Geode Capital Management LLC Increases Stock Position in Castle Biosciences, Inc. (NASDAQ:CSTL)

Geode Capital Management LLC grew its holdings in Castle Biosciences, Inc. (NASDAQ:CSTL) by 1.1% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 624,683 shares of the company’s stock after purchasing an additional 7,004 shares during the quarter. Geode Capital Management LLC owned approximately 2.23% of Castle Biosciences worth $17,820,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the business. Bank of New York Mellon Corp grew its holdings in Castle Biosciences by 15.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 96,688 shares of the company’s stock valued at $2,105,000 after buying an additional 12,583 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of Castle Biosciences by 10.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,882 shares of the company’s stock worth $215,000 after acquiring an additional 952 shares during the last quarter. Lisanti Capital Growth LLC purchased a new stake in shares of Castle Biosciences in the second quarter valued at $2,102,000. Rhumbline Advisers boosted its stake in shares of Castle Biosciences by 7.7% during the second quarter. Rhumbline Advisers now owns 41,896 shares of the company’s stock valued at $912,000 after acquiring an additional 2,988 shares during the last quarter. Finally, Acadian Asset Management LLC increased its position in Castle Biosciences by 33.0% during the 2nd quarter. Acadian Asset Management LLC now owns 280,497 shares of the company’s stock worth $6,101,000 after purchasing an additional 69,673 shares in the last quarter. 92.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the stock. Lake Street Capital raised their price target on shares of Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. BTIG Research raised their target price on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. KeyCorp lifted their target price on shares of Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Robert W. Baird raised their price objective on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Finally, Scotiabank lifted their price objective on Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 6th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $39.71.

Castle Biosciences Price Performance

CSTL opened at $26.83 on Friday. Castle Biosciences, Inc. has a 52-week low of $16.97 and a 52-week high of $35.84. The company has a 50 day moving average of $30.49 and a two-hundred day moving average of $27.41. The company has a market cap of $751.43 million, a P/E ratio of 134.16 and a beta of 0.92. The company has a quick ratio of 7.64, a current ratio of 7.78 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings results on Monday, November 4th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.14. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. The firm had revenue of $85.78 million during the quarter, compared to analysts’ expectations of $78.55 million. During the same period in the prior year, the company earned ($0.26) EPS. On average, analysts expect that Castle Biosciences, Inc. will post 0.34 earnings per share for the current year.

Insider Activity at Castle Biosciences

In related news, insider Derek J. Maetzold sold 986 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $28.73, for a total transaction of $28,327.78. Following the completion of the sale, the insider now directly owns 94,622 shares of the company’s stock, valued at approximately $2,718,490.06. This trade represents a 1.03 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel Bradbury sold 7,867 shares of the firm’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $29.44, for a total value of $231,604.48. Following the sale, the director now owns 5,700 shares of the company’s stock, valued at $167,808. This represents a 57.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,549 shares of company stock worth $1,079,871. 7.20% of the stock is currently owned by company insiders.

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.