Bank of New York Mellon Corp Takes Position in Caris Life Sciences, Inc. $CAI

Bank of New York Mellon Corp purchased a new stake in Caris Life Sciences, Inc. (NASDAQ:CAI - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 308,407 shares of the company's stock, valued at approximately $5,496,000. Bank of New York Mellon Corp owned 0.11% of Caris Life Sciences at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. ProShare Advisors LLC purchased a new position in Caris Life Sciences in the fourth quarter worth $336,000. Global Retirement Partners LLC boosted its position in Caris Life Sciences by 99,900.0% during the fourth quarter. Global Retirement Partners LLC now owns 1,000 shares of the company's stock worth $27,000 after purchasing an additional 999 shares during the period. Seven Grand Managers LLC boosted its stake in Caris Life Sciences by 395.1% in the 4th quarter. Seven Grand Managers LLC now owns 495,095 shares of the company's stock worth $13,358,000 after purchasing an additional 395,095 shares during the period. Norges Bank purchased a new position in shares of Caris Life Sciences during the 4th quarter valued at $2,976,000. Finally, BNP Paribas Financial Markets grew its position in Caris Life Sciences by 57,052.2% during the fourth quarter. BNP Paribas Financial Markets now owns 685,826 shares of the company's stock worth $18,504,000 after buying an additional 684,626 shares in the last quarter.

Caris Life Sciences Stock Down 1.0%

CAI opened at $25.07 on Friday. The firm's fifty day moving average is $19.98 and its 200 day moving average is $18.85. Caris Life Sciences, Inc. has a fifty-two week low of $14.19 and a fifty-two week high of $36.65. The stock has a market cap of $7.08 billion, a price-to-earnings ratio of 69.64 and a beta of 1.10. The company has a debt-to-equity ratio of 0.66, a quick ratio of 4.88 and a current ratio of 5.53.

Caris Life Sciences announced that its Board of Directors has initiated a stock repurchase plan on Monday, June 8th that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to repurchase up to 2.1% of its stock through open market purchases. Stock buyback plans are often a sign that the company's management believes its shares are undervalued.

Insider Buying and Selling at Caris Life Sciences

In related news, President David Baxley Spetzler sold 478,000 shares of the firm's stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $24.86, for a total transaction of $11,883,080.00. Following the completion of the transaction, the president directly owned 1,052,083 shares of the company's stock, valued at approximately $26,154,783.38. This trade represents a 31.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Corporate insiders own 50.00% of the company's stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on CAI. BTIG Research raised their price objective on shares of Caris Life Sciences from $32.00 to $33.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. Evercore reaffirmed an "outperform" rating and set a $26.00 price objective on shares of Caris Life Sciences in a research note on Thursday, August 6th. JPMorgan Chase & Co. cut their target price on Caris Life Sciences from $35.00 to $30.00 and set an "overweight" rating on the stock in a research note on Friday, May 8th. Robert W. Baird set a $22.00 price target on Caris Life Sciences in a report on Friday, May 8th. Finally, Weiss Ratings upgraded shares of Caris Life Sciences from a "sell (d-)" rating to a "sell (d)" rating in a report on Friday, August 21st. 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 data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $26.33.

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.

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