Palisade Capital Management LP Acquires Shares of 231,931 Castle Biosciences, Inc. $CSTL

Palisade Capital Management LP bought a new stake in Castle Biosciences, Inc. (NASDAQ:CSTL) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 231,931 shares of the company’s stock, valued at approximately $5,532,000.

Several other institutional investors have also recently made changes to their positions in the company. Truist Financial Corp grew its holdings in Castle Biosciences by 1.1% during the 4th quarter. Truist Financial Corp now owns 23,628 shares of the company’s stock valued at $919,000 after purchasing an additional 257 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its stake in Castle Biosciences by 26.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,418 shares of the company’s stock worth $55,000 after purchasing an additional 297 shares during the last quarter. CWM LLC lifted its stake in Castle Biosciences by 20.5% in the fourth quarter. CWM LLC now owns 2,302 shares of the company’s stock worth $90,000 after purchasing an additional 391 shares during the last quarter. HRT Financial LP boosted its position in shares of Castle Biosciences by 0.9% during the fourth quarter. HRT Financial LP now owns 47,654 shares of the company’s stock valued at $1,853,000 after buying an additional 415 shares during the period. Finally, Assetmark Inc. boosted its position in shares of Castle Biosciences by 9.3% during the first quarter. Assetmark Inc. now owns 5,779 shares of the company’s stock valued at $142,000 after buying an additional 492 shares during the period. Institutional investors own 92.60% of the company’s stock.

Insiders Place Their Bets

In other news, insider Derek J. Maetzold sold 2,546 shares of the stock in a transaction on Wednesday, August 5th. The stock was sold at an average price of $30.68, for a total transaction of $78,111.28. Following the transaction, the insider owned 21,479 shares of the company’s stock, valued at approximately $658,975.72. This represents a 10.60% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kristen M. Oelschlager sold 8,586 shares of the firm’s stock in a transaction on Monday, August 3rd. The shares were sold at an average price of $29.77, for a total value of $255,605.22. Following the transaction, the chief operating officer owned 13,288 shares in the company, valued at approximately $395,583.76. This represents a 39.25% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 136,305 shares of company stock worth $3,841,714. 6.10% of the stock is currently owned by company insiders.

Castle Biosciences Stock Performance

Castle Biosciences stock opened at $35.00 on Wednesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.85 and a current ratio of 6.04. The company has a market capitalization of $1.07 billion, a PE ratio of -53.03 and a beta of 0.98. The company has a 50 day moving average price of $26.45 and a 200-day moving average price of $25.39. Castle Biosciences, Inc. has a fifty-two week low of $17.72 and a fifty-two week high of $44.28.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings data on Thursday, July 30th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.34. The company had revenue of $99.86 million for the quarter, compared to analysts’ expectations of $86.23 million. Castle Biosciences had a negative return on equity of 4.15% and a negative net margin of 5.43%. As a group, equities analysts forecast that Castle Biosciences, Inc. will post -1.29 earnings per share for the current year.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on CSTL shares. KeyCorp set a $35.00 price target on Castle Biosciences in a report on Friday, May 29th. BTIG Research boosted their price objective on Castle Biosciences from $40.00 to $44.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Robert W. Baird set a $36.00 price objective on Castle Biosciences in a research report on Friday, July 31st. Roth Capital assumed coverage on Castle Biosciences in a research note on Wednesday, June 24th. They issued a “buy” rating and a $40.00 target price on the stock. Finally, Weiss Ratings upgraded Castle Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 31st. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.00.

Castle Biosciences Profile

Castle Biosciences, Inc is a molecular diagnostics company specializing in the development and commercialization of prognostic and diagnostic tests for patients with dermatologic conditions. The company’s proprietary portfolio of genomic assays is designed to improve risk assessment and guide clinical decision-making for individuals with skin cancers and other skin-related diseases. By combining genomic data with advanced statistical algorithms, Castle Biosciences seeks to provide actionable insights that help physicians tailor treatment plans and monitoring strategies.

The company’s flagship test, DecisionDx-Melanoma, evaluates the probability of metastasis in patients diagnosed with cutaneous melanoma, supporting more personalized surveillance and therapeutic approaches.