Caris Life Sciences

CAI · NASDAQ

$31.11+$0.40 (+1.30%)TodayMarket closed · Oct 20, 5:53 PM ET

Prev close $30.71

CAI analyst rating

BuyConsensus of 11 analysts over the last 12 months. 64% rate it a buy.

Strong buy0
Buy7
Hold4
Underperform0
Sell0

12-month price target · 14 analysts

Average $28.31 (−9.0% downside)

Low: $22.22
Now: $31.11
High: $36.75

Upgrades and downgrades

The latest rating actions, newest first

CAI analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Canaccord Genuity	Oct 19, 2026	Maintains	Hold	$22.00 → $30.00	55%
JP Morgan	Oct 14, 2026	Maintains	Overweight	$25.00 → $35.00	71%
TD Cowen	Oct 13, 2026	Maintains	Buy	$30.00 → $36.00	61%
UBS	Sep 9, 2026	Initiates	Neutral	$28.00	59%
Evercore ISI Group	Aug 6, 2026	Maintains	Outperform	$25.00 → $26.00	52%
BTIG	Aug 6, 2026	Maintains	Buy	$32.00 → $33.00	54%
JP Morgan	Aug 5, 2026	Maintains	Overweight	$30.00 → $25.00	71%
Evercore ISI Group	Jul 6, 2026	Maintains	Outperform	$30.00 → $25.00	52%
BTIG	Jul 2, 2026	Maintains	Buy	$32.00	54%
Wolfe Research	Jun 2, 2026	Initiates	Peer Perform	—	45%

The case for and against

Updated Oct 18, 2026

Bull case

Caris Life Sciences is positioned for attractive fundamental upside because its core oncology testing business is reaccelerating, with Q2'26 therapy selection volumes rising 18% Y/Y to 59.2k, tissue cases up 13% Y/Y to 48.3k, and blended ASPs jumping to about $4,261, supporting stronger revenue conversion. The company’s moat is reinforced by its FDA-approved MI Cancer Seek CDx, a premium $8,455 Medicare-reimbursed test with growing commercial payor adoption, while new products such as Chromoseq, MI Clarity, and Caris Assure broaden the addressable market and add pipeline upside. Financially, Caris generated $216M in Q1'26 revenue, $26M in Adj. EBITDA, $33M of CFO, and held $826M of cash, giving it the balance-sheet strength to keep expanding sales capacity and pursue profitable growth.

Bear case

Caris Life Sciences is facing a cautious outlook because growth from its newer Caris Assure liquid biopsy test may arrive slower than expected, while competition in precision oncology testing remains intense from large, established laboratory companies across tissue, blood, MRD, and early-detection markets. Although the flagship tissue test has commercialized successfully, there is meaningful execution risk that Caris can replicate that success, especially as Q1 volumes rose only 15% Y/Y, below the 21% estimate, despite 85% Y/Y core revenue growth and a small top- and bottom-line beat. The company also faces litigation, reimbursement, development, and commercialization risks on unmodeled programs, plus valuation and balance-sheet risk, with its framework implying 2027 revenue of $1.2B and an 8.7x multiple.

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