Analyst Daniel Brennan of TD Cowen maintained a Buy rating on Caris Life Sciences, Inc., boosting the price target to $38.00.
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Daniel Brennan has given his Buy rating due to a combination of factors that highlight Caris Life Sciences, Inc.’s strong performance and growth potential. The company reported its first quarter results since the IPO, which significantly surpassed both the firm’s and consensus expectations. This was achieved through a combination of improved pricing and increased volumes, leading to a substantial beat in margins and free cash flow projections.
Caris Life Sciences operates in an attractive oncology testing market and is a leading player in tissue-based comprehensive genomic profiling. The company has demonstrated superior revenue and margin growth, driven by a notable price increase for its FDA-approved MI Cancer Seek tissue test. Additionally, the faster-than-expected conversion of Medicare FFS to the new CDx test contributed to a significant revenue beat. These factors, along with a positive outlook for future growth, have led to an increase in the price target from $32 to $38, reinforcing the Buy rating.
According to TipRanks, Brennan is a 4-star analyst with an average return of 9.9% and a 46.54% success rate. Brennan covers the Healthcare sector, focusing on stocks such as Bruker, Thermo Fisher, and Avantor.