Caris Life Sciences (NASDAQ:CAI) Stock Price Up 7.9% – What’s Next?

Caris Life Sciences, Inc. (NASDAQ:CAI) traded up 7.9% on Thursday . The company traded as high as $18.63 and last traded at $18.6940. 732,427 shares changed hands during mid-day trading, a decline of 72% from the average session volume of 2,630,706 shares. The stock had previously closed at $17.32.

Wall Street Analyst Weigh In

A number of analysts have recently weighed in on CAI shares. Robert W. Baird set a $22.00 price objective on Caris Life Sciences in a research note on Friday, May 8th. Wolfe Research downgraded shares of Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a research note on Monday, June 1st. Jefferies Financial Group started coverage on shares of Caris Life Sciences in a research report on Monday, April 13th. They set a “buy” rating and a $28.00 price target for the company. Citigroup cut their price target on shares of Caris Life Sciences from $35.00 to $28.00 and set a “buy” rating on the stock in a report on Friday, May 8th. Finally, Canaccord Genuity Group lowered their price objective on shares of Caris Life Sciences from $30.00 to $22.00 and set a “hold” rating for the company in a research note on Friday, March 13th. Six investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $26.11.

Caris Life Sciences Trading Up 5.4%

The stock’s fifty day simple moving average is $17.15 and its two-hundred day simple moving average is $20.37. The firm has a market cap of $5.16 billion and a PE ratio of -2.40. The company has a quick ratio of 6.52, a current ratio of 7.05 and a debt-to-equity ratio of 0.64.

Caris Life Sciences announced that its board has authorized a stock repurchase program on Monday, June 8th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s leadership believes its stock is undervalued.

Insiders Place Their Bets

In related news, Director Jeff L. Vacirca acquired 31,050 shares of the stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $16.15 per share, for a total transaction of $501,457.50. Following the completion of the purchase, the director owned 49,671 shares of the company’s stock, valued at $802,186.65. This represents a 166.75% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 50.00% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Caris Life Sciences

Institutional investors and hedge funds have recently modified their holdings of the stock. Amundi purchased a new position in shares of Caris Life Sciences in the 1st quarter worth about $375,000. California State Teachers Retirement System increased its stake in Caris Life Sciences by 254.5% during the 1st quarter. California State Teachers Retirement System now owns 5,002 shares of the company’s stock valued at $89,000 after purchasing an additional 3,591 shares in the last quarter. Royal Bank of Canada raised its holdings in Caris Life Sciences by 101.8% in the first quarter. Royal Bank of Canada now owns 18,651 shares of the company’s stock worth $333,000 after buying an additional 9,407 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Caris Life Sciences by 50.8% in the first quarter. The Manufacturers Life Insurance Company now owns 153,512 shares of the company’s stock worth $2,745,000 after buying an additional 51,696 shares in the last quarter. Finally, Quantinno Capital Management LP grew its holdings in shares of Caris Life Sciences by 117.0% during the first quarter. Quantinno Capital Management LP now owns 140,909 shares of the company’s stock valued at $2,519,000 after buying an additional 75,987 shares during the last quarter.

Caris Life Sciences Company Profile

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.