Caris Life Sciences, Inc. (NASDAQ:CAI – Get Free Report)’s stock price traded down 6.2% during mid-day trading on Wednesday . The stock traded as low as $26.48 and last traded at $26.28. Approximately 1,579,034 shares changed hands during mid-day trading, a decline of 49% from the average session volume of 3,075,507 shares. The stock had previously closed at $28.01.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on CAI. Wolfe Research downgraded Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a research report on Monday, June 1st. JPMorgan Chase & Co. decreased 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. Citigroup dropped their price target on Caris Life Sciences from $35.00 to $28.00 and set a “buy” rating on the stock in a research note on Friday, May 8th. Wall Street Zen raised Caris Life Sciences from a “sell” rating to a “hold” rating in a report on Sunday, August 16th. Finally, Weiss Ratings upgraded shares of Caris Life Sciences from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday. Seven analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, Caris Life Sciences presently has a consensus rating of “Moderate Buy” and a consensus price target of $26.33.
View Our Latest Stock Report on CAI
Caris Life Sciences Trading Down 6.1%
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 shares. This repurchase authorization permits the company to purchase up to 2.1% of its stock through open market purchases. Stock 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
Institutional investors have recently modified their holdings of the business. PointState Capital LP bought a new position in Caris Life Sciences during the second quarter worth about $121,690,000. BlackRock Inc. acquired a new position in shares of Caris Life Sciences during the 2nd quarter worth approximately $98,666,000. California State Teachers Retirement System raised its position in shares of Caris Life Sciences by 64,861.8% in the second quarter. California State Teachers Retirement System now owns 3,249,388 shares of the company’s stock valued at $57,904,000 after buying an additional 3,244,386 shares in the last quarter. UBS Group AG raised its position in shares of Caris Life Sciences by 825.9% in the fourth quarter. UBS Group AG now owns 2,183,980 shares of the company’s stock valued at $58,924,000 after buying an additional 1,948,107 shares in the last quarter. Finally, Balyasny Asset Management L.P. boosted its stake in shares of Caris Life Sciences by 23,902.9% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,660,280 shares of the company’s stock valued at $44,794,000 after buying an additional 1,653,363 shares during the period.
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.
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