Allspring Global Investments Holdings LLC Sells 56,619 Shares of Castle Biosciences, Inc. $CSTL

Key Points

• Allspring Global Investments Holdings LLC reduced its holdings in Castle Biosciences, Inc. by 26.0%, selling 56,619 shares and owning approximately 0.56% of the company at the end of the second quarter.
• Castle Biosciences has received a consensus rating of "Moderate Buy" from analysts, with seven giving it a Buy rating and a current average price target of $36.57.
• The company's stock recently rose 3.9% to open at $23.01, and it reported earnings of $0.15 per share, significantly exceeding expectations of a loss of $0.51.

Allspring Global Investments Holdings LLC decreased its position in shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) by 26.0% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 161,175 shares of the company's stock after selling 56,619 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.56% of Castle Biosciences worth $3,291,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. grew its stake in shares of Castle Biosciences by 11.7% during the 1st quarter. Vanguard Group Inc. now owns 2,047,565 shares of the company's stock worth $40,992,000 after acquiring an additional 215,030 shares during the period. Principal Financial Group Inc. boosted its stake in Castle Biosciences by 2.2% in the 1st quarter. Principal Financial Group Inc. now owns 1,467,873 shares of the company's stock worth $29,387,000 after purchasing an additional 32,208 shares during the period. Wellington Management Group LLP boosted its stake in Castle Biosciences by 14.7% in the 1st quarter. Wellington Management Group LLP now owns 828,528 shares of the company's stock worth $16,587,000 after purchasing an additional 106,408 shares during the period. Acadian Asset Management LLC boosted its stake in Castle Biosciences by 65.4% in the 1st quarter. Acadian Asset Management LLC now owns 676,066 shares of the company's stock worth $13,527,000 after purchasing an additional 267,416 shares during the period. Finally, Nuveen LLC bought a new position in Castle Biosciences in the 1st quarter worth about $13,450,000. Institutional investors own 92.60% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the company. Zacks Research upgraded Castle Biosciences from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 27th. Weiss Ratings restated a "sell (e+)" rating on shares of Castle Biosciences in a research note on Wednesday, October 8th. Wall Street Zen upgraded Castle Biosciences from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Finally, Canaccord Genuity Group restated a "buy" rating and issued a $37.00 target price on shares of Castle Biosciences in a research note on Tuesday, September 9th. Seven investment analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $36.57.

Castle Biosciences Stock Up 3.9%

CSTL stock opened at $23.01 on Tuesday. The company has a current ratio of 6.85, a quick ratio of 6.69 and a debt-to-equity ratio of 0.02. The company's 50 day moving average is $22.38 and its 200 day moving average is $19.79. The stock has a market cap of $667.52 million, a price-to-earnings ratio of -65.74 and a beta of 1.13. Castle Biosciences, Inc. has a 1-year low of $14.59 and a 1-year high of $35.84.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.15 earnings per share for the quarter, topping the consensus estimate of ($0.51) by $0.66. The company had revenue of $86.18 million for the quarter, compared to analysts' expectations of $71.53 million. Castle Biosciences had a negative net margin of 2.73% and a positive return on equity of 2.37%. Castle Biosciences has set its FY 2025 guidance at EPS. Sell-side analysts predict that Castle Biosciences, Inc. will post 0.44 EPS for the current fiscal year.

Insider Buying and Selling at Castle Biosciences

In related news, insider Derek J. Maetzold sold 1,339 shares of the firm's stock in a transaction dated Wednesday, September 17th. The stock was sold at an average price of $21.97, for a total transaction of $29,417.83. Following the transaction, the insider directly owned 65,666 shares of the company's stock, valued at approximately $1,442,682.02. This trade represents a 2.00% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 7.20% of the company's stock.

About Castle Biosciences

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.

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