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

Caris Life Sciences, Inc. (NASDAQ:CAI) shares rose 3.9% on Tuesday . The company traded as high as $27.53 and last traded at $27.0720. Approximately 1,455,137 shares traded hands during trading, a decline of 54% from the average daily volume of 3,192,122 shares. The stock had previously closed at $26.05.

Analysts Set New Price Targets

CAI has been the topic of a number of recent research reports. BTIG Research raised their price objective 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. Wolfe Research downgraded Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a research note on Monday, June 1st. Weiss Ratings upgraded Caris Life Sciences from a “sell (d-)” rating to a “sell (d)” rating in a research report on Friday, August 21st. UBS Group initiated coverage on Caris Life Sciences in a report on Wednesday, September 9th. They issued a “neutral” rating and a $28.00 price objective for the company. Finally, Evercore reissued an “outperform” rating and issued 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 given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $26.50.

Caris Life Sciences Price Performance

The company’s 50 day simple moving average is $20.76 and its 200 day simple moving average is $19.05. The stock has a market cap of $7.89 billion, a P/E ratio of 77.74 and a beta of 1.10. The company has a debt-to-equity ratio of 0.66, a current ratio of 5.53 and a quick ratio of 4.88.

Caris Life Sciences announced that its board has approved a share buyback plan on Monday, June 8th that permits the company to repurchase $100.00 million in shares. This repurchase authorization permits the company to buy up to 2.1% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s leadership believes its shares are undervalued.

Insider Activity at Caris Life Sciences

In other news, President David Spetzler sold 119,212 shares of Caris Life Sciences 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 transaction, the president owned 1,182,871 shares in the company, valued at $29,287,885.96. The trade was a 9.16% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 50.00% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Caris Life Sciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CAI. PNC Financial Services Group Inc. boosted its position 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 worth $29,000 after buying an additional 1,469 shares during the period. Fifth Third Bancorp acquired a new position in Caris Life Sciences during the 1st quarter worth approximately $31,000. Sterling Capital Management LLC grew its stake in shares of Caris Life Sciences by 128.3% during the 1st 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 in the last quarter. MCF Advisors LLC acquired a new stake in shares of Caris Life Sciences in the second quarter valued at approximately $36,000. Finally, Trifecta Capital Advisors LLC bought a new stake in shares of Caris Life Sciences in the second quarter worth $37,000.

About Caris Life Sciences

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.