Caris Life Sciences (NASDAQ:CAI) Stock Jumps 3% – What’s Next?

Caris Life Sciences, Inc. (NASDAQ:CAI) was up 3% during trading on Wednesday. The company traded as high as $32.71 and last traded at $32.4260. 576,757 shares changed hands during trading, a decline of 83% from the average session volume of 3,344,354 shares. The stock had previously closed at $31.47.

Analyst Ratings Changes

A number of equities research analysts have weighed in on CAI shares. BTIG Research upped their target price on Caris Life Sciences from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. UBS Group initiated coverage on Caris Life Sciences in a research note on Wednesday, September 9th. They issued a “neutral” rating and a $28.00 price objective on the stock. Evercore restated an “outperform” rating and issued a $26.00 price objective on shares of Caris Life Sciences in a report on Thursday, August 6th. Weiss Ratings raised Caris Life Sciences from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, September 16th. Finally, Wall Street Zen raised Caris Life Sciences from a “sell” rating to a “hold” rating in a report on Sunday, August 16th. Seven analysts have rated the stock with a Buy rating, five have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $26.50.

Caris Life Sciences Stock Performance

The company has a quick ratio of 4.88, a current ratio of 5.53 and a debt-to-equity ratio of 0.66. The stock has a market cap of $9.12 billion, a price-to-earnings ratio of 89.64 and a beta of 1.10. The company’s 50-day simple moving average is $22.88 and its 200-day simple moving average is $19.67.

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

Insider Buying and Selling

In related news, insider Brian Brille sold 400,000 shares of Caris Life Sciences stock in a transaction on Thursday, September 17th. The stock was sold at an average price of $30.33, for a total value of $12,132,000.00. Following the transaction, the insider directly owned 230,303 shares in the company, valued at $6,985,089.99. The trade was a 63.46% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider John Russel Denton sold 7,500 shares of the business’s stock in a transaction on Tuesday, September 22nd. The stock was sold at an average price of $31.82, for a total value of $238,650.00. Following the sale, the insider directly owned 174,855 shares in the company, valued at $5,563,886.10. This trade represents a 4.11% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 1,004,712 shares of company stock worth $27,205,419 in the last three months. 50.00% of the stock is currently owned by insiders.

Institutional Trading of Caris Life Sciences

A number of hedge funds have recently bought and sold shares of the company. Braidwell LP increased its position in shares of Caris Life Sciences by 3.1% in the second quarter. Braidwell LP now owns 8,256,032 shares of the company’s stock worth $147,122,000 after acquiring an additional 246,585 shares in the last quarter. PointState Capital LP purchased a new stake in shares of Caris Life Sciences in the 2nd quarter valued at approximately $121,690,000. BlackRock Inc. acquired a new position in Caris Life Sciences in the 2nd quarter worth approximately $98,666,000. Clearbridge Investments LLC grew its position in Caris Life Sciences by 2.5% during the 4th quarter. Clearbridge Investments LLC now owns 1,416,207 shares of the company’s stock worth $38,209,000 after purchasing an additional 34,977 shares in the last quarter. Finally, Perceptive Advisors LLC grew its position in Caris Life Sciences by 3.5% during the 4th quarter. Perceptive Advisors LLC now owns 1,136,206 shares of the company’s stock worth $30,655,000 after purchasing an additional 38,043 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.