Caris Life Sciences (NASDAQ:CAI) Shares Down 10.4% – Here’s What Happened

Caris Life Sciences, Inc. (NASDAQ:CAI) fell 10.4% during trading on Wednesday . The company traded as low as $15.23 and last traded at $15.0180. 770,679 shares changed hands during mid-day trading, a decline of 68% from the average session volume of 2,439,614 shares. The stock had previously closed at $16.76.

Analyst Upgrades and Downgrades

CAI has been the topic of several recent research reports. The Goldman Sachs Group began coverage on shares of Caris Life Sciences in a research report on Wednesday, April 1st. They issued a “buy” rating and a $27.00 price target on the stock. Canaccord Genuity Group cut their price objective on Caris Life Sciences from $30.00 to $22.00 and set a “hold” rating for the company in a research report on Friday, March 13th. Robert W. Baird set a $22.00 target price on Caris Life Sciences in a report on Friday, May 8th. Jefferies Financial Group initiated coverage on Caris Life Sciences in a research report on Monday, April 13th. They set a “buy” rating and a $28.00 target price on the stock. Finally, Citigroup reduced their target price on Caris Life Sciences from $35.00 to $28.00 and set a “buy” rating for the company in a report on Friday, May 8th. Six investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, Caris Life Sciences presently has an average rating of “Moderate Buy” and a consensus target price of $27.56.

Caris Life Sciences Price Performance

The company has a debt-to-equity ratio of 0.64, a quick ratio of 7.35 and a current ratio of 7.05. The stock has a market cap of $4.31 billion and a price-to-earnings ratio of -2.00. The company’s fifty day moving average is $18.77.

Caris Life Sciences (NASDAQ:CAI) last posted its quarterly earnings data on Thursday, February 26th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.01 by $0.27. Caris Life Sciences had a net margin of 3.75% and a return on equity of 98.28%. The firm had revenue of $292.89 million for the quarter, compared to analysts’ expectations of $281.00 million. During the same period in the previous year, the company posted ($1.73) EPS. The company’s quarterly revenue was up 125.4% compared to the same quarter last year. As a group, equities research analysts predict that Caris Life Sciences, Inc. will post 0.1 EPS for the current fiscal year.

Insider Buying and Selling at Caris Life Sciences

In other Caris Life Sciences news, Director Jeff L. Vacirca purchased 31,050 shares of the stock in a transaction dated Monday, May 11th. The shares were acquired at an average price of $16.15 per share, for a total transaction 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 represents a 166.75% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 7.80% of the company’s stock.

Institutional Investors Weigh In On Caris Life Sciences

A number of institutional investors have recently bought and sold shares of CAI. Global Retirement Partners LLC increased its holdings 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 valued at $27,000 after purchasing an additional 999 shares during the period. PNC Financial Services Group Inc. boosted its holdings in shares of Caris Life Sciences by 839.4% during the first quarter. PNC Financial Services Group Inc. now owns 1,644 shares of the company’s stock worth $29,000 after purchasing an additional 1,469 shares during the period. Olistico Wealth LLC purchased a new position in Caris Life Sciences during the fourth quarter valued at approximately $31,000. Fifth Third Bancorp acquired a new position in Caris Life Sciences in the 1st quarter valued at approximately $31,000. Finally, Sterling Capital Management LLC lifted its position in 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 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.