State Street Corp Acquires 60,924 Shares of Castle Biosciences, Inc. (NASDAQ:CSTL)

State Street Corp raised its stake in shares of Castle Biosciences, Inc. (NASDAQ:CSTL) by 9.8% in the third quarter, according to its most recent 13F filing with the SEC. The fund owned 680,001 shares of the company’s stock after purchasing an additional 60,924 shares during the period. State Street Corp owned approximately 2.43% of Castle Biosciences worth $19,394,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Point72 Asset Management L.P. lifted its holdings in shares of Castle Biosciences by 828.3% in the third quarter. Point72 Asset Management L.P. now owns 499,192 shares of the company’s stock valued at $14,237,000 after purchasing an additional 445,415 shares in the last quarter. Marshall Wace LLP raised its position in Castle Biosciences by 116.5% in the 2nd quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock valued at $4,616,000 after buying an additional 114,104 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. lifted its stake in Castle Biosciences by 147.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 165,458 shares of the company’s stock valued at $4,719,000 after acquiring an additional 98,571 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in Castle Biosciences by 47.3% during the 2nd quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock worth $6,564,000 after acquiring an additional 96,800 shares during the last quarter. Finally, Lisanti Capital Growth LLC bought a new stake in shares of Castle Biosciences in the 2nd quarter worth $2,102,000. 92.60% of the stock is owned by institutional investors.

Castle Biosciences Price Performance

Shares of NASDAQ CSTL opened at $27.48 on Tuesday. The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02. The stock has a fifty day simple moving average of $31.10 and a two-hundred day simple moving average of $27.28. Castle Biosciences, Inc. has a 1-year low of $16.97 and a 1-year high of $35.84. The firm has a market cap of $769.63 million, a price-to-earnings ratio of 137.41 and a beta of 0.92.

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

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CSTL. Robert W. Baird raised their price target on shares of Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Canaccord Genuity Group boosted their target price on Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. BTIG Research upped their target price on Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a report on Monday, October 14th. Scotiabank lifted their price target on Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 6th. Finally, Lake Street Capital upped their price objective on Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of “Buy” and an average target price of $39.71.

Insider Transactions at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of the firm’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $28.73, for a total value of $28,327.78. Following the completion of the transaction, the insider now owns 94,622 shares in the company, valued at $2,718,490.06. This trade represents a 1.03 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Tobin W. Juvenal sold 3,507 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $35.56, for a total value of $124,708.92. Following the sale, the insider now owns 54,178 shares in the company, valued at approximately $1,926,569.68. This represents a 6.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 35,549 shares of company stock worth $1,079,871 over the last quarter. Corporate insiders own 7.20% of the company’s stock.

About Castle Biosciences

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.