Caris Life Sciences, Inc. (NASDAQ:CAI) Given Consensus Rating of “Hold” by Analysts

Caris Life Sciences, Inc. (NASDAQ:CAI) has been given an average rating of “Hold” by the eleven ratings firms that are currently covering the company, MarketBeat reports. One equities research analyst has rated the stock with a sell recommendation, four have assigned a hold recommendation and six have issued a buy recommendation on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $26.1111.

A number of research firms have recently commented on CAI. Piper Sandler began coverage on Caris Life Sciences in a report on Friday, April 10th. They issued a “neutral” rating and a $21.00 price target for the company. Canaccord Genuity Group reduced their target price on Caris Life Sciences from $30.00 to $22.00 and set a “hold” rating for the company in a research report on Friday, March 13th. Jefferies Financial Group began coverage on Caris Life Sciences in a research note on Monday, April 13th. They issued a “buy” rating and a $28.00 target price on the stock. Evercore set a $25.00 price target on Caris Life Sciences in a research report on Monday. Finally, Citigroup cut their price objective on Caris Life Sciences from $35.00 to $28.00 and set a “buy” rating for the company in a report on Friday, May 8th.

Caris Life Sciences Trading Up 3.2%

Shares of Caris Life Sciences stock opened at $17.87 on Friday. The stock’s 50-day simple moving average is $17.14 and its 200 day simple moving average is $20.30. The stock has a market capitalization of $5.05 billion and a P/E ratio of -2.35. Caris Life Sciences has a 52-week low of $14.19 and a 52-week high of $42.50. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.52 and a current ratio of 7.05.

Caris Life Sciences announced that its Board of Directors has initiated 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 stock through open market purchases. Stock buyback plans are typically an indication that the company’s board of directors believes its stock is undervalued.

Insider Buying and Selling

In related news, Director Jeff L. Vacirca purchased 31,050 shares of the firm’s stock in a transaction dated Monday, May 11th. The shares were purchased at an average price of $16.15 per share, with a total value of $501,457.50. Following the acquisition, the director directly owned 49,671 shares of the company’s stock, valued at approximately $802,186.65. This represents a 166.75% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 50.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Amundi bought a new position in Caris Life Sciences in the first quarter valued at $375,000. California State Teachers Retirement System lifted its stake in Caris Life Sciences by 254.5% during the first quarter. California State Teachers Retirement System now owns 5,002 shares of the company’s stock worth $89,000 after purchasing an additional 3,591 shares during the last quarter. Royal Bank of Canada boosted its holdings in shares of Caris Life Sciences by 101.8% in the 1st quarter. Royal Bank of Canada now owns 18,651 shares of the company’s stock worth $333,000 after purchasing an additional 9,407 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of Caris Life Sciences by 50.8% during the 1st quarter. The Manufacturers Life Insurance Company now owns 153,512 shares of the company’s stock valued at $2,745,000 after purchasing an additional 51,696 shares during the last quarter. Finally, Quantinno Capital Management LP increased its position in shares of Caris Life Sciences by 117.0% during the 1st quarter. Quantinno Capital Management LP now owns 140,909 shares of the company’s stock valued at $2,519,000 after purchasing an additional 75,987 shares during the last quarter.

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.