Caris Life Sciences (NASDAQ:CAI) Stock Price Up 8.2% – Still a Buy?

Caris Life Sciences, Inc. (NASDAQ:CAI)’s share price was up 8.2% during mid-day trading on Thursday . The stock traded as high as $19.75 and last traded at $19.6450. Approximately 1,150,522 shares were traded during mid-day trading, a decline of 55% from the average daily volume of 2,545,586 shares. The stock had previously closed at $18.15.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on CAI shares. JPMorgan Chase & Co. dropped their price target on shares of Caris Life Sciences from $35.00 to $30.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. Citigroup dropped their target price on shares of Caris Life Sciences from $35.00 to $28.00 and set a “buy” rating for the company in a report on Friday, May 8th. Robert W. Baird set a $22.00 price target on Caris Life Sciences in a report on Friday, May 8th. New Street Research initiated coverage on Caris Life Sciences in a research report on Friday, May 8th. They issued a “market perform” rating on the stock. Finally, Jefferies Financial Group started coverage on Caris Life Sciences in a research note on Monday, April 13th. They issued a “buy” rating and a $28.00 price objective for the company. Six equities research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $27.56.

Caris Life Sciences Trading Up 4.0%

The stock has a market cap of $5.34 billion and a P/E ratio of -2.48. The stock’s 50-day moving average is $17.62 and its two-hundred day moving average is $20.97. The company has a debt-to-equity ratio of 0.64, a current ratio of 7.05 and a quick ratio of 6.52.

Caris Life Sciences declared that its board has approved 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 reacquire up to 2.1% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Insider Activity

In other news, Director Jeff L. Vacirca bought 31,050 shares of Caris Life Sciences stock in a transaction dated Monday, May 11th. The shares were purchased at an average cost of $16.15 per share, with a total value of $501,457.50. Following the completion of the acquisition, the director owned 49,671 shares of the company’s stock, valued at $802,186.65. This trade represents a 166.75% increase in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 50.00% of the company’s stock.

Institutional Trading of Caris Life Sciences

Several hedge funds have recently modified their holdings of CAI. MetLife Investment Management LLC grew its holdings in shares of Caris Life Sciences by 84.0% in the fourth quarter. MetLife Investment Management LLC now owns 1,654 shares of the company’s stock valued at $45,000 after purchasing an additional 755 shares in the last quarter. Global Retirement Partners LLC grew its stake in shares of Caris Life Sciences by 99,900.0% in the 4th quarter. Global Retirement Partners LLC now owns 1,000 shares of the company’s stock worth $27,000 after buying an additional 999 shares in the last quarter. Sterling Capital Management LLC increased its holdings in shares of Caris Life Sciences by 128.3% in the 1st quarter. Sterling Capital Management LLC now owns 1,927 shares of the company’s stock worth $34,000 after buying an additional 1,083 shares during the last quarter. Olistico Wealth LLC purchased a new stake in shares of Caris Life Sciences during the 4th quarter valued at about $31,000. Finally, PNC Financial Services Group Inc. raised its position in shares of Caris Life Sciences by 839.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,644 shares of the company’s stock valued at $29,000 after buying an additional 1,469 shares in 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.