Cerity Partners LLC Makes New Investment in Castle Biosciences, Inc. (NASDAQ:CSTL)

Key Points

• Cerity Partners LLC has purchased 21,138 shares of Castle Biosciences, Inc., valuing the stake at approximately $423,000, equating to 0.07% ownership as of the latest SEC filing.
• Multiple institutional investors have significantly altered their stakes in Castle Biosciences, with Allspring Global Investments increasing its holding by 2,070.8% during the first quarter.
• Castle Biosciences' stock has a consensus rating of "Buy" with a price target reduced to $37.00 by Canaccord Genuity Group following the company's recent earnings report.

Cerity Partners LLC purchased a new stake in shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) in the first quarter, according to the company in its most recent filing with the SEC. The firm purchased 21,138 shares of the company's stock, valued at approximately $423,000. Cerity Partners LLC owned about 0.07% of Castle Biosciences at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Covestor Ltd bought a new stake in Castle Biosciences during the fourth quarter worth about $25,000. GAMMA Investing LLC lifted its holdings in Castle Biosciences by 1,865.8% in the 1st quarter. GAMMA Investing LLC now owns 4,364 shares of the company's stock worth $87,000 after buying an additional 4,142 shares during the period. KLP Kapitalforvaltning AS bought a new stake in Castle Biosciences in the fourth quarter valued at $128,000. Teacher Retirement System of Texas lifted its position in shares of Castle Biosciences by 9.6% in the 1st quarter. Teacher Retirement System of Texas now owns 10,383 shares of the company's stock worth $208,000 after purchasing an additional 908 shares during the period. Finally, ProShare Advisors LLC purchased a new stake in Castle Biosciences in the fourth quarter worth about $230,000. Hedge funds and other institutional investors own 92.60% of the company's stock.

Castle Biosciences Stock Performance

Shares of CSTL stock traded down $0.15 on Wednesday, hitting $16.08. The company had a trading volume of 346,190 shares, compared to its average volume of 342,548. Castle Biosciences, Inc. has a twelve month low of $15.45 and a twelve month high of $35.84. The company has a quick ratio of 9.19, a current ratio of 9.37 and a debt-to-equity ratio of 0.02. The firm has a market cap of $464.23 million, a P/E ratio of -84.63 and a beta of 1.10. The company has a 50-day moving average price of $18.06 and a 200-day moving average price of $20.70.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last released its earnings results on Monday, May 5th. The company reported ($0.20) EPS for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.12). The company had revenue of $87.99 million for the quarter, compared to analysts' expectations of $80.40 million. Castle Biosciences had a positive return on equity of 3.41% and a negative net margin of 1.46%. As a group, equities research analysts predict that Castle Biosciences, Inc. will post 0.44 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have issued reports on CSTL shares. Lake Street Capital decreased their price objective on Castle Biosciences from $40.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Scotiabank cut their price objective on shares of Castle Biosciences from $44.00 to $40.00 and set a "sector outperform" rating on the stock in a report on Wednesday, May 21st. Finally, Canaccord Genuity Group lowered their target price on shares of Castle Biosciences from $42.00 to $37.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat.com, Castle Biosciences currently has an average rating of "Buy" and an average target price of $37.00.

Castle Biosciences Company 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.