Hold” and a consensus target price of $26.50.

Caris Life Sciences Stock Up 1.2%

NASDAQ CAI opened at $24.34 on Wednesday. The stock’s 50 day simple moving average is $20.59 and its 200 day simple moving average is $18.98. Caris Life Sciences has a one year low of $14.19 and a one year high of $34.75. The firm has a market cap of $6.88 billion, a PE ratio of 67.61 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.

Caris Life Sciences announced that its Board of Directors has approved a stock buyback plan on Monday, June 8th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s board believes its shares are undervalued.

Insiders Place Their Bets

In other news, President David Spetzler sold 119,212 shares of Caris Life Sciences stock in a transaction on Friday, September 4th. The shares were sold at an average price of $24.76, for a total transaction of $2,951,689.12. Following the transaction, the president directly owned 1,182,871 shares of the company’s stock, valued at $29,287,885.96. This trade represents a 9.16% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Company insiders own 50.00% of the company’s stock.

Institutional Trading of Caris Life Sciences

Several hedge funds have recently added to or reduced their stakes in the business. PointState Capital LP acquired a new stake in shares of Caris Life Sciences during the second quarter worth about $121,690,000. BlackRock Inc. bought a new stake in Caris Life Sciences during the 2nd quarter worth approximately $98,666,000. California State Teachers Retirement System raised its holdings in Caris Life Sciences by 64,861.8% during the 2nd quarter. California State Teachers Retirement System now owns 3,249,388 shares of the company’s stock worth $57,904,000 after buying an additional 3,244,386 shares during the period. Balyasny Asset Management L.P. raised its holdings in Caris Life Sciences by 23,902.9% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,660,280 shares of the company’s stock worth $44,794,000 after buying an additional 1,653,363 shares during the period. Finally, JPMorgan Chase & Co. lifted its stake in Caris Life Sciences by 185.0% in the fourth quarter. JPMorgan Chase & Co. now owns 2,445,281 shares of the company’s stock valued at $65,974,000 after buying an additional 1,587,176 shares in the last quarter.

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.