UBS Group Upgrades Caris Life Sciences (NASDAQ:CAI) to Hold

Caris Life Sciences (NASDAQ:CAI) was upgraded by equities research analysts at UBS Group to a “hold” rating in a note issued to investors on Wednesday, Zacks reports.

Several other equities research analysts have also recently weighed in on the company. BTIG Research upped their price target on Caris Life Sciences from $32.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Evercore reaffirmed an “outperform” rating and issued a $26.00 price target on shares of Caris Life Sciences in a report on Thursday, August 6th. Wall Street Zen raised Caris Life Sciences from a “sell” rating to a “hold” rating in a report on Sunday, August 16th. Wolfe Research downgraded shares of Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a report on Monday, June 1st. Finally, Weiss Ratings upgraded Caris Life Sciences from a “sell (d-)” rating to a “sell (d)” rating in a research report on Friday, August 21st. Seven investment analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $26.50.

Caris Life Sciences Stock Performance

NASDAQ:CAI opened at $24.34 on Wednesday. The business’s fifty day moving average is $20.59 and its 200 day moving average is $18.98. The firm has a market cap of $6.88 billion, a price-to-earnings ratio of 67.61 and a beta of 1.10. The company has a debt-to-equity ratio of 0.66, a quick ratio of 4.88 and a current ratio of 5.53. Caris Life Sciences has a 52-week low of $14.19 and a 52-week high of $34.75.

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

Insider Activity at Caris Life Sciences

In other news, President David Spetzler sold 478,000 shares of the business’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $24.86, for a total value of $11,883,080.00. Following the completion of the sale, the president owned 1,052,083 shares of the company’s stock, valued at approximately $26,154,783.38. The trade was a 31.24% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 50.00% of the company’s stock.

Hedge Funds Weigh In On Caris Life Sciences

Large investors have recently bought and sold shares of the stock. PointState Capital LP purchased a new stake in shares of Caris Life Sciences during the second quarter valued at approximately $121,690,000. BlackRock Inc. purchased a new position in shares of Caris Life Sciences in the second quarter worth $98,666,000. California State Teachers Retirement System increased its stake in shares of Caris Life Sciences by 64,861.8% in the second 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 valued at $44,794,000 after buying an additional 1,653,363 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Caris Life Sciences by 185.0% during the 4th 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 during the period.

Caris Life Sciences Company Profile

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.