Key Points
- Director Jon Halbert bought 68,000 shares of Caris Life Sciences at an average price of $14.56, spending about $990,080. After the purchase, he owned 704,598 shares, a 10.68% increase in his stake.
- Caris Life Sciences also announced a $100 million share repurchase program, which covers up to 2.1% of outstanding shares. Buybacks are often seen as a signal that management thinks the stock may be undervalued.
- Analyst sentiment on NASDAQ:CAI is mixed: the consensus rating is Hold with an average target price of $26.11. Shares recently traded at $17.06, below the 200-day average of $20.14 and far under the 52-week high of $42.50.
Caris Life Sciences, Inc. (NASDAQ:CAI - Get Free Report) Director Jon Halbert bought 68,000 shares of the company's stock in a transaction dated Friday, May 15th. The shares were acquired at an average cost of $14.56 per share, with a total value of $990,080.00. Following the acquisition, the director directly 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Caris Life Sciences Price Performance
Shares of NASDAQ CAI opened at $17.06 on Tuesday. The firm has a 50-day simple moving average of $17.08 and a 200-day simple moving average of $20.14. The company has a quick ratio of 6.52, a current ratio of 7.05 and a debt-to-equity ratio of 0.64. The stock has a market capitalization of $4.82 billion and a price-to-earnings ratio of -2.24. Caris Life Sciences, Inc. has a 52 week low of $14.19 and a 52 week high of $42.50.
Caris Life Sciences declared that its board has authorized a share repurchase program on Monday, June 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's management believes its stock is undervalued.
Institutional Trading of Caris Life Sciences
A number of hedge funds and other institutional investors have recently made changes to their positions in CAI. Global Retirement Partners LLC raised 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 valued at $27,000 after buying an additional 999 shares during the period. Olistico Wealth LLC purchased a new position in Caris Life Sciences in the fourth quarter worth approximately $31,000. PNC Financial Services Group Inc. increased its stake in 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 acquiring an additional 1,469 shares during the last quarter. MetLife Investment Management LLC raised its position in Caris Life Sciences by 84.0% in the fourth quarter. MetLife Investment Management LLC now owns 1,654 shares of the company's stock valued at $45,000 after purchasing an additional 755 shares during the period. Finally, Fifth Third Bancorp acquired a new position in shares of Caris Life Sciences in the 1st quarter valued at $31,000.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on CAI shares. Wall Street Zen lowered shares of Caris Life Sciences from a "buy" rating to a "hold" rating in a research note on Saturday, May 2nd. JPMorgan Chase & Co. lowered their price objective on Caris Life Sciences from $35.00 to $30.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. BTIG Research restated a "buy" rating and issued a $32.00 target price on shares of Caris Life Sciences in a report on Thursday, July 2nd. Robert W. Baird set a $22.00 target price on Caris Life Sciences in a research note on Friday, May 8th. Finally, Piper Sandler assumed coverage on Caris Life Sciences in a report on Friday, April 10th. They set a "neutral" rating and a $21.00 price target on the stock. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold" and an average target price of $26.11.
Read Our Latest Stock Analysis on CAI
About Caris Life Sciences
(
Get Free Report)
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.
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