Wasatch Advisors LP Sells 175,687 Shares of Castle Biosciences, Inc. $CSTL

Key Points

• Wasatch Advisors cut its Castle Biosciences stake by 38.6%, selling 175,687 shares and retaining 279,349 shares worth approximately $6.66 million. Institutional investors collectively own 92.6% of CSTL.
• 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 expectations of $86.23 million.
• Analysts maintain a broadly positive outlook, with the stock carrying a “Moderate Buy” consensus rating and a $42 average price target versus its reported $31.43 price.

Wasatch Advisors LP reduced its holdings in Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) by 38.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 279,349 shares of the company's stock after selling 175,687 shares during the period. Wasatch Advisors LP owned approximately 0.92% of Castle Biosciences worth $6,662,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. RTW Investments LP acquired a new stake in Castle Biosciences during the 4th quarter worth $82,283,000. Summit Partners Public Asset Management LLC lifted its stake in shares of Castle Biosciences by 164.7% in the 4th quarter. Summit Partners Public Asset Management LLC now owns 1,058,725 shares of the company's stock valued at $41,184,000 after purchasing an additional 658,725 shares during the period. Eventide Asset Management LLC acquired a new position in shares of Castle Biosciences in the 4th quarter valued at $11,864,000. SG Americas Securities LLC boosted its position in shares of Castle Biosciences by 1,051.8% in the 1st quarter. SG Americas Securities LLC now owns 244,886 shares of the company's stock worth $6,012,000 after purchasing an additional 223,624 shares during the last quarter. Finally, Wellington Management Group LLP bought a new position in shares of Castle Biosciences in the 4th quarter worth $8,502,000. 92.60% of the stock is owned by institutional investors.

Castle Biosciences Price Performance

CSTL opened at $31.43 on Thursday. The company has a quick ratio of 5.85, a current ratio of 6.04 and a debt-to-equity ratio of 0.02. Castle Biosciences, Inc. has a 12 month low of $17.72 and a 12 month high of $44.28. The company has a fifty day simple moving average of $24.47 and a 200 day simple moving average of $25.90. The stock has a market cap of $960.19 million, a P/E ratio of -47.62 and a beta of 0.98.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last posted its earnings results on Thursday, July 30th. The company reported ($0.07) earnings per share for the quarter, topping the consensus estimate of ($0.41) by $0.34. Castle Biosciences had a negative return on equity of 4.15% and a negative net margin of 5.43%.The firm had revenue of $99.86 million for the quarter, compared to analyst estimates of $86.23 million. On average, research analysts expect that Castle Biosciences, Inc. will post -1.29 EPS for the current year.

Insider Transactions at Castle Biosciences

In other news, insider Tobin W. Juvenal sold 1,730 shares of Castle Biosciences stock in a transaction dated Monday, August 3rd. The stock was sold at an average price of $28.25, for a total transaction of $48,872.50. Following the transaction, the insider owned 78,995 shares in the company, valued at $2,231,608.75. The trade was a 2.14% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kristen M. Oelschlager sold 8,586 shares of the business's stock in a transaction that occurred on Monday, August 3rd. The shares were sold at an average price of $29.77, for a total value of $255,605.22. Following the completion of the transaction, the chief operating officer owned 13,288 shares of the company's stock, valued at $395,583.76. This represents a 39.25% decrease in their ownership of the stock. 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 a total of 140,477 shares of company stock valued at $3,925,791 over the last 90 days. 6.10% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of equities research analysts recently commented on CSTL shares. Robert W. Baird set a $36.00 price objective on Castle Biosciences in a report on Friday, July 31st. Canaccord Genuity Group reduced their target price on Castle Biosciences from $50.00 to $40.00 and set a "buy" rating on the stock in a report on Monday, April 20th. Weiss Ratings upgraded Castle Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, July 31st. Zacks Research cut Castle Biosciences from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, May 26th. Finally, Roth Capital assumed coverage on shares of Castle Biosciences in a research report on Wednesday, June 24th. They issued a "buy" rating and a $40.00 price target on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $42.00.

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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