Bank of New York Mellon Corp Purchases 181,258 Shares of Caris Life Sciences, Inc. $CAI

Key Points

• Bank of New York Mellon increased its Caris Life Sciences stake by 359.6% in the first quarter, buying 181,258 additional shares for a total holding valued at approximately $4.1 million. Several other major institutions also significantly expanded their positions.
• Caris directors made notable insider purchases, including 68,000 shares by Jon Halbert and 31,050 shares by Jeff L. Vacirca. Insiders collectively own 50% of the company.
• The stock was trading at $20.00 after rising 21.6%, while Caris authorized a $100 million share buyback. Analysts maintain a “Moderate Buy” consensus with an average price target of $26.22.

Bank of New York Mellon Corp boosted its holdings in Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) by 359.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 231,661 shares of the company's stock after buying an additional 181,258 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.08% of Caris Life Sciences worth $4,142,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. PointState Capital LP increased its position in Caris Life Sciences by 73.0% during the 4th quarter. PointState Capital LP now owns 6,718,707 shares of the company's stock valued at $181,271,000 after purchasing an additional 2,834,986 shares during the period. UBS Group AG lifted its stake in shares of Caris Life Sciences by 825.9% in the 4th quarter. UBS Group AG now owns 2,183,980 shares of the company's stock valued at $58,924,000 after purchasing an additional 1,948,107 shares during the period. Balyasny Asset Management L.P. lifted its stake in shares of Caris Life Sciences by 23,902.9% in the 4th quarter. Balyasny Asset Management L.P. now owns 1,660,280 shares of the company's stock valued at $44,794,000 after purchasing an additional 1,653,363 shares during the period. JPMorgan Chase & Co. boosted its position in shares of Caris Life Sciences by 185.0% during the 4th quarter. JPMorgan Chase & Co. now owns 2,445,281 shares of the company's stock valued at $65,974,000 after purchasing an additional 1,587,176 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. grew its stake in Caris Life Sciences by 14.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 9,205,959 shares of the company's stock worth $248,377,000 after purchasing an additional 1,180,200 shares during the period.

Insiders Place Their Bets

In other Caris Life Sciences news, Director Jon Halbert purchased 68,000 shares of Caris Life Sciences stock in a transaction that occurred on Friday, May 15th. The stock was acquired at an average price of $14.56 per share, with a total value of $990,080.00. Following the transaction, the director owned 704,598 shares in the company, valued at $10,258,946.88. This trade represents a 10.68% increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeff L. Vacirca bought 31,050 shares of the firm's stock in a transaction dated Monday, May 11th. The shares were acquired at an average cost of $16.15 per share, with a total value of $501,457.50. Following the completion of the transaction, the director owned 49,671 shares of the company's stock, valued at $802,186.65. This represents a 166.75% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 50.00% of the stock is owned by company insiders.

Caris Life Sciences Trading Up 21.6%

Shares of Caris Life Sciences stock opened at $20.00 on Friday. The stock has a market capitalization of $5.65 billion, a PE ratio of 55.56 and a beta of 0.68. Caris Life Sciences, Inc. has a 52 week low of $14.19 and a 52 week high of $42.50. The stock has a 50 day moving average price of $17.10 and a two-hundred day moving average price of $18.73. The company has a debt-to-equity ratio of 0.64, a quick ratio of 6.52 and a current ratio of 7.05.

Caris Life Sciences declared that its board has authorized a share buyback plan on Monday, June 8th that authorizes the company to repurchase $100.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 2.1% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company's leadership believes its shares are undervalued.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on the company. Piper Sandler assumed coverage on Caris Life Sciences in a report on Friday, April 10th. They issued a "neutral" rating and a $21.00 target price for the company. BTIG Research reaffirmed a "buy" rating and set a $32.00 price objective on shares of Caris Life Sciences in a research report on Thursday, July 2nd. JPMorgan Chase & Co. lowered their price objective on shares of Caris Life Sciences from $35.00 to $30.00 and set an "overweight" rating for the company in a research note on Friday, May 8th. New Street Research initiated coverage on shares of Caris Life Sciences in a research note on Friday, May 8th. They set a "market perform" rating on the stock. Finally, Jefferies Financial Group started coverage on shares of Caris Life Sciences in a report on Monday, April 13th. They issued a "buy" rating and a $28.00 price target for the company. Seven analysts have rated the stock with a Buy rating, four have given a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Caris Life Sciences presently has a consensus rating of "Moderate Buy" and an average target price of $26.22.

Caris Life Sciences Profile

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.

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