Caris Life Sciences (NASDAQ:CAI) Trading Up 3.9% – Time to Buy?

Caris Life Sciences, Inc. (NASDAQ:CAI)’s share price was up 3.9% during mid-day trading on Tuesday . The company traded as high as $27.53 and last traded at $27.0720. 1,455,137 shares changed hands during trading, a decline of 54% from the average session volume of 3,192,122 shares. The stock had previously closed at $26.05.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on CAI shares. Weiss Ratings upgraded shares of Caris Life Sciences from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, August 21st. Evercore restated an “outperform” rating and set a $26.00 price objective on shares of Caris Life Sciences in a research note on Thursday, August 6th. UBS Group assumed coverage on shares of Caris Life Sciences in a report on Wednesday, September 9th. They issued a “neutral” rating and a $28.00 target price on the stock. BTIG Research raised their target price on shares of 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, Wolfe Research cut Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a report on Monday, June 1st. Seven analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $26.50.

Caris Life Sciences Stock Down 1.0%

The firm has a fifty day simple moving average of $21.20 and a 200-day simple moving average of $19.18. The firm has a market cap of $7.97 billion, a price-to-earnings ratio of 78.36 and a beta of 1.10. 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 approved a stock buyback plan on Monday, June 8th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to purchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Buying and Selling at Caris Life Sciences

In other news, President David Spetzler sold 478,000 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $24.86, for a total transaction of $11,883,080.00. Following the completion of the sale, the president owned 1,052,083 shares in the company, valued at approximately $26,154,783.38. This trade represents a 31.24% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 50.00% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CAI. Braidwell LP boosted its holdings in shares of Caris Life Sciences by 3.1% during the second quarter. Braidwell LP now owns 8,256,032 shares of the company’s stock worth $147,122,000 after acquiring an additional 246,585 shares during the period. PointState Capital LP bought a new position in shares of Caris Life Sciences during the second quarter worth approximately $121,690,000. BlackRock Inc. bought a new position in shares of Caris Life Sciences during the second quarter worth approximately $98,666,000. Clearbridge Investments LLC lifted its holdings in Caris Life Sciences by 2.5% during the 4th quarter. Clearbridge Investments LLC now owns 1,416,207 shares of the company’s stock worth $38,209,000 after purchasing an additional 34,977 shares during the last quarter. Finally, Perceptive Advisors LLC lifted its holdings in Caris Life Sciences by 3.5% during the 4th quarter. Perceptive Advisors LLC now owns 1,136,206 shares of the company’s stock worth $30,655,000 after purchasing an additional 38,043 shares during the last quarter.

Caris Life Sciences Company Profile

Caris Life Sciences is a precision medicine and biotechnology company headquartered in Irving, Texas. Founded in 2008, the company combines molecular profiling, artificial intelligence and clinical data to support more informed decisions in cancer diagnosis and treatment.

Caris provides comprehensive tumor profiling and other laboratory testing services designed to identify genetic, molecular and immune characteristics of a patient’s cancer. Its offerings are intended to help physicians match patients with targeted therapies, immunotherapies and clinical trials, while also supporting cancer research and drug development.

The company serves healthcare providers, biopharmaceutical companies and academic or research institutions.