Caris Life Sciences (NASDAQ:CAI) Trading 8.2% Higher – Still a Buy?

Shares of Caris Life Sciences, Inc. (NASDAQ:CAI) shot up 8.2% during mid-day trading on Thursday . The company traded as high as $19.75 and last traded at $19.6450. 1,150,522 shares changed hands during trading, a decline of 55% from the average daily volume of 2,545,586 shares. The stock had previously closed at $18.15.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Jefferies Financial Group initiated coverage on Caris Life Sciences in a report on Monday, April 13th. They issued a “buy” rating and a $28.00 target price for the company. JPMorgan Chase & Co. lowered their price target on Caris Life Sciences from $35.00 to $30.00 and set an “overweight” rating for the company in a research report on Friday, May 8th. The Goldman Sachs Group assumed coverage on shares of Caris Life Sciences in a research note on Wednesday, April 1st. They set a “buy” rating and a $27.00 price objective for the company. Wall Street Zen downgraded shares of Caris Life Sciences from a “buy” rating to a “hold” rating in a research note on Saturday, May 2nd. Finally, Citigroup dropped their price target 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. Six research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $27.56.

Caris Life Sciences Stock Performance

The company has a debt-to-equity ratio of 0.64, a current ratio of 7.05 and a quick ratio of 6.52. The stock has a market capitalization of $5.34 billion and a PE ratio of -2.48. The firm has a fifty day moving average price of $17.62 and a two-hundred day moving average price of $20.97.

Caris Life Sciences declared that its Board of Directors has approved a stock 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 buy 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.

Insiders Place Their Bets

In other Caris Life Sciences news, Director Jeff L. Vacirca bought 31,050 shares of the firm’s stock in a transaction dated Monday, May 11th. The stock was acquired at an average cost of $16.15 per share, for a total transaction of $501,457.50. Following the completion of the transaction, the director owned 49,671 shares in the company, valued at $802,186.65. This trade represents a 166.75% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 50.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. MetLife Investment Management LLC lifted its holdings in Caris Life Sciences by 84.0% during the 4th quarter. MetLife Investment Management LLC now owns 1,654 shares of the company’s stock valued at $45,000 after buying an additional 755 shares in the last quarter. Global Retirement Partners LLC grew its stake in 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 worth $27,000 after acquiring an additional 999 shares in the last quarter. Sterling Capital Management LLC increased its position in shares of Caris Life Sciences by 128.3% during the first quarter. Sterling Capital Management LLC now owns 1,927 shares of the company’s stock worth $34,000 after acquiring an additional 1,083 shares during the period. Olistico Wealth LLC bought a new stake in shares of Caris Life Sciences during the fourth quarter valued at approximately $31,000. Finally, PNC Financial Services Group Inc. raised its stake 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 valued at $29,000 after acquiring an additional 1,469 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.