Eventide Asset Management LLC Acquires Shares of 305,000 Castle Biosciences, Inc. $CSTL

Key Points

• Eventide Asset Management disclosed a new fourth-quarter position in Castle Biosciences, buying 305,000 shares worth about $11.9 million. The stake represented roughly 1.04% of the company.
• Castle Biosciences reported quarterly earnings of ($0.49) per share, matching Wall Street estimates, while revenue of $84.23 million topped forecasts. Analysts now expect the company to post -1.4 EPS for the current year.
• Institutional ownership remains heavy, with 92.60% of shares held by institutions and hedge funds. Meanwhile, insiders sold shares recently, and analysts currently rate the stock a Moderate Buy with a consensus price target of $42.83.

Eventide Asset Management LLC purchased a new position in shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 305,000 shares of the company's stock, valued at approximately $11,864,000. Eventide Asset Management LLC owned approximately 1.04% of Castle Biosciences as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors also recently modified their holdings of CSTL. Amundi increased its holdings in shares of Castle Biosciences by 15,811.5% during the first quarter. Amundi now owns 4,137 shares of the company's stock worth $79,000 after buying an additional 4,111 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Castle Biosciences by 548.9% during the first quarter. AQR Capital Management LLC now owns 137,022 shares of the company's stock worth $2,743,000 after buying an additional 115,907 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its holdings in shares of Castle Biosciences by 4.4% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 15,441 shares of the company's stock worth $309,000 after buying an additional 655 shares in the last quarter. Jones Financial Companies Lllp increased its holdings in shares of Castle Biosciences by 10,592.0% during the first 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 in the last quarter. Finally, Legal & General Group Plc increased its holdings in shares of Castle Biosciences by 34.7% during the second 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 in the last quarter. 92.60% of the stock is currently owned by institutional investors and hedge funds.

Castle Biosciences Stock Performance

Shares of Castle Biosciences stock opened at $20.70 on Monday. The company has a quick ratio of 6.53, a current ratio of 6.75 and a debt-to-equity ratio of 0.02. Castle Biosciences, Inc. has a twelve month low of $14.59 and a twelve month high of $44.28. The stock has a market cap of $627.83 million, a price-to-earnings ratio of -47.05 and a beta of 1.04. The company's fifty day moving average is $22.16 and its 200 day moving average is $30.32.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last issued its quarterly earnings data on Wednesday, May 6th. The company reported ($0.49) earnings per share for the quarter, hitting the consensus estimate of ($0.49). Castle Biosciences had a negative net margin of 3.78% and a negative return on equity of 2.77%. The company had revenue of $84.23 million for the quarter, compared to analysts' expectations of $79.23 million. Sell-side analysts forecast that Castle Biosciences, Inc. will post -1.4 EPS for the current year.

Insiders Place Their Bets

In other Castle Biosciences news, insider Derek J. Maetzold sold 2,763 shares of the stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.20, for a total transaction of $55,812.60. Following the completion of the sale, the insider directly owned 1,946 shares in the company, valued at approximately $39,309.20. This trade represents a 58.67% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 47,316 shares of company stock worth $1,152,954. Company insiders own 6.10% of the company's stock.

Wall Street Analysts Forecast Growth

CSTL has been the subject of several research analyst reports. Weiss Ratings downgraded shares of Castle Biosciences from a "sell (d-)" rating to a "sell (e+)" rating in a report on Monday, June 1st. Canaccord Genuity Group lowered their price target on shares of Castle Biosciences from $50.00 to $40.00 and set a "buy" rating for the company in a report on Monday, April 20th. Wall Street Zen downgraded shares of Castle Biosciences from a "hold" rating to a "sell" rating in a report on Saturday, May 9th. Zacks Research downgraded shares of Castle Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. Finally, Robert W. Baird reduced their price objective on shares of Castle Biosciences from $44.00 to $43.00 and set an "outperform" rating on the stock in a research note on Thursday, May 7th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $42.83.

Castle Biosciences Company 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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