Caris Life Sciences (NASDAQ:CAI) Trading Down 6.2% – Here’s Why

Caris Life Sciences, Inc. (NASDAQ:CAI)’s share price fell 6.2% during trading on Wednesday . The stock traded as low as $26.48 and last traded at $26.28. Approximately 1,579,034 shares were traded during trading, a decline of 49% from the average session volume of 3,075,507 shares. The stock had previously closed at $28.01.

Analysts Set New Price Targets

CAI has been the subject of a number of analyst reports. BTIG Research boosted their price target on Caris Life Sciences from $32.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, August 6th. JPMorgan Chase & Co. cut their target price on shares of Caris Life Sciences from $35.00 to $30.00 and set an “overweight” rating for the company in a report on Friday, May 8th. New Street Research began coverage on shares of Caris Life Sciences in a research note on Friday, May 8th. They issued a “market perform” rating for the company. Wolfe Research downgraded shares of Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a report on Monday, June 1st. Finally, Weiss Ratings upgraded shares of Caris Life Sciences from a “sell (d-)” rating to a “sell (d)” rating in a research report on Friday, August 21st. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $26.33.

Caris Life Sciences Stock Down 1.6%

The stock has a market cap of $7.45 billion, a price-to-earnings ratio of 73.28 and a beta of 0.68. The business’s 50 day moving average is $19.13 and its 200-day moving average is $18.67. The company has a debt-to-equity ratio of 0.66, a quick ratio of 4.88 and a current ratio of 5.53.

Caris Life Sciences declared that its board has initiated a stock buyback plan on Monday, June 8th that authorizes the company to buyback $100.00 million in outstanding shares. This buyback authorization authorizes the company to purchase up to 2.1% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. Renaissance Technologies LLC increased its position in shares of Caris Life Sciences by 36.4% during the first quarter. Renaissance Technologies LLC now owns 449,900 shares of the company’s stock worth $8,044,000 after purchasing an additional 120,000 shares in the last quarter. UBS Group AG lifted its holdings in Caris Life Sciences by 825.9% in the 4th quarter. UBS Group AG now owns 2,183,980 shares of the company’s stock valued at $58,924,000 after purchasing an additional 1,948,107 shares in the last quarter. Sei Investments Co. lifted its holdings in Caris Life Sciences by 2,348.6% in the 1st quarter. Sei Investments Co. now owns 598,712 shares of the company’s stock valued at $10,705,000 after purchasing an additional 574,261 shares in the last quarter. Lazard Asset Management LLC boosted its stake in Caris Life Sciences by 26.0% during the 1st quarter. Lazard Asset Management LLC now owns 305,911 shares of the company’s stock worth $5,470,000 after purchasing an additional 63,132 shares during the last quarter. Finally, The Manufacturers Life Insurance Company grew its holdings in shares of Caris Life Sciences by 50.8% during 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.

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.