Canaccord Genuity Group Issues Pessimistic Forecast for Caris Life Sciences (NASDAQ:CAI) Stock Price

Caris Life Sciences (NASDAQ:CAI) had its price target reduced by Canaccord Genuity Group from $30.00 to $22.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has a “hold” rating on the stock. Canaccord Genuity Group’s price objective suggests a potential upside of 21.83% from the company’s previous close.

CAI has been the topic of several other reports. Robert W. Baird raised their price objective on Caris Life Sciences from $26.00 to $28.00 and gave the stock an “outperform” rating in a research note on Friday, February 27th. Evercore set a $38.00 target price on shares of Caris Life Sciences in a research note on Monday, January 5th. Wall Street Zen raised shares of Caris Life Sciences from a “hold” rating to a “buy” rating in a report on Saturday, March 7th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Caris Life Sciences in a research report on Monday, December 29th. Finally, BTIG Research dropped their price objective on shares of Caris Life Sciences from $45.00 to $38.00 and set a “buy” rating on the stock in a research note on Friday, February 27th. Two research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $31.50.

Caris Life Sciences Price Performance

Caris Life Sciences stock traded up $0.37 during midday trading on Friday, hitting $18.06. 1,045,466 shares of the stock were exchanged, compared to its average volume of 2,442,459. Caris Life Sciences has a 1 year low of $17.15 and a 1 year high of $42.50. The stock has a market cap of $5.10 billion and a price-to-earnings ratio of -100.32. The company has a debt-to-equity ratio of 0.66, a quick ratio of 7.35 and a current ratio of 7.85. The company has a 50 day simple moving average of $22.84.

Caris Life Sciences (NASDAQ:CAI) last released its earnings results on Thursday, February 26th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.01 by $0.27. The business had revenue of $292.89 million for the quarter, compared to analysts’ expectations of $281.00 million. The business’s quarterly revenue was up 125.4% compared to the same quarter last year. During the same quarter last year, the company posted ($1.73) earnings per share.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in the business. PEAK6 LLC increased its holdings in shares of Caris Life Sciences by 6.9% during the fourth quarter. PEAK6 LLC now owns 24,800 shares of the company’s stock valued at $669,000 after purchasing an additional 1,600 shares during the period. Perceptive Advisors LLC lifted its holdings in Caris Life Sciences by 3.5% in the fourth quarter. Perceptive Advisors LLC now owns 1,136,206 shares of the company’s stock worth $30,655,000 after purchasing an additional 38,043 shares during the period. Element Capital Management LLC bought a new position in Caris Life Sciences in the 4th quarter valued at about $1,349,000. Temasek Holdings Private Ltd acquired a new position in Caris Life Sciences during the 4th quarter valued at about $330,000. Finally, Clal Insurance Enterprises Holdings Ltd bought a new stake in shares of Caris Life Sciences during the 4th quarter worth about $322,000.

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.