3,291,963 Shares in Castle Biosciences, Inc. $CSTL Purchased by BlackRock Inc.

Key Points

• BlackRock acquired 3.29 million Castle Biosciences shares worth approximately $78.5 million, giving it a 10.78% stake. Institutional investors collectively own 92.6% of the company.
• Castle Biosciences exceeded quarterly expectations, reporting a loss of $0.07 per share versus the expected $0.41 loss and revenue of $99.86 million versus estimates of $86.23 million.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $42, while the stock recently traded at $33.50. Company insiders have sold nearly 170,000 shares worth about $5 million over the past 90 days.

BlackRock Inc. acquired a new position in shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 3,291,963 shares of the company's stock, valued at approximately $78,513,000. BlackRock Inc. owned 10.78% of Castle Biosciences at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the business. Truist Financial Corp increased its stake in Castle Biosciences by 1.1% in the 4th quarter. Truist Financial Corp now owns 23,628 shares of the company's stock valued at $919,000 after buying an additional 257 shares during the period. CWM LLC increased its stake in shares of Castle Biosciences by 20.5% in the fourth quarter. CWM LLC now owns 2,302 shares of the company's stock worth $90,000 after acquiring an additional 391 shares during the last quarter. HRT Financial LP raised its holdings in shares of Castle Biosciences by 0.9% during the fourth quarter. HRT Financial LP now owns 47,654 shares of the company's stock worth $1,853,000 after acquiring an additional 415 shares in the last quarter. Assetmark Inc. boosted its position in Castle Biosciences by 9.3% during the first quarter. Assetmark Inc. now owns 5,779 shares of the company's stock valued at $142,000 after purchasing an additional 492 shares during the last quarter. Finally, Franklin Resources Inc. boosted its position in Castle Biosciences by 0.5% during the third quarter. Franklin Resources Inc. now owns 99,787 shares of the company's stock valued at $2,272,000 after purchasing an additional 540 shares during the last quarter. Hedge funds and other institutional investors own 92.60% of the company's stock.

Castle Biosciences Stock Performance

Castle Biosciences stock opened at $33.50 on Monday. The business has a 50 day moving average price of $27.24 and a two-hundred day moving average price of $25.43. The company has a quick ratio of 5.85, a current ratio of 6.04 and a debt-to-equity ratio of 0.02. Castle Biosciences, Inc. has a 12 month low of $17.72 and a 12 month high of $44.28. The stock has a market cap of $1.02 billion, a price-to-earnings ratio of -50.76 and a beta of 0.98.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.34. The company had revenue of $99.86 million for the quarter, compared to analyst estimates of $86.23 million. Castle Biosciences had a negative return on equity of 4.15% and a negative net margin of 5.43%. As a group, equities analysts forecast that Castle Biosciences, Inc. will post -1.29 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the company. Weiss Ratings raised Castle Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a research note on Friday, July 31st. Robert W. Baird set a $36.00 target price on shares of Castle Biosciences in a research note on Friday, July 31st. Wall Street Zen upgraded shares of Castle Biosciences from a "sell" rating to a "hold" rating in a research note on Saturday, August 1st. BTIG Research lifted their price objective on shares of Castle Biosciences from $40.00 to $44.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Finally, KeyCorp set a $35.00 price objective on shares of Castle Biosciences in a report on Friday, May 29th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $42.00.

Insider Buying and Selling at Castle Biosciences

In other news, insider Tobin W. Juvenal sold 9,050 shares of the stock in a transaction on Tuesday, August 25th. The shares were sold at an average price of $35.04, for a total value of $317,112.00. Following the completion of the transaction, the insider owned 66,914 shares in the company, valued at approximately $2,344,666.56. This represents a 11.91% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Derek J. Maetzold sold 2,546 shares of the firm's stock in a transaction dated Wednesday, August 5th. The stock was sold at an average price of $30.68, for a total transaction of $78,111.28. Following the transaction, the insider directly owned 21,479 shares of the company's stock, valued at $658,975.72. The trade was a 10.60% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 169,957 shares of company stock valued at $4,996,708 in the last 90 days. 6.10% of the stock is currently owned by company insiders.

Castle Biosciences Profile

Castle Biosciences, Inc is a molecular diagnostics company specializing in the development and commercialization of prognostic and diagnostic tests for patients with dermatologic conditions. The company's proprietary portfolio of genomic assays is designed to improve risk assessment and guide clinical decision-making for individuals with skin cancers and other skin-related diseases. By combining genomic data with advanced statistical algorithms, Castle Biosciences seeks to provide actionable insights that help physicians tailor treatment plans and monitoring strategies.

The company's flagship test, DecisionDx-Melanoma, evaluates the probability of metastasis in patients diagnosed with cutaneous melanoma, supporting more personalized surveillance and therapeutic approaches.

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