Caris Life Sciences (NASDAQ:CAI) to Buyback $100.00 million in Shares

Caris Life Sciences (NASDAQ:CAI) declared that its Board of Directors has authorized a share repurchase program on Monday, June 8th, RTT News reports. The company plans to buyback $100.00 million in shares. This buyback authorization allows the company to buy up to 2.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Caris Life Sciences Trading Down 2.1%

Shares of NASDAQ CAI traded down $0.35 during midday trading on Monday, hitting $16.14. 3,297,169 shares of the company’s stock were exchanged, compared to its average volume of 2,982,391. The company has a current ratio of 7.05, a quick ratio of 6.52 and a debt-to-equity ratio of 0.64. The firm has a fifty day moving average price of $17.80. The stock has a market capitalization of $4.56 billion and a P/E ratio of -2.12. Caris Life Sciences has a 12-month low of $14.19 and a 12-month high of $42.50.

Wall Street Analyst Weigh In

Several analysts have recently issued reports on the stock. New Street Research initiated coverage on shares of Caris Life Sciences in a research report on Friday, May 8th. They issued a “market perform” rating on the stock. Canaccord Genuity Group reduced their price objective on shares of Caris Life Sciences from $30.00 to $22.00 and set a “hold” rating for the company in a research note on Friday, March 13th. JPMorgan Chase & Co. reduced their price objective on shares of Caris Life Sciences from $35.00 to $30.00 and set an “overweight” rating for the company in a research note on Friday, May 8th. The Goldman Sachs Group began coverage on shares of Caris Life Sciences in a report on Wednesday, April 1st. They set a “buy” rating and a $27.00 target price on the stock. Finally, Weiss Ratings raised shares of Caris Life Sciences from a “sell (e+)” rating to a “sell (d-)” rating in a report on Monday, May 11th. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $27.56.

Insider Buying and Selling

In related news, Director Jeff L. Vacirca purchased 31,050 shares of the business’s stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $16.15 per share, with a total value of $501,457.50. Following the purchase, the director directly owned 49,671 shares in the company, valued at approximately $802,186.65. This represents a 166.75% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. 50.00% of the stock is currently owned by corporate insiders.

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.