Allianz Asset Management GmbH Boosts Holdings in Castle Biosciences, Inc. (NASDAQ:CSTL)

Key Points

• Allianz Asset Management GmbH significantly increased its holdings in Castle Biosciences, acquiring 317,103 shares which raised its stake by 98.4%, bringing their total to 639,477 shares.
• Castle Biosciences reported a quarterly loss of ($0.20) earnings per share, missing estimates by ($0.12), despite achieving revenue of $87.99 million which exceeded projections.
• Analyst ratings remain positive with a consensus average price target of $37.00, while various firms have adjusted their price targets, indicating ongoing investor interest in the stock.

Allianz Asset Management GmbH increased its holdings in shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) by 98.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 639,477 shares of the company's stock after purchasing an additional 317,103 shares during the quarter. Allianz Asset Management GmbH owned 2.22% of Castle Biosciences worth $12,802,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of CSTL. Wellington Management Group LLP acquired a new position in Castle Biosciences in the fourth quarter valued at about $19,244,000. Millennium Management LLC lifted its position in shares of Castle Biosciences by 290.5% during the fourth quarter. Millennium Management LLC now owns 548,809 shares of the company's stock worth $14,626,000 after purchasing an additional 408,272 shares in the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Castle Biosciences in the fourth quarter valued at approximately $6,639,000. Allspring Global Investments Holdings LLC boosted its stake in shares of Castle Biosciences by 2,070.8% in the first quarter. Allspring Global Investments Holdings LLC now owns 217,794 shares of the company's stock valued at $4,360,000 after purchasing an additional 207,761 shares during the period. Finally, Captrust Financial Advisors boosted its stake in shares of Castle Biosciences by 2,567.5% in the fourth quarter. Captrust Financial Advisors now owns 215,322 shares of the company's stock valued at $5,738,000 after purchasing an additional 207,250 shares during the period. 92.60% of the stock is owned by institutional investors and hedge funds.

Castle Biosciences Stock Down 2.2%

Castle Biosciences stock traded down $0.36 during mid-day trading on Friday, hitting $16.07. The company had a trading volume of 288,409 shares, compared to its average volume of 409,083. The stock has a market cap of $463.94 million, a price-to-earnings ratio of -84.58 and a beta of 1.10. Castle Biosciences, Inc. has a 1 year low of $15.45 and a 1 year high of $35.84. The company has a quick ratio of 9.19, a current ratio of 9.37 and a debt-to-equity ratio of 0.02. The business has a fifty day moving average of $18.06 and a 200 day moving average of $20.94.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The company reported ($0.20) EPS for the quarter, missing the consensus estimate of ($0.08) by ($0.12). The company had revenue of $87.99 million during the quarter, compared to analysts' expectations of $80.40 million. Castle Biosciences had a negative net margin of 1.46% and a positive return on equity of 3.41%. On average, sell-side analysts expect that Castle Biosciences, Inc. will post 0.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently commented on CSTL. Scotiabank lowered their price objective on shares of Castle Biosciences from $44.00 to $40.00 and set a "sector outperform" rating for the company in a research note on Wednesday, May 21st. Guggenheim set a $30.00 price objective on shares of Castle Biosciences and gave the company a "buy" rating in a research note on Friday, March 28th. Lake Street Capital lowered their price objective on shares of Castle Biosciences from $40.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Finally, Canaccord Genuity Group lowered their price objective on shares of Castle Biosciences from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, Castle Biosciences presently has an average rating of "Buy" and a consensus price target of $37.00.

Castle Biosciences Profile

Castle Biosciences, Inc, a molecular diagnostics company, provides testing solutions for the diagnosis and treatment of dermatologic cancers, Barrett's esophagus, uveal melanoma, and mental health conditions. It offers DecisionDx-Melanoma, a risk stratification gene expression profile (GEP) test to identify the risk of metastasis for patients diagnosed with invasive cutaneous melanoma; DecisionDx-SCC, a proprietary risk stratification GEP test for patients with cutaneous squamous cell carcinoma; MyPath Melanoma, a test used for patients with difficult-to-diagnose melanocytic lesions; and TissueCypher, a spatial omics test to predict future development of high-grade dysplasia and/or esophageal cancer in patients with non-dysplastic, indefinite dysplasia, or low-grade dysplasia Barrett's esophagus.