Element Capital Management LLC Invests $1.35 Million in Caris Life Sciences, Inc. $CAI

Element Capital Management LLC acquired a new stake in shares of Caris Life Sciences, Inc. (NASDAQ:CAI) during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 50,000 shares of the company’s stock, valued at approximately $1,349,000.

A number of other hedge funds have also bought and sold shares of the business. Diversified Trust Co. bought a new position in Caris Life Sciences during the 4th quarter valued at about $540,000. Olistico Wealth LLC purchased a new position in shares of Caris Life Sciences during the fourth quarter valued at approximately $31,000. Zevenbergen Capital Investments LLC bought a new position in Caris Life Sciences during the fourth quarter valued at approximately $14,655,000. Hamilton Lane Advisors LLC purchased a new stake in Caris Life Sciences in the fourth quarter worth approximately $1,584,000. Finally, Sumitomo Mitsui Trust Group Inc. grew its position in Caris Life Sciences by 26.5% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 75,330 shares of the company’s stock worth $2,032,000 after purchasing an additional 15,778 shares during the period.

Caris Life Sciences Trading Down 0.7%

Shares of NASDAQ:CAI opened at $17.86 on Thursday. The company’s 50 day moving average is $17.72. The company has a market cap of $5.05 billion and a P/E ratio of -2.35. Caris Life Sciences, Inc. has a 12-month low of $14.19 and a 12-month high of $42.50. The company has a current ratio of 7.05, a quick ratio of 6.52 and a debt-to-equity ratio of 0.64.

Caris Life Sciences announced that its board has approved a share buyback plan on Monday, June 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 2.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

CAI has been the topic of several research analyst reports. New Street Research initiated coverage on Caris Life Sciences in a report on Friday, May 8th. They set a “market perform” rating on the stock. The Goldman Sachs Group began coverage on Caris Life Sciences in a research report on Wednesday, April 1st. They set a “buy” rating and a $27.00 price objective for the company. Jefferies Financial Group began coverage on Caris Life Sciences in a research report on Monday, April 13th. They issued a “buy” rating and a $28.00 target price on the stock. Robert W. Baird set a $22.00 price target on Caris Life Sciences in a research note on Friday, May 8th. Finally, BTIG Research cut their target price on shares of Caris Life Sciences from $38.00 to $32.00 and set a “buy” rating for the company in a research report on Friday, May 8th. Six investment analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $27.56.

Insider Activity

In other news, Director Jeff L. Vacirca acquired 31,050 shares of Caris Life Sciences stock in a transaction dated Monday, May 11th. The stock was purchased at an average cost of $16.15 per share, with a total value of $501,457.50. Following the completion of the purchase, the director directly owned 49,671 shares in the company, valued at approximately $802,186.65. This trade represents a 166.75% increase in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 50.00% of the stock is currently owned by company insiders.

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.