Wall Street Zen Upgrades Caris Life Sciences (NASDAQ:CAI) to Hold

Caris Life Sciences (NASDAQ:CAI) was upgraded by Wall Street Zen from a “sell” rating to a “hold” rating in a note issued to investors on Sunday.

A number of other research analysts also recently issued reports on the company. Evercore reissued an “outperform” rating and issued a $26.00 price objective on shares of Caris Life Sciences in a research note on Thursday, August 6th. Robert W. Baird set a $22.00 target price on Caris Life Sciences in a research note on Friday, May 8th. Weiss Ratings reiterated a “sell (d-)” rating on shares of Caris Life Sciences in a report on Friday, August 7th. BTIG Research boosted their price target on Caris Life Sciences from $32.00 to $33.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, New Street Research initiated coverage on Caris Life Sciences in a report on Friday, May 8th. They set a “market perform” rating on the stock. Seven equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, Caris Life Sciences currently has a consensus rating of “Moderate Buy” and a consensus price target of $26.33.

Caris Life Sciences Stock Performance

Shares of CAI opened at $21.63 on Friday. The company has a current ratio of 5.53, a quick ratio of 4.88 and a debt-to-equity ratio of 0.66. The firm’s fifty day simple moving average is $17.94 and its two-hundred day simple moving average is $18.56. Caris Life Sciences has a 12 month low of $14.19 and a 12 month high of $42.50. The stock has a market capitalization of $6.11 billion, a P/E ratio of 60.08 and a beta of 0.68.

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

Institutional Trading of Caris Life Sciences

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Renaissance Technologies LLC boosted its holdings in Caris Life Sciences by 36.4% in the first quarter. Renaissance Technologies LLC now owns 449,900 shares of the company’s stock worth $8,044,000 after acquiring an additional 120,000 shares in the last quarter. UBS Group AG increased its holdings in shares of Caris Life Sciences by 825.9% during the fourth quarter. UBS Group AG now owns 2,183,980 shares of the company’s stock valued at $58,924,000 after acquiring an additional 1,948,107 shares in the last quarter. Sei Investments Co. increased its holdings in shares of Caris Life Sciences by 2,348.6% during the first quarter. Sei Investments Co. now owns 598,712 shares of the company’s stock valued at $10,705,000 after acquiring an additional 574,261 shares in the last quarter. DekaBank Deutsche Girozentrale acquired a new position in shares of Caris Life Sciences during the fourth quarter worth approximately $3,942,000. Finally, The Manufacturers Life Insurance Company grew its position in Caris Life Sciences by 50.8% in the 1st quarter. The Manufacturers Life Insurance Company now owns 153,512 shares of the company’s stock valued at $2,745,000 after purchasing an additional 51,696 shares during the period.

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.