Caris Life Sciences (NASDAQ:CAI) Shares Up 6.2% – Here’s What Happened

Caris Life Sciences, Inc. (NASDAQ:CAI) rose 6.2% during trading on Thursday . The company traded as high as $24.23 and last traded at $24.1670. 1,217,386 shares changed hands during mid-day trading, a decline of 59% from the average session volume of 2,991,510 shares. The stock had previously closed at $22.76.

Analysts Set New Price Targets

A number of research firms have issued reports on CAI. Wall Street Zen upgraded shares of Caris Life Sciences from a “sell” rating to a “hold” rating in a research note on Sunday. Weiss Ratings reissued a “sell (d-)” rating on shares of Caris Life Sciences in a research report on Friday, August 7th. Wolfe Research cut Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a research report on Monday, June 1st. JPMorgan Chase & Co. lowered their price target on Caris Life Sciences from $35.00 to $30.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Finally, Citigroup reduced their price objective on shares of Caris Life Sciences from $35.00 to $28.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Seven research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Caris Life Sciences presently has an average rating of “Moderate Buy” and an average target price of $26.33.

Caris Life Sciences Stock Up 7.5%

The company has a debt-to-equity ratio of 0.66, a current ratio of 5.53 and a quick ratio of 4.88. The business has a 50 day moving average price of $18.14 and a 200 day moving average price of $18.51. The firm has a market capitalization of $6.91 billion, a P/E ratio of 67.94 and a beta of 0.68.

Caris Life Sciences announced that its board has initiated a share buyback plan on Monday, June 8th that allows the company to repurchase $100.00 million in outstanding shares. This repurchase authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s leadership believes its stock is undervalued.

Institutional Investors Weigh In On Caris Life Sciences

Hedge funds have recently modified their holdings of the business. Moore Capital Management LP acquired a new stake in shares of Caris Life Sciences in the second quarter worth $1,139,000. Public Employees Retirement System of Ohio bought a new stake in Caris Life Sciences in the 2nd quarter valued at $626,000. Capstone Investment Advisors LLC bought a new stake in Caris Life Sciences in the 2nd quarter valued at $360,000. Corient Private Wealth LP acquired a new stake in Caris Life Sciences in the 2nd quarter worth $316,000. Finally, PointState Capital LP bought a new position in shares of Caris Life Sciences during the 2nd quarter worth about $121,690,000.

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.