Granahan Investment Management LLC Sells 314,396 Shares of Castle Biosciences, Inc. (NASDAQ:CSTL)

Granahan Investment Management LLC reduced its position in shares of Castle Biosciences, Inc. (NASDAQ:CSTL) by 73.9% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 110,824 shares of the company’s stock after selling 314,396 shares during the quarter. Granahan Investment Management LLC owned about 0.40% of Castle Biosciences worth $2,953,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Barclays PLC grew its position in shares of Castle Biosciences by 310.7% during the 3rd quarter. Barclays PLC now owns 52,301 shares of the company’s stock worth $1,491,000 after buying an additional 39,567 shares during the period. Franklin Resources Inc. grew its holdings in Castle Biosciences by 87.3% during the 3rd quarter. Franklin Resources Inc. now owns 69,382 shares of the company’s stock worth $1,979,000 after acquiring an additional 32,344 shares during the period. Principal Financial Group Inc. raised its position in shares of Castle Biosciences by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company’s stock valued at $43,879,000 after acquiring an additional 40,377 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in shares of Castle Biosciences by 165.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 69,409 shares of the company’s stock valued at $1,980,000 after purchasing an additional 43,241 shares during the period. Finally, Green Alpha Advisors LLC bought a new position in shares of Castle Biosciences in the 4th quarter worth $249,000. 92.60% of the stock is currently owned by institutional investors and hedge funds.

Castle Biosciences Price Performance

Shares of NASDAQ CSTL opened at $16.79 on Friday. The company has a fifty day moving average price of $19.83 and a 200 day moving average price of $25.61. The firm has a market cap of $484.76 million, a PE ratio of 83.95 and a beta of 1.19. The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02. Castle Biosciences, Inc. has a 1-year low of $15.70 and a 1-year high of $35.84.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings data on Monday, May 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.12). The business had revenue of $87.99 million during the quarter, compared to analyst estimates of $80.40 million. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. Research analysts predict that Castle Biosciences, Inc. will post 0.44 earnings per share for the current fiscal year.

Insider Activity at Castle Biosciences

In other news, insider Derek J. Maetzold sold 22,639 shares of the stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $20.12, for a total value of $455,496.68. Following the completion of the sale, the insider now owns 80,465 shares of the company’s stock, valued at approximately $1,618,955.80. This represents a 21.96 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Over the last ninety days, insiders sold 27,454 shares of company stock valued at $553,030. Insiders own 6.50% of the company’s stock.

Analyst Upgrades and Downgrades

CSTL has been the topic of several analyst reports. Robert W. Baird increased their target price on Castle Biosciences from $36.00 to $37.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Guggenheim set a $30.00 price target on shares of Castle Biosciences and gave the company a “buy” rating in a research report on Friday, March 28th. Lake Street Capital decreased their price objective on shares of Castle Biosciences from $40.00 to $35.00 and set a “buy” rating for the company in a report on Tuesday, May 6th. Finally, Canaccord Genuity Group cut their target price on shares of Castle Biosciences from $42.00 to $37.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $37.50.

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.