SummitTX Capital L.P. Raises Holdings in Castle Biosciences, Inc. $CSTL

SummitTX Capital L.P. lifted its position in shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) by 285.0% during the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 67,033 shares of the company's stock after purchasing an additional 49,623 shares during the period. SummitTX Capital L.P. owned about 0.22% of Castle Biosciences worth $1,646,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in CSTL. Federated Hermes Inc. purchased a new position in Castle Biosciences during the 4th quarter worth approximately $26,000. Kemnay Advisory Services Inc. acquired a new position in Castle Biosciences during the fourth quarter worth approximately $35,000. Jones Financial Companies Lllp increased its position in 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 during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in Castle Biosciences by 26.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,418 shares of the company's stock valued at $55,000 after buying an additional 297 shares during the last quarter. Finally, Russell Investments Group Ltd. lifted its stake in Castle Biosciences by 63.7% in the third quarter. Russell Investments Group Ltd. now owns 2,508 shares of the company's stock valued at $57,000 after buying an additional 976 shares during the last quarter. 92.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on CSTL shares. BTIG Research lowered their target price on shares of Castle Biosciences from $50.00 to $40.00 and set a "buy" rating on the stock in a research report on Wednesday, May 13th. Weiss Ratings downgraded shares of Castle Biosciences from a "sell (d-)" rating to a "sell (e+)" rating in a research report on Monday, June 1st. Robert W. Baird decreased their price target on shares of Castle Biosciences from $44.00 to $43.00 and set an "outperform" rating for the company in a research note on Thursday, May 7th. Wall Street Zen lowered shares of Castle Biosciences from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Finally, Zacks Research cut shares of Castle Biosciences from a "strong-buy" rating to a "hold" rating in a report on Tuesday, May 26th. One research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $42.43.

Insider Activity

In other news, COO Kristen M. Oelschlager sold 8,586 shares of the business's stock in a transaction dated Wednesday, July 1st. The shares were sold at an average price of $24.42, for a total transaction of $209,670.12. Following the transaction, the chief operating officer directly owned 21,874 shares in the company, valued at $534,163.08. The trade was a 28.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Derek J. Maetzold sold 3,622 shares of the stock in a transaction dated Monday, July 27th. The stock was sold at an average price of $24.16, for a total transaction of $87,507.52. Following the transaction, the insider directly owned 11,812 shares of the company's stock, valued at $285,377.92. This represents a 23.47% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 55,025 shares of company stock worth $1,252,199. Insiders own 6.10% of the company's stock.

Castle Biosciences Price Performance

Castle Biosciences stock opened at $24.46 on Thursday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.75 and a quick ratio of 6.53. The business has a 50 day simple moving average of $22.48 and a 200-day simple moving average of $26.60. Castle Biosciences, Inc. has a 12 month low of $14.59 and a 12 month high of $44.28. The stock has a market capitalization of $741.87 million, a PE ratio of -55.59 and a beta of 1.00.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.49) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.49). The company had revenue of $84.23 million for the quarter, compared to analysts' expectations of $79.23 million. Castle Biosciences had a negative net margin of 3.78% and a negative return on equity of 2.77%. Equities analysts predict that Castle Biosciences, Inc. will post -1.56 earnings per share for the current year.

About Castle Biosciences

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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