Kornitzer Capital Management Inc. KS Reduces Stock Position in Castle Biosciences, Inc. (NASDAQ:CSTL)

Kornitzer Capital Management Inc. KS lowered its stake in shares of Castle Biosciences, Inc. (NASDAQ:CSTL) by 25.0% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 407,238 shares of the company’s stock after selling 135,636 shares during the quarter. Kornitzer Capital Management Inc. KS owned approximately 1.48% of Castle Biosciences worth $11,614,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. Principal Financial Group Inc. increased its position in shares of Castle Biosciences by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company’s stock worth $43,879,000 after purchasing an additional 40,377 shares during the last quarter. Vanguard Group Inc. grew its stake in Castle Biosciences by 2.2% in the first quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company’s stock worth $33,096,000 after purchasing an additional 32,695 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in Castle Biosciences by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 809,934 shares of the company’s stock valued at $17,631,000 after buying an additional 60,675 shares during the last quarter. Renaissance Technologies LLC raised its stake in Castle Biosciences by 47.3% during the second quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock valued at $6,564,000 after buying an additional 96,800 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its holdings in Castle Biosciences by 33.0% during the 2nd quarter. Acadian Asset Management LLC now owns 280,497 shares of the company’s stock worth $6,101,000 after buying an additional 69,673 shares during the last quarter. Institutional investors own 92.60% of the company’s stock.

Analysts Set New Price Targets

Several analysts have weighed in on the stock. Robert W. Baird boosted their target price on shares of Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Tuesday. Stephens reiterated an “overweight” rating and set a $37.00 price objective on shares of Castle Biosciences in a research note on Tuesday, August 6th. BTIG Research lifted their target price on Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Lake Street Capital increased their price target on Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Scotiabank boosted their price objective on Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research report on Wednesday. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, Castle Biosciences presently has a consensus rating of “Buy” and an average price target of $37.88.

Castle Biosciences Price Performance

Castle Biosciences stock traded up $0.14 during trading hours on Thursday, hitting $32.80. 52,011 shares of the company traded hands, compared to its average volume of 323,027. Castle Biosciences, Inc. has a 1-year low of $16.20 and a 1-year high of $35.84. The firm has a market cap of $905.51 million, a P/E ratio of 163.30 and a beta of 0.99. The firm’s 50-day simple moving average is $30.78 and its two-hundred day simple moving average is $25.72. The company has a quick ratio of 7.92, a current ratio of 8.12 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last announced its earnings results on Monday, November 4th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.14. The firm had revenue of $85.78 million for the quarter, compared to analysts’ expectations of $78.55 million. Castle Biosciences had a negative return on equity of 0.77% and a negative net margin of 1.08%. During the same quarter in the previous year, the company earned ($0.26) earnings per share. As a group, analysts forecast that Castle Biosciences, Inc. will post -0.58 earnings per share for the current fiscal year.

Insider Activity

In other Castle Biosciences news, Director Daniel Bradbury sold 7,883 shares of Castle Biosciences stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $26.65, for a total transaction of $210,081.95. Following the transaction, the director now directly owns 8,550 shares in the company, valued at approximately $227,857.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In other news, insider Derek J. Maetzold sold 986 shares of Castle Biosciences stock in a transaction that occurred on Friday, October 4th. The shares were sold at an average price of $28.73, for a total value of $28,327.78. Following the transaction, the insider now owns 94,622 shares of the company’s stock, valued at $2,718,490.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Daniel Bradbury sold 7,883 shares of Castle Biosciences stock in a transaction on Monday, August 12th. The stock was sold at an average price of $26.65, for a total transaction of $210,081.95. Following the completion of the transaction, the director now owns 8,550 shares in the company, valued at $227,857.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 19,694 shares of company stock valued at $563,497 over the last three months. Insiders own 7.20% of the company’s stock.

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.