Bank of New York Mellon Corp Invests $2.34 Million in Castle Biosciences, Inc. $CSTL

Key Points

• Bank of New York Mellon initiated a $2.34 million position in Castle Biosciences, buying 98,018 shares. Institutional investors collectively own 92.6% of the company.
• Analyst sentiment remains broadly positive, with a consensus rating of “Moderate Buy” and an average price target of $42; BTIG recently raised its target to $44.
• Castle Biosciences exceeded quarterly expectations, reporting revenue of $99.86 million and an adjusted loss of $0.07 per share versus the expected loss of $0.41, although insiders have sold $5.61 million of stock over the past 90 days.

Bank of New York Mellon Corp bought a new position in shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 98,018 shares of the company's stock, valued at approximately $2,338,000. Bank of New York Mellon Corp owned about 0.32% of Castle Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in Castle Biosciences by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 2,199,829 shares of the company's stock worth $85,573,000 after purchasing an additional 27,511 shares in the last quarter. RTW Investments LP purchased a new stake in shares of Castle Biosciences in the fourth quarter worth about $82,283,000. Dimensional Fund Advisors LP boosted its stake in Castle Biosciences by 7.0% during the third quarter. Dimensional Fund Advisors LP now owns 1,474,089 shares of the company's stock valued at $33,564,000 after buying an additional 96,084 shares during the last quarter. Summit Partners Public Asset Management LLC grew its holdings in Castle Biosciences by 164.7% during the 4th quarter. Summit Partners Public Asset Management LLC now owns 1,058,725 shares of the company's stock valued at $41,184,000 after buying an additional 658,725 shares in the last quarter. Finally, Wasatch Advisors LP grew its holdings in Castle Biosciences by 5.1% during the 2nd quarter. Wasatch Advisors LP now owns 1,049,773 shares of the company's stock valued at $21,436,000 after buying an additional 51,318 shares in the last quarter. 92.60% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Castle Biosciences

In related news, COO Kristen Oelschlager sold 12,384 shares of the firm's stock in a transaction dated Tuesday, August 25th. The shares were 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 of the company's stock, valued at $2,500,578.58. This trade represents a 14.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Tobin Juvenal sold 17,310 shares of Castle Biosciences stock in a transaction dated Friday, July 31st. The shares were sold at an average price of $29.31, for a total transaction of $507,356.10. Following the sale, the insider owned 80,725 shares of the company's stock, valued at $2,366,049.75. The trade was a 17.66% decrease in their position. 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 ninety days, insiders have sold 188,517 shares of company stock worth $5,612,900. Insiders own 6.10% of the company's stock.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on CSTL shares. Zacks Research cut Castle Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. Robert W. Baird set a $36.00 target price on shares of Castle Biosciences in a report on Friday, July 31st. Wall Street Zen upgraded shares of Castle Biosciences from a "sell" rating to a "hold" rating in a research report on Saturday, August 1st. BTIG Research upped their price target 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 research 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 issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $42.00.

Castle Biosciences Stock Performance

Shares of NASDAQ CSTL opened at $32.91 on Tuesday. Castle Biosciences, Inc. has a fifty-two week low of $17.72 and a fifty-two week high of $44.28. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.85 and a current ratio of 6.04. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -49.86 and a beta of 0.99. The business's 50 day moving average price is $28.48 and its 200-day moving average price is $25.44.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last announced its quarterly earnings data 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 return on equity of 4.15% and a negative net margin of 5.43%.The company had revenue of $99.86 million for the quarter, compared to the consensus estimate of $86.23 million. On average, sell-side analysts expect that Castle Biosciences, Inc. will post -1.29 earnings per share for the current year.

About Castle Biosciences

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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