Meeder Asset Management Inc. Acquires New Stake in Caris Life Sciences, Inc. $CAI

Meeder Asset Management Inc. bought a new position in Caris Life Sciences, Inc. (NASDAQ:CAI) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 34,035 shares of the company’s stock, valued at approximately $607,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Renaissance Technologies LLC boosted its position in shares of Caris Life Sciences by 36.4% during the first quarter. Renaissance Technologies LLC now owns 449,900 shares of the company’s stock worth $8,044,000 after buying an additional 120,000 shares during the period. UBS Group AG grew its holdings in shares of Caris Life Sciences by 825.9% during the fourth quarter. UBS Group AG now owns 2,183,980 shares of the company’s stock worth $58,924,000 after buying an additional 1,948,107 shares in the last quarter. Sei Investments Co. raised its position in Caris Life Sciences by 2,348.6% in the 1st quarter. Sei Investments Co. now owns 598,712 shares of the company’s stock valued at $10,705,000 after buying an additional 574,261 shares during the last quarter. DekaBank Deutsche Girozentrale bought a new stake in Caris Life Sciences in the 4th quarter valued at approximately $3,942,000. Finally, The Manufacturers Life Insurance Company lifted its stake in Caris Life Sciences by 50.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 153,512 shares of the company’s stock valued at $2,745,000 after acquiring an additional 51,696 shares in the last quarter.

Caris Life Sciences Stock Performance

Shares of NASDAQ CAI opened at $20.97 on Wednesday. The company has a debt-to-equity ratio of 0.66, a quick ratio of 4.88 and a current ratio of 5.53. The stock has a 50 day moving average price of $18.02 and a 200 day moving average price of $18.52. The stock has a market capitalization of $5.93 billion, a PE ratio of 58.25 and a beta of 0.68. Caris Life Sciences, Inc. has a 52 week low of $14.19 and a 52 week high of $42.50.

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

Wall Street Analyst Weigh In

CAI has been the subject of several research reports. New Street Research began coverage on shares of Caris Life Sciences in a research note on Friday, May 8th. They set a “market perform” rating for the company. Weiss Ratings reissued a “sell (d-)” rating on shares of Caris Life Sciences in a research report on Friday, August 7th. Wolfe Research cut shares of Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a report on Monday, June 1st. Evercore reaffirmed an “outperform” rating and issued a $26.00 target price on shares of Caris Life Sciences in a research report on Thursday, August 6th. Finally, JPMorgan Chase & Co. lowered their price target on shares of 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. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $26.33.

Caris Life Sciences 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.