Caris Life Sciences (NASDAQ:CAI) Stock Price Down 6% – Here’s Why

Caris Life Sciences, Inc. (NASDAQ:CAI)’s share price dropped 6% during mid-day trading on Thursday. The company traded as low as $28.96 and last traded at $28.7890. 1,514,966 shares changed hands during mid-day trading, a decline of 55% from the average session volume of 3,371,704 shares. The stock had previously closed at $30.63.

Analyst Ratings Changes

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

Caris Life Sciences Stock Performance

The company has a market capitalization of $8.23 billion, a price-to-earnings ratio of 80.82 and a beta of 1.10. The company’s fifty day simple moving average is $24.13 and its two-hundred day simple moving average is $20.04. 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 declared that its board has initiated a share buyback program on Monday, June 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.

Insider Activity at Caris Life Sciences

In other news, 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 owned 174,855 shares of the company’s stock, valued at approximately $5,563,886.10. The trade was a 4.11% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, President David Spetzler sold 119,212 shares of the company’s stock in a transaction that occurred on Friday, September 4th. The shares were sold at an average price of $24.76, for a total transaction of $2,951,689.12. Following the completion of the sale, the president owned 1,182,871 shares of the company’s stock, valued at approximately $29,287,885.96. This trade represents a 9.16% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders have sold a total of 1,004,712 shares of company stock worth $27,205,419 over the last ninety days. 50.00% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. PointState Capital LP acquired a new position in Caris Life Sciences during the 2nd quarter valued at about $121,690,000. BlackRock Inc. acquired a new position in shares of Caris Life Sciences in the second quarter valued at approximately $98,666,000. Canada Pension Plan Investment Board bought a new stake in shares of Caris Life Sciences in the second quarter valued at approximately $24,502,000. Bank of America Corp DE acquired a new position in shares of Caris Life Sciences in the 2nd quarter valued at approximately $21,395,000. Finally, Amundi raised its stake in Caris Life Sciences by 5,709.5% during the second quarter. Amundi now owns 1,218,364 shares of the company’s stock worth $21,711,000 after acquiring an additional 1,197,392 shares in the last quarter.

Caris Life Sciences Company Profile

Caris Life Sciences is a biotechnology company focused on precision oncology and the use of molecular and artificial intelligence technologies to support cancer diagnosis and treatment decisions. The company analyzes tumor and blood samples to identify genetic, molecular and other biological characteristics that may help physicians select targeted therapies and develop individualized treatment plans.

Its offerings include comprehensive tumor profiling, molecular testing and data-driven clinical support for oncologists and other healthcare providers.