AIGH Capital Management LLC Buys Shares of 545,101 Castle Biosciences, Inc. $CSTL

Key Points

• AIGH Capital Management purchased 545,101 Castle Biosciences shares worth approximately $13 million, giving it a 1.78% stake and making CSTL its 20th-largest portfolio holding.
• Castle Biosciences exceeded quarterly expectations, reporting a loss of $0.07 per share versus the $0.41 consensus loss estimate and revenue of $99.86 million versus $86.23 million expected.
• Analysts maintain a “Moderate Buy” consensus with a $42 average price target, although insiders sold 140,477 shares worth about $3.93 million over the past 90 days.

AIGH Capital Management LLC purchased a new stake in shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) in the second quarter, according to its most recent filing with the SEC. The firm purchased 545,101 shares of the company's stock, valued at approximately $13,001,000. Castle Biosciences accounts for about 0.8% of AIGH Capital Management LLC's portfolio, making the stock its 20th largest position. AIGH Capital Management LLC owned about 1.78% of Castle Biosciences at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of the company. Global Retirement Partners LLC purchased a new position in Castle Biosciences in the 2nd quarter valued at approximately $26,000. Federated Hermes Inc. purchased a new stake in Castle Biosciences during the fourth quarter worth $26,000. Kemnay Advisory Services Inc. purchased a new stake in Castle Biosciences during the fourth quarter worth $35,000. Jones Financial Companies Lllp grew its holdings in Castle Biosciences by 10,592.0% in the first quarter. Jones Financial Companies Lllp now owns 2,673 shares of the company's stock valued at $54,000 after purchasing an additional 2,648 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Castle Biosciences by 26.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,418 shares of the company's stock valued at $55,000 after purchasing an additional 297 shares during the last quarter. Hedge funds and other institutional investors own 92.60% of the company's stock.

Insider Activity at Castle Biosciences

In other Castle Biosciences news, COO Kristen M. Oelschlager sold 8,587 shares of Castle Biosciences stock in a transaction that occurred on Tuesday, June 16th. The shares were sold at an average price of $20.71, for a total value of $177,836.77. Following the completion of the sale, the chief operating officer directly owned 30,460 shares of the company's stock, valued at approximately $630,826.60. The trade was a 21.99% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Tobin W. Juvenal sold 17,310 shares of Castle Biosciences stock in a transaction that occurred on Friday, July 31st. The stock was sold at an average price of $29.31, for a total transaction of $507,356.10. Following the completion of the sale, the insider directly owned 80,725 shares of the company's stock, valued at $2,366,049.75. The trade was a 17.66% 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. Over the last 90 days, insiders have sold 140,477 shares of company stock valued at $3,925,791. Company insiders own 6.10% of the company's stock.

Castle Biosciences Price Performance

CSTL opened at $29.62 on Monday. The firm has a market cap of $904.89 million, a P/E ratio of -44.88 and a beta of 0.98. The business's fifty day simple moving average is $24.82 and its 200 day simple moving average is $25.73. Castle Biosciences, Inc. has a 52 week low of $17.72 and a 52 week high of $44.28. 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 (NASDAQ:CSTL - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.07) earnings per share (EPS) 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 analysts' expectations of $86.23 million. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. As a group, equities research analysts anticipate that Castle Biosciences, Inc. will post -1.29 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently issued reports on CSTL. Canaccord Genuity Group cut their price target on Castle Biosciences from $50.00 to $40.00 and set a "buy" rating for the company in a research note on Monday, April 20th. Weiss Ratings upgraded shares of Castle Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, July 31st. BTIG Research increased 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. Robert W. Baird set a $36.00 target price on shares of Castle Biosciences in a report on Friday, July 31st. Finally, KeyCorp set a $35.00 target price on shares of Castle Biosciences in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $42.00.

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.

Want to see what other hedge funds are holding CSTL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source