Wellington Management Group LLP Grows Stake in Castle Biosciences, Inc. $CSTL

Key Points

• Wellington Management Group LLP increased its stake in Castle Biosciences, Inc. by 14.7% during Q1, now owning approximately 2.87% of the company worth $16.6 million.
• Castle Biosciences reported a profit of $0.15 per share in its latest earnings, significantly exceeding analyst expectations of a loss of $0.51.
• The consensus rating for Castle Biosciences stock is a "Buy" with a target price of $37.00, according to multiple Wall Street analysts.

Wellington Management Group LLP grew its holdings in shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) by 14.7% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 828,528 shares of the company's stock after buying an additional 106,408 shares during the period. Wellington Management Group LLP owned 2.87% of Castle Biosciences worth $16,587,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in CSTL. Harbour Investments Inc. purchased a new position in shares of Castle Biosciences during the first quarter valued at approximately $50,000. CWM LLC increased its stake in shares of Castle Biosciences by 835.0% during the first quarter. CWM LLC now owns 4,142 shares of the company's stock valued at $83,000 after buying an additional 3,699 shares during the period. GAMMA Investing LLC increased its stake in shares of Castle Biosciences by 1,865.8% during the first quarter. GAMMA Investing LLC now owns 4,364 shares of the company's stock valued at $87,000 after buying an additional 4,142 shares during the period. Teacher Retirement System of Texas increased its stake in shares of Castle Biosciences by 9.6% during the first quarter. Teacher Retirement System of Texas now owns 10,383 shares of the company's stock valued at $208,000 after buying an additional 908 shares during the period. Finally, ProShare Advisors LLC purchased a new position in shares of Castle Biosciences during the fourth quarter valued at approximately $230,000. 92.60% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities analysts have recently issued reports on the company. Scotiabank reduced their target price on Castle Biosciences from $44.00 to $40.00 and set a "sector outperform" rating on the stock in a research note on Wednesday, May 21st. Wall Street Zen raised Castle Biosciences from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. Zacks Research raised Castle Biosciences from a "strong sell" rating to a "hold" rating in a research note on Wednesday, August 27th. Lake Street Capital reduced their target price on Castle Biosciences from $40.00 to $35.00 and set a "buy" rating on the stock in a research note on Tuesday, May 6th. Finally, Canaccord Genuity Group dropped their price target on Castle Biosciences from $42.00 to $37.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Eight investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

Castle Biosciences Stock Up 2.3%

CSTL stock traded up $0.55 during midday trading on Monday, hitting $24.01. The stock had a trading volume of 518,805 shares, compared to its average volume of 747,453. The firm has a market cap of $696.53 million, a price-to-earnings ratio of -68.60 and a beta of 1.07. The business has a 50-day moving average of $19.19 and a two-hundred day moving average of $19.48. Castle Biosciences, Inc. has a 52-week low of $14.59 and a 52-week high of $35.84. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.85 and a quick ratio of 6.69.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last issued its quarterly earnings results 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 positive return on equity of 2.37% and a negative net margin of 2.73%. Castle Biosciences has set its FY 2025 guidance at EPS. As a group, equities research analysts forecast that Castle Biosciences, Inc. will post 0.44 earnings per share for the current fiscal year.

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.