Palisade Capital Management LP Invests $5.53 Million in Castle Biosciences, Inc. $CSTL

Palisade Capital Management LP bought a new position in shares of Castle Biosciences, Inc. (NASDAQ:CSTL) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm bought 231,931 shares of the company’s stock, valued at approximately $5,532,000. Palisade Capital Management LP owned approximately 0.76% of Castle Biosciences at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in CSTL. Parkman Healthcare Partners LLC bought a new position in Castle Biosciences in the 2nd quarter worth approximately $3,453,000. Legal & General Group Plc bought a new stake in shares of Castle Biosciences during the second quarter valued at approximately $490,000. The Manufacturers Life Insurance Company purchased a new position in shares of Castle Biosciences in the second quarter worth $299,000. Algert Global LLC boosted its position in shares of Castle Biosciences by 102.7% during the second quarter. Algert Global LLC now owns 70,478 shares of the company’s stock worth $1,681,000 after acquiring an additional 35,700 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in Castle Biosciences during the second quarter valued at $7,912,000. Institutional investors own 92.60% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on CSTL. Roth Capital started coverage on shares of Castle Biosciences in a report on Wednesday, June 24th. They issued a “buy” rating and a $40.00 price target on the stock. KeyCorp set a $35.00 price objective on Castle Biosciences in a research report on Friday, May 29th. Wall Street Zen raised Castle Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. Robert W. Baird set a $36.00 target price on Castle Biosciences in a research report on Friday, July 31st. Finally, BTIG Research increased their price target on Castle Biosciences from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $42.00.

Castle Biosciences Trading Up 4.6%

Shares of CSTL opened at $35.00 on Wednesday. The stock has a market capitalization of $1.07 billion, a PE ratio of -53.03 and a beta of 0.98. The company’s fifty day moving average is $26.45 and its 200 day moving average is $25.39. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.85 and a current ratio of 6.04. 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 released its quarterly earnings data on Thursday, July 30th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.41) by $0.34. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. The business had revenue of $99.86 million during the quarter, compared to analyst estimates of $86.23 million. Sell-side analysts expect that Castle Biosciences, Inc. will post -1.29 earnings per share for the current fiscal year.

Insider Activity

In other Castle Biosciences news, insider Tobin W. Juvenal sold 1,730 shares of the business’s stock in a transaction that occurred on Monday, August 3rd. The stock was sold at an average price of $28.25, for a total transaction of $48,872.50. Following the sale, the insider directly owned 78,995 shares of the company’s stock, valued at $2,231,608.75. The trade was a 2.14% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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 company’s stock in a transaction that occurred 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 sale, the chief operating officer owned 13,288 shares in the company, valued at approximately $395,583.76. This trade represents a 39.25% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 136,305 shares of company stock worth $3,841,714. 6.10% of the stock is currently owned by corporate insiders.

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.