Orbimed Advisors LLC Trims Stake in Caris Life Sciences, Inc. $CAI

Orbimed Advisors LLC trimmed its holdings in Caris Life Sciences, Inc. (NASDAQ:CAI) by 9.9% during the 1st quarter, Holdings Channel.com reports. The fund owned 2,806,811 shares of the company’s stock after selling 309,200 shares during the period. Orbimed Advisors LLC’s holdings in Caris Life Sciences were worth $50,186,000 at the end of the most recent reporting period.

Several other hedge funds have also bought and sold shares of the stock. UBS Group AG increased its stake in Caris Life Sciences by 825.9% in the fourth quarter. UBS Group AG now owns 2,183,980 shares of the company’s stock worth $58,924,000 after purchasing an additional 1,948,107 shares during the period. Zevenbergen Capital Investments LLC acquired a new stake in shares of Caris Life Sciences in the 4th quarter worth $14,655,000. DekaBank Deutsche Girozentrale acquired a new position in shares of Caris Life Sciences during the fourth quarter valued at about $3,942,000. TD Waterhouse Canada Inc. purchased a new stake in shares of Caris Life Sciences during the fourth quarter valued at $2,498,000. Finally, Hamilton Lane Advisors LLC acquired a new position in shares of Caris Life Sciences in the fourth quarter valued at about $1,584,000.

Caris Life Sciences Price Performance

Shares of NASDAQ CAI opened at $15.52 on Monday. The business has a 50-day moving average price of $16.96 and a 200 day moving average price of $19.42. The stock has a market cap of $4.39 billion and a PE ratio of -2.04. Caris Life Sciences, Inc. has a 52-week low of $14.19 and a 52-week high of $42.50. 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 initiated a share repurchase plan on Monday, June 8th that authorizes the company to repurchase $100.00 million in shares. This repurchase authorization authorizes the company to repurchase up to 2.1% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. reduced 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. Wolfe Research cut Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a research report on Monday, June 1st. BTIG Research reaffirmed a “buy” rating and issued a $32.00 price target on shares of Caris Life Sciences in a report on Thursday, July 2nd. Wall Street Zen lowered shares of Caris Life Sciences from a “buy” rating to a “hold” rating in a report on Saturday, May 2nd. Finally, Piper Sandler started coverage on shares of Caris Life Sciences in a research note on Friday, April 10th. They set a “neutral” rating and a $21.00 target price for the company. Six equities research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Caris Life Sciences has an average rating of “Hold” and an average price target of $26.11.

Insider Buying and Selling at Caris Life Sciences

In other news, Director Jeff L. Vacirca purchased 31,050 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average price of $16.15 per share, for a total transaction of $501,457.50. Following the acquisition, the director directly owned 49,671 shares in the company, valued at approximately $802,186.65. The trade was a 166.75% increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Jon Halbert purchased 68,000 shares of the company’s stock in a transaction dated Friday, May 15th. The stock was purchased at an average price of $14.56 per share, with a total value of $990,080.00. Following the transaction, the director owned 704,598 shares of the company’s stock, valued at approximately $10,258,946.88. This represents a 10.68% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 50.00% of the stock is currently owned by company insiders.

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.