Bank of America Corp DE Makes New $2.35 Million Investment in Castle Biosciences, Inc. $CSTL

Key Points

• Bank of America acquired 98,745 Castle Biosciences shares worth approximately $2.35 million during the second quarter, giving it a 0.32% stake. Institutional investors collectively own 92.6% of the company.
• Analysts remain broadly positive, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $42, compared with a recent price of $35.53.
• Castle Biosciences exceeded quarterly expectations, reporting revenue of $99.86 million and an adjusted loss of $0.07 per share versus the $0.41 loss analysts expected. However, insiders sold 178,432 shares worth $5.64 million during the latest quarter.

Bank of America Corp DE acquired a new stake in Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 98,745 shares of the company's stock, valued at approximately $2,355,000. Bank of America Corp DE owned about 0.32% of Castle Biosciences at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the stock. Assetmark Inc. grew its stake in Castle Biosciences by 9.3% in the 1st quarter. Assetmark Inc. now owns 5,779 shares of the company's stock valued at $142,000 after buying an additional 492 shares during the last quarter. Caitong International Asset Management Co. Ltd lifted its position in Castle Biosciences by 140.4% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,750 shares of the company's stock worth $68,000 after acquiring an additional 1,022 shares during the last quarter. Global Retirement Partners LLC acquired a new stake in Castle Biosciences during the second quarter worth approximately $26,000. Summit Global Investments boosted its holdings in shares of Castle Biosciences by 10.9% during the first quarter. Summit Global Investments now owns 13,718 shares of the company's stock worth $337,000 after acquiring an additional 1,353 shares during the period. Finally, Allspring Global Investments Holdings LLC boosted its holdings in shares of Castle Biosciences by 0.9% during the first quarter. Allspring Global Investments Holdings LLC now owns 160,663 shares of the company's stock worth $3,944,000 after acquiring an additional 1,492 shares during the period. 92.60% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several analysts recently weighed in on CSTL shares. BTIG Research lifted their price target on Castle Biosciences from $40.00 to $44.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Weiss Ratings raised Castle Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, July 31st. Wall Street Zen upgraded Castle Biosciences from a "hold" rating to a "buy" rating in a research report on Saturday, September 26th. Roth Capital initiated coverage on Castle Biosciences in a report on Wednesday, June 24th. They set a "buy" rating and a $40.00 target price for the company. Finally, Robert W. Baird set a $36.00 target price on shares of Castle Biosciences in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $42.00.

Castle Biosciences Trading Up 1.9%

Shares of Castle Biosciences stock opened at $35.53 on Thursday. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of -53.83 and a beta of 0.99. 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 firm's 50-day moving average price is $32.08 and its two-hundred day moving average price is $26.14.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last issued its earnings results on Thursday, July 30th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.34. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. The company had revenue of $99.86 million during the quarter, compared to analysts' expectations of $86.23 million. On average, analysts forecast that Castle Biosciences, Inc. will post -1.29 earnings per share for the current fiscal year.

Insider Activity

In other Castle Biosciences news, COO Kristen M. Oelschlager sold 12,384 shares of Castle Biosciences stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $34.42, for a total value of $426,257.28. Following the transaction, the chief operating officer owned 72,649 shares in the company, valued at $2,500,578.58. The trade was a 14.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Derek Maetzold sold 20,356 shares of the stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.11, for a total transaction of $633,275.16. Following the completion of the transaction, the insider directly owned 21,479 shares of the company's stock, valued at $668,211.69. This trade represents a 48.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 178,432 shares of company stock worth $5,635,028. Insiders own 6.10% of the company's stock.

Castle Biosciences Company Profile

Castle Biosciences, Inc is a molecular diagnostics company that develops and commercializes tests designed to help physicians make more informed decisions about cancer diagnosis and treatment. Its products use genomic and molecular information to assess disease characteristics, patient risk and likely outcomes.

The company's portfolio includes DecisionDx-Melanoma, which helps assess the risk of metastasis in patients with cutaneous melanoma; DecisionDx-SCC, which evaluates metastatic risk in certain patients with cutaneous squamous cell carcinoma; and MyPath Melanoma, which assists in distinguishing benign from malignant melanocytic lesions.

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