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Investing.com - BTIG initiated coverage on Caris Life Sciences Inc (NASDAQ:CAI) with a Buy rating and a price target of $38.00 on Monday, representing significant upside from the current price of $26.51. According to InvestingPro data, analyst targets range from $31 to $32.
The research firm cited Caris as a "rapidly-growing market leader in precision oncology lab testing" with the first and only FDA-approved WES/WTS tissue-based assay called MI Cancer Seek.
BTIG noted that Caris is building greater interest in its newer liquid biopsy test (Caris Assure) and its biopharma offerings, with plans to launch in MRD testing and early cancer detection.
Medical (TASE:BLWV) oncologist checks conducted by BTIG revealed that Caris is considered a high-quality lab provider capable of finding malignancies that other labs sometimes miss, partly because Caris tests a patient’s full transcriptome (RNA).
BTIG expects Caris to expand beyond oncology to other disease states, leverage its AI/machine learning/database capabilities, and grow its business with biopharmaceutical companies over the longer term.
In other recent news, Caris Life Sciences has been in the spotlight with several notable developments. The company announced the validation of its Caris Assure blood-based biopsy platform for cancer detection, as detailed in a study published in Scientific Reports. This platform demonstrated high sensitivities between 83.1% and 95.7% for early cancer detection across stages I-IV, along with a specificity of 99.6%. Additionally, the test showed predictive power for cancer recurrence, enhancing its utility in therapy selection and disease monitoring.
In another development, BofA Securities initiated coverage on Caris Life Sciences with a Buy rating and a price target of $31.00. The firm highlighted Caris’s unique position in the molecular diagnostic field, emphasizing its comprehensive test offerings and advanced AI/data analysis capabilities. BofA Securities projects a 41% sales compound annual growth rate for Caris from fiscal year 2024 to fiscal year 2027, alongside a 28% adjusted EBITDA margin by fiscal year 2027. These projections suggest that Caris may achieve a market-leading financial profile, warranting a valuation at or above its peers.
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