Castle Biosciences, Inc. $CSTL Shares Sold by Bank of America Corp DE

Key Points

• Bank of America cut its Castle Biosciences stake by 74.2% in the first quarter, selling 195,209 shares and retaining 67,810 shares worth approximately $1.67 million. Institutional investors collectively own 92.6% of the company.
• Castle Biosciences reported a quarterly loss of $0.07 per share, beating estimates of a $0.41 loss, while revenue of $99.86 million exceeded the $86.23 million consensus forecast. Analysts expect a full-year loss of $1.29 per share.
• Analyst sentiment remains broadly positive, with a “Moderate Buy” consensus and an average price target of $42 versus the reported share price of $32.65; however, company insiders sold 188,517 shares worth about $5.6 million over the last quarter.

Bank of America Corp DE lessened its stake in shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) by 74.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 67,810 shares of the company's stock after selling 195,209 shares during the quarter. Bank of America Corp DE owned about 0.22% of Castle Biosciences worth $1,665,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Amundi boosted its stake in Castle Biosciences by 15,811.5% in the first quarter. Amundi now owns 4,137 shares of the company's stock valued at $79,000 after acquiring an additional 4,111 shares in the last quarter. AQR Capital Management LLC boosted its position in shares of Castle Biosciences by 548.9% in the 1st quarter. AQR Capital Management LLC now owns 137,022 shares of the company's stock valued at $2,743,000 after purchasing an additional 115,907 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of Castle Biosciences by 4.4% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,441 shares of the company's stock valued at $309,000 after purchasing an additional 655 shares during the period. Jones Financial Companies Lllp grew its stake in Castle Biosciences by 10,592.0% during the 1st quarter. Jones Financial Companies Lllp now owns 2,673 shares of the company's stock worth $54,000 after buying an additional 2,648 shares during the last quarter. Finally, Legal & General Group Plc grew its stake in Castle Biosciences by 34.7% during the 2nd quarter. Legal & General Group Plc now owns 34,908 shares of the company's stock worth $713,000 after buying an additional 8,992 shares during the last quarter. Institutional investors and hedge funds own 92.60% of the company's stock.

Castle Biosciences Stock Down 2.3%

CSTL stock opened at $32.65 on Friday. The stock has a market capitalization of $997.46 million, a PE ratio of -49.47 and a beta of 0.99. The company has a fifty day moving average of $28.14 and a 200-day moving average of $25.45. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.85 and a current ratio of 6.04. Castle Biosciences, Inc. has a one year low of $17.72 and a one year high of $44.28.

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 analysts' consensus estimates of ($0.41) by $0.34. The firm had revenue of $99.86 million during the quarter, compared to the consensus estimate of $86.23 million. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. As a group, analysts expect that Castle Biosciences, Inc. will post -1.29 EPS for the current year.

Insider Buying and Selling

In related news, COO Kristen Oelschlager sold 12,384 shares of the company's stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $34.42, for a total transaction 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 represents a 14.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Derek J. Maetzold sold 20,356 shares of the stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $31.11, for a total value of $633,275.16. Following the completion of the transaction, the insider owned 21,479 shares of the company's stock, valued at $668,211.69. The trade was 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. Insiders have sold 188,517 shares of company stock valued at $5,612,900 over the last quarter. Company insiders own 6.10% of the company's stock.

Wall Street Analyst Weigh In

CSTL has been the subject of a number of research reports. Roth Capital started coverage on Castle Biosciences in a research note on Wednesday, June 24th. They issued a "buy" rating and a $40.00 price objective for the company. Weiss Ratings raised shares of Castle Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, July 31st. Zacks Research downgraded shares of Castle Biosciences from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, May 26th. Robert W. Baird set a $36.00 price target on shares of Castle Biosciences in a research report on Friday, July 31st. Finally, BTIG Research increased their price target on shares of Castle Biosciences from $40.00 to $44.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. One 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 issued a Sell rating to the stock. According to data from MarketBeat.com, Castle Biosciences currently has an average rating of "Moderate Buy" and an average target price of $42.00.

Castle Biosciences Profile

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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