Caris Life Sciences (NASDAQ:CAI) Trading Down 6.2% – What’s Next?

Caris Life Sciences, Inc. (NASDAQ:CAI) traded down 6.2% during mid-day trading on Wednesday . The company traded as low as $26.48 and last traded at $26.28. Approximately 1,579,034 shares changed hands during trading, a decline of 49% from the average session volume of 3,075,507 shares. The stock had previously closed at $28.01.

Analyst Ratings Changes

A number of brokerages have recently weighed in on CAI. Citigroup reduced 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 research report on Friday, May 8th. JPMorgan Chase & Co. reduced their target price on Caris Life Sciences from $35.00 to $30.00 and set an “overweight” rating on the stock in a report on Friday, May 8th. Robert W. Baird set a $22.00 target price on Caris Life Sciences in a research note on Friday, May 8th. BTIG Research raised their price target on Caris Life Sciences from $32.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Finally, New Street Research started coverage on Caris Life Sciences in a research report on Friday, May 8th. They issued a “market perform” rating for the company. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.33.

Caris Life Sciences Trading Down 6.1%

The firm has a market capitalization of $7.44 billion, a price-to-earnings ratio of 73.09 and a beta of 0.68. The business’s fifty day moving average is $18.79 and its 200 day moving average is $18.60. The company has a quick ratio of 4.88, a current ratio of 5.53 and a debt-to-equity ratio of 0.66.

Caris Life Sciences announced that its board has initiated a stock buyback plan on Monday, June 8th that permits the company to repurchase $100.00 million in outstanding shares. This repurchase authorization permits the company to reacquire up to 2.1% of its shares through open market purchases. Shares repurchase plans are often a sign that the company’s board of directors believes its stock is undervalued.

Institutional Investors Weigh In On Caris Life Sciences

A number of hedge funds and other institutional investors have recently bought and sold shares of CAI. MetLife Investment Management LLC raised its holdings in Caris Life Sciences by 84.0% during the fourth quarter. MetLife Investment Management LLC now owns 1,654 shares of the company’s stock worth $45,000 after acquiring an additional 755 shares in the last quarter. Global Retirement Partners LLC increased its position in shares of Caris Life Sciences by 99,900.0% during the 4th quarter. Global Retirement Partners LLC now owns 1,000 shares of the company’s stock worth $27,000 after purchasing an additional 999 shares during the last quarter. Sterling Capital Management LLC increased its position 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 purchasing an additional 1,083 shares during the last quarter. PNC Financial Services Group Inc. raised its stake in shares of Caris Life Sciences by 839.4% during the 1st quarter. PNC Financial Services Group Inc. now owns 1,644 shares of the company’s stock worth $29,000 after purchasing an additional 1,469 shares in the last quarter. Finally, Police & Firemen s Retirement System of New Jersey boosted its holdings in shares of Caris Life Sciences by 15.0% in the 4th quarter. Police & Firemen s Retirement System of New Jersey now owns 11,932 shares of the company’s stock valued at $322,000 after buying an additional 1,560 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.