Bank of America Corp DE Raises Stock Holdings in Castle Biosciences, Inc. (NASDAQ:CSTL)

Bank of America Corp DE increased its holdings in shares of Castle Biosciences, Inc. (NASDAQ:CSTL) by 100.0% in the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 403,553 shares of the company’s stock after purchasing an additional 201,806 shares during the quarter. Bank of America Corp DE owned approximately 1.44% of Castle Biosciences worth $10,755,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Covestor Ltd bought a new stake in shares of Castle Biosciences in the 4th quarter valued at approximately $25,000. R Squared Ltd bought a new stake in shares of Castle Biosciences during the 4th quarter worth approximately $42,000. KLP Kapitalforvaltning AS purchased a new position in Castle Biosciences during the 4th quarter worth $128,000. China Universal Asset Management Co. Ltd. increased its holdings in Castle Biosciences by 11.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 5,939 shares of the company’s stock worth $158,000 after purchasing an additional 604 shares during the period. Finally, Oak Harvest Investment Services purchased a new position in Castle Biosciences during the 4th quarter worth $206,000. Hedge funds and other institutional investors own 92.60% of the company’s stock.

Insider Activity

In related news, insider Derek J. Maetzold sold 22,639 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $20.12, for a total transaction of $455,496.68. Following the transaction, the insider now directly owns 80,465 shares in the company, valued at $1,618,955.80. The trade was a 21.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In the last three months, insiders have sold 27,454 shares of company stock worth $553,030. 6.50% of the stock is currently owned by company insiders.

Castle Biosciences Trading Up 1.3%

Shares of NASDAQ:CSTL opened at $16.10 on Friday. Castle Biosciences, Inc. has a 12-month low of $15.66 and a 12-month high of $35.84. The business’s fifty day simple moving average is $19.14 and its 200-day simple moving average is $24.53. The company has a market capitalization of $464.84 million, a PE ratio of 80.50 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 (NASDAQ:CSTL) last announced its quarterly 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). Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. The company had revenue of $87.99 million during the quarter, compared to analysts’ expectations of $80.40 million. As a group, equities research analysts predict that Castle Biosciences, Inc. will post 0.44 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CSTL shares. Robert W. Baird raised their price objective on Castle Biosciences from $36.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. Scotiabank reduced their price objective on Castle Biosciences from $44.00 to $40.00 and set a “sector outperform” rating on the stock in a report on Wednesday. Guggenheim set a $30.00 price objective on Castle Biosciences and gave the stock a “buy” rating in a report on Friday, March 28th. Lake Street Capital reduced their price objective on Castle Biosciences from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Finally, Canaccord Genuity Group reduced their price objective on 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 has an average rating of “Buy” and an average target price of $37.00.

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.