Point72 Asset Management L.P. Boosts Stock Position in Castle Biosciences, Inc. (NASDAQ:CSTL)

Point72 Asset Management L.P. lifted its holdings in Castle Biosciences, Inc. (NASDAQ:CSTL) by 9.6% in the fourth quarter, HoldingsChannel reports. The firm owned 547,104 shares of the company’s stock after purchasing an additional 47,912 shares during the quarter. Point72 Asset Management L.P.’s holdings in Castle Biosciences were worth $14,580,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. ProShare Advisors LLC purchased a new position in shares of Castle Biosciences in the fourth quarter valued at $230,000. Parkman Healthcare Partners LLC grew its holdings in shares of Castle Biosciences by 2.9% in the fourth quarter. Parkman Healthcare Partners LLC now owns 304,629 shares of the company’s stock valued at $8,118,000 after purchasing an additional 8,558 shares in the last quarter. Man Group plc purchased a new position in shares of Castle Biosciences in the fourth quarter valued at $354,000. Millennium Management LLC grew its holdings in shares of Castle Biosciences by 290.5% in the fourth quarter. Millennium Management LLC now owns 548,809 shares of the company’s stock valued at $14,626,000 after purchasing an additional 408,272 shares in the last quarter. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Castle Biosciences by 4.3% in the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,786 shares of the company’s stock valued at $394,000 after purchasing an additional 608 shares in the last quarter. 92.60% of the stock is owned by hedge funds and other institutional investors.

Castle Biosciences Stock Up 1.6%

Shares of CSTL opened at $16.75 on Friday. The firm has a market capitalization of $483.61 million, a P/E ratio of 83.75 and a beta of 1.19. Castle Biosciences, Inc. has a 12-month low of $15.70 and a 12-month high of $35.84. 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 firm has a fifty day moving average price of $19.49 and a 200-day moving average price of $25.06.

Castle Biosciences (NASDAQ:CSTL) last issued its earnings results 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 company had revenue of $87.99 million for the quarter, compared to analysts’ expectations of $80.40 million. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. Equities research analysts expect that Castle Biosciences, Inc. will post 0.44 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Guggenheim set a $30.00 price objective on shares of Castle Biosciences and gave the stock a “buy” rating in a research note on Friday, March 28th. Lake Street Capital dropped their price objective on shares of Castle Biosciences from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Robert W. Baird lifted their price objective on shares of Castle Biosciences from $36.00 to $37.00 and gave the stock an “outperform” rating in a research note on Friday, February 28th. Finally, Canaccord Genuity Group dropped their price objective on shares of Castle Biosciences from $42.00 to $37.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Eight analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $37.50.

Insider Activity

In other news, insider Derek J. Maetzold sold 22,639 shares of the business’s stock in a transaction on Friday, March 7th. The shares were sold at an average price of $20.12, for a total transaction of $455,496.68. Following the completion of the sale, the insider now directly owns 80,465 shares of the company’s stock, valued at approximately $1,618,955.80. The trade was a 21.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last ninety days, insiders sold 27,454 shares of company stock valued at $553,030. 7.20% of the stock is currently owned by company insiders.

Castle Biosciences 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.