Renaissance Technologies LLC Buys 120,000 Shares of Caris Life Sciences, Inc. $CAI

Renaissance Technologies LLC lifted its stake in shares of Caris Life Sciences, Inc. (NASDAQ:CAI) by 36.4% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 449,900 shares of the company’s stock after buying an additional 120,000 shares during the quarter. Renaissance Technologies LLC’s holdings in Caris Life Sciences were worth $8,044,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of CAI. Sumitomo Mitsui Trust Group Inc. raised its holdings in Caris Life Sciences by 26.5% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 75,330 shares of the company’s stock valued at $2,032,000 after acquiring an additional 15,778 shares during the period. Oak Ridge Investments LLC bought a new stake in shares of Caris Life Sciences during the fourth quarter worth approximately $589,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in shares of Caris Life Sciences in the fourth quarter valued at approximately $370,000. GF Fund Management CO. LTD. bought a new position in shares of Caris Life Sciences during the fourth quarter worth approximately $150,000. Finally, TD Waterhouse Canada Inc. bought a new position in shares of Caris Life Sciences during the fourth quarter worth approximately $2,498,000.

Caris Life Sciences Price Performance

Caris Life Sciences stock opened at $16.32 on Tuesday. The stock’s fifty day moving average price is $17.00 and its two-hundred day moving average price is $18.92. Caris Life Sciences, Inc. has a one year low of $14.19 and a one year high of $42.50. The company has a debt-to-equity ratio of 0.64, a current ratio of 7.05 and a quick ratio of 6.52. The firm has a market cap of $4.61 billion, a PE ratio of -2.14 and a beta of 0.68.

Caris Life Sciences announced that its board has initiated a stock buyback program on Monday, June 8th that permits the company to buyback $100.00 million in outstanding shares. This buyback authorization permits the company to reacquire up to 2.1% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

Wall Street Analyst Weigh In

Several analysts recently issued reports on CAI shares. Citigroup reduced their price target on Caris Life Sciences from $35.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 8th. JPMorgan Chase & Co. dropped their target price on Caris Life Sciences from $35.00 to $30.00 and set an “overweight” rating for the company in a report on Friday, May 8th. Robert W. Baird set a $22.00 target price on shares of Caris Life Sciences in a research report on Friday, May 8th. Jefferies Financial Group began coverage on shares of Caris Life Sciences in a research report on Monday, April 13th. They set a “buy” rating and a $28.00 price target on the stock. Finally, Weiss Ratings upgraded shares of Caris Life Sciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Monday, May 11th. 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. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $26.11.

Insider Buying and Selling at Caris Life Sciences

In related news, Director Jon Halbert purchased 68,000 shares of the firm’s stock in a transaction that occurred on Friday, May 15th. The shares were bought at an average price of $14.56 per share, for a total transaction of $990,080.00. Following the completion of the transaction, the director owned 704,598 shares of the company’s stock, valued at approximately $10,258,946.88. This trade represents a 10.68% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through this link. Also, Director Jeff L. Vacirca purchased 31,050 shares of the company’s stock in a transaction that occurred on Monday, May 11th. The stock was bought at an average cost of $16.15 per share, with a total value of $501,457.50. Following the purchase, the director owned 49,671 shares of the company’s stock, valued at $802,186.65. This represents a 166.75% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 50.00% of the company’s stock.

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.