Charles Schwab Investment Management Inc. Lowers Stake in Castle Biosciences, Inc. $CSTL

Key Points

• Charles Schwab Investment Management Inc. reduced its holdings in Castle Biosciences by 6.4% in Q1, owning 242,258 shares worth approximately $4.85 million after selling 16,608 shares.
• Analysts upgraded the stock's rating to "hold," while also adjusting price targets downwards, with an average target price of $37.00 amidst a consensus rating of "Buy."
• Castle Biosciences reported a positive EPS of $0.15 for the latest quarter, exceeding estimates significantly, while projecting 0.44 EPS for the current fiscal year.

Charles Schwab Investment Management Inc. decreased its stake in Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) by 6.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 242,258 shares of the company's stock after selling 16,608 shares during the quarter. Charles Schwab Investment Management Inc. owned approximately 0.84% of Castle Biosciences worth $4,850,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in CSTL. Vanguard Group Inc. raised its holdings 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 shares of Castle Biosciences by 2.2% in the first quarter. Principal Financial Group Inc. now owns 1,467,873 shares of the company's stock valued at $29,387,000 after purchasing an additional 32,208 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Castle Biosciences by 15.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 999,466 shares of the company's stock valued at $26,636,000 after purchasing an additional 134,645 shares in the last quarter. Wellington Management Group LLP purchased a new stake in Castle Biosciences during the 4th quarter worth approximately $19,244,000. Finally, Allianz Asset Management GmbH lifted its holdings in Castle Biosciences by 98.4% during the 1st quarter. Allianz Asset Management GmbH now owns 639,477 shares of the company's stock worth $12,802,000 after buying an additional 317,103 shares in the last quarter. 92.60% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. Lake Street Capital cut their price objective on Castle Biosciences from $40.00 to $35.00 and set a "buy" rating on the stock in a research report on Tuesday, May 6th. Zacks Research upgraded Castle Biosciences from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 27th. Canaccord Genuity Group decreased their price objective on Castle Biosciences from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Scotiabank lowered their price objective on Castle Biosciences from $44.00 to $40.00 and set a "sector outperform" rating for the company in a research report on Wednesday, May 21st. Finally, Wall Street Zen raised shares of Castle Biosciences from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Eight research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $37.00.

Castle Biosciences Stock Performance

CSTL traded down $0.24 on Tuesday, reaching $23.78. The company had a trading volume of 194,590 shares, compared to its average volume of 477,551. The company has a quick ratio of 6.69, a current ratio of 6.85 and a debt-to-equity ratio of 0.02. Castle Biosciences, Inc. has a 1 year low of $14.59 and a 1 year high of $35.84. The stock has a market capitalization of $689.71 million, a PE ratio of -67.93 and a beta of 1.07. The stock has a 50-day moving average price of $19.19 and a 200-day moving average price of $19.48.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last posted its earnings results on Monday, August 4th. The company reported $0.15 EPS for the quarter, topping analysts' consensus estimates of ($0.51) by $0.66. The business 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, research analysts forecast that Castle Biosciences, Inc. will post 0.44 EPS 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.