Legal & General Group Plc Makes New Investment in Castle Biosciences, Inc. $CSTL

Legal & General Group Plc bought a new position in shares of Castle Biosciences, Inc. (NASDAQ:CSTL) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 20,548 shares of the company’s stock, valued at approximately $490,000.

Other hedge funds have also modified their holdings of the company. The Manufacturers Life Insurance Company purchased a new position in shares of Castle Biosciences in the second quarter worth about $299,000. Algert Global LLC raised its holdings in Castle Biosciences by 102.7% in the 2nd quarter. Algert Global LLC now owns 70,478 shares of the company’s stock valued at $1,681,000 after acquiring an additional 35,700 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. acquired a new stake in Castle Biosciences in the 2nd quarter valued at about $7,912,000. Quantbot Technologies LP purchased a new position in Castle Biosciences in the 2nd quarter worth approximately $62,000. Finally, Green Alpha Advisors LLC acquired a new position in shares of Castle Biosciences during the 2nd quarter worth approximately $237,000. 92.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Castle Biosciences

In other news, COO Kristen M. Oelschlager sold 12,384 shares of the firm’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $34.42, for a total transaction of $426,257.28. Following the completion of the transaction, the chief operating officer directly owned 72,649 shares in the company, valued at $2,500,578.58. This trade represents a 14.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Derek Maetzold sold 12,428 shares of Castle Biosciences stock in a transaction on Friday, August 28th. The shares were sold at an average price of $33.20, for a total value of $412,609.60. Following the completion of the sale, the insider directly owned 21,479 shares of the company’s stock, valued at $713,102.80. The trade was a 36.65% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 188,517 shares of company stock worth $5,612,900. Insiders own 6.10% of the company’s stock.

Castle Biosciences Stock Down 0.5%

Shares of CSTL opened at $32.76 on Wednesday. The company’s 50-day moving average price is $28.66 and its 200 day moving average price is $25.43. Castle Biosciences, Inc. has a 12-month low of $17.72 and a 12-month high of $44.28. The company has a current ratio of 6.04, a quick ratio of 5.85 and a debt-to-equity ratio of 0.02. The firm has a market cap of $1.00 billion, a P/E ratio of -49.64 and a beta of 0.99.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.07) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.41) by $0.34. The business had revenue of $99.86 million during the quarter, compared to analysts’ expectations of $86.23 million. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. On average, sell-side analysts forecast that Castle Biosciences, Inc. will post -1.29 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on CSTL shares. BTIG Research increased their price target on Castle Biosciences from $40.00 to $44.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Weiss Ratings raised Castle Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. Zacks Research cut shares of Castle Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Wall Street Zen upgraded shares of Castle Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. Finally, Robert W. Baird set a $36.00 target price on shares of Castle Biosciences in a research note on Friday, July 31st. One 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 issued a Sell rating to the company. According to MarketBeat, Castle Biosciences currently has a consensus rating of “Moderate Buy” and a consensus target price of $42.00.

About Castle Biosciences

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.