Caris Life Sciences (NASDAQ:CAI) Stock Price Down 6% – Here’s What Happened

Shares of Caris Life Sciences, Inc. (NASDAQ:CAI) traded down 6% on Thursday. The stock traded as low as $28.96 and last traded at $28.7890. 1,514,966 shares changed hands during trading, a decline of 55% from the average daily volume of 3,371,704 shares. The stock had previously closed at $30.63.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on the stock. Weiss Ratings raised shares of Caris Life Sciences from a “sell (d)” rating to a “sell (d+)” rating in a research note on Wednesday, September 16th. BTIG Research upped their price objective on shares of Caris Life Sciences from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen raised shares of Caris Life Sciences from a “sell” rating to a “hold” rating in a report on Sunday, August 16th. UBS Group started coverage on shares of Caris Life Sciences in a research report on Wednesday, September 9th. They issued a “neutral” rating and a $28.00 target price on the stock. Finally, Evercore reissued an “outperform” rating and set a $26.00 target price on shares of Caris Life Sciences in a research note on Thursday, August 6th. Seven analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $26.50.

Caris Life Sciences Price Performance

The company has a 50-day moving average of $24.64 and a 200 day moving average of $20.16. The company has a quick ratio of 4.88, a current ratio of 5.53 and a debt-to-equity ratio of 0.66. The stock has a market capitalization of $8.00 billion, a PE ratio of 78.61 and a beta of 0.86.

Caris Life Sciences announced that its Board of Directors has initiated a stock repurchase program on Monday, June 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to reacquire up to 2.1% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its stock is undervalued.

Insider Transactions at Caris Life Sciences

In other news, insider John Russel Denton sold 7,500 shares of the stock in a transaction dated Tuesday, September 22nd. The shares were sold at an average price of $31.82, for a total value of $238,650.00. Following the completion of the sale, the insider directly owned 174,855 shares in the company, valued at $5,563,886.10. This represents a 4.11% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, President David Spetzler sold 119,212 shares of the firm’s stock in a transaction dated Friday, September 4th. The stock was sold at an average price of $24.76, for a total transaction of $2,951,689.12. Following the completion of the transaction, the president directly owned 1,182,871 shares in the company, valued at approximately $29,287,885.96. This represents a 9.16% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders sold 1,004,712 shares of company stock valued at $27,205,419 over the last 90 days. 50.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Caris Life Sciences

A number of large investors have recently made changes to their positions in CAI. Roxbury Financial LLC purchased a new position in Caris Life Sciences during the third quarter worth approximately $295,000. Menlo Advisors LLC purchased a new stake in Caris Life Sciences in the 2nd quarter valued at $5,355,000. MCF Advisors LLC purchased a new stake in Caris Life Sciences in the 2nd quarter valued at $36,000. WINTON GROUP Ltd acquired a new stake in shares of Caris Life Sciences in the 2nd quarter worth $264,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Caris Life Sciences during the 2nd quarter worth $6,788,000.

Caris Life Sciences Company Profile

Caris Life Sciences is a biotechnology company focused on precision oncology and the use of molecular and artificial intelligence technologies to support cancer diagnosis and treatment decisions. The company analyzes tumor and blood samples to identify genetic, molecular and other biological characteristics that may help physicians select targeted therapies and develop individualized treatment plans.

Its offerings include comprehensive tumor profiling, molecular testing and data-driven clinical support for oncologists and other healthcare providers.