Caris Life Sciences (NASDAQ:CAI) to Repurchase $100.00 million in Stock

Caris Life Sciences (NASDAQ:CAI) declared that its board has authorized a stock buyback program on Monday, June 8th, RTT News reports. The company plans to repurchase $100.00 million in shares. This repurchase authorization allows the company to purchase up to 2.2% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CAI. Weiss Ratings raised Caris Life Sciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Monday, May 11th. Wolfe Research lowered Caris Life Sciences from an “outperform” rating to a “peer perform” rating in a research report on Monday, June 1st. Canaccord Genuity Group reduced their target price on Caris Life Sciences from $30.00 to $22.00 and set a “hold” rating for the company in a research note on Friday, March 13th. BTIG Research reduced their target price on Caris Life Sciences from $38.00 to $32.00 and set a “buy” rating for the company in a research note on Friday, May 8th. Finally, Piper Sandler assumed coverage on Caris Life Sciences in a research note on Friday, April 10th. They issued a “neutral” rating and a $21.00 target price for the company. Six analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $27.56.

Caris Life Sciences Stock Down 2.1%

CAI stock traded down $0.35 during mid-day trading on Monday, reaching $16.14. 3,297,169 shares of the company traded hands, compared to its average volume of 2,982,391. The firm has a market cap of $4.56 billion and a PE ratio of -2.12. The company has a current ratio of 7.05, a quick ratio of 6.52 and a debt-to-equity ratio of 0.64. Caris Life Sciences has a fifty-two week low of $14.19 and a fifty-two week high of $42.50. The company has a 50 day simple moving average of $17.80.

Insider Transactions at Caris Life Sciences

In related news, Director Jeff L. Vacirca purchased 31,050 shares of the business’s stock in a transaction on Monday, May 11th. The stock was acquired at an average price of $16.15 per share, for a total transaction of $501,457.50. Following the purchase, the director owned 49,671 shares of the company’s stock, valued at approximately $802,186.65. This trade represents a 166.75% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 50.00% of the company’s stock.

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.