Connor Clark & Lunn Investment Management Ltd. Boosts Position in Castle Biosciences, Inc. (NASDAQ:CSTL)

Connor Clark & Lunn Investment Management Ltd. raised its stake in Castle Biosciences, Inc. (NASDAQ:CSTL) by 147.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 165,458 shares of the company’s stock after buying an additional 98,571 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.60% of Castle Biosciences worth $4,719,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also added to or reduced their stakes in the stock. Principal Financial Group Inc. grew its stake in Castle Biosciences by 2.7% in the third 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 in the last quarter. Vanguard Group Inc. grew its position in shares of Castle Biosciences by 2.2% during the 1st quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company’s stock worth $33,096,000 after buying an additional 32,695 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of Castle Biosciences by 8.1% during 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 period. Renaissance Technologies LLC raised its holdings in shares of Castle Biosciences by 47.3% in the second quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock valued at $6,564,000 after acquiring an additional 96,800 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its stake in Castle Biosciences by 33.0% in the second quarter. Acadian Asset Management LLC now owns 280,497 shares of the company’s stock worth $6,101,000 after acquiring an additional 69,673 shares during the period. 92.60% of the stock is currently owned by institutional investors.

Castle Biosciences Stock Up 3.2 %

Shares of CSTL stock opened at $29.81 on Friday. The stock’s fifty day moving average price is $30.98 and its 200 day moving average price is $26.48. Castle Biosciences, Inc. has a 1-year low of $16.97 and a 1-year high of $35.84. The company has a market cap of $834.98 million, a price-to-earnings ratio of 149.06 and a beta of 0.99. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.14. The firm had revenue of $85.78 million for the quarter, compared to the consensus estimate of $78.55 million. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. During the same quarter in the prior year, the company posted ($0.26) earnings per share. On average, research analysts expect that Castle Biosciences, Inc. will post -0.08 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Tobin W. Juvenal sold 3,507 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $35.56, for a total value of $124,708.92. Following the transaction, the insider now owns 54,178 shares in the company, valued at approximately $1,926,569.68. This represents a 6.08 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Frank Stokes sold 6,923 shares of Castle Biosciences stock in a transaction that occurred on Friday, November 15th. The shares were sold at an average price of $29.93, for a total transaction of $207,205.39. Following the sale, the chief financial officer now owns 30,823 shares of the company’s stock, valued at approximately $922,532.39. The trade was a 18.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 24,213 shares of company stock valued at $752,673. Insiders own 7.20% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on CSTL shares. Canaccord Genuity Group boosted their price target on shares of Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. Scotiabank boosted their price objective on shares of Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 6th. Lake Street Capital increased their target price on Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. BTIG Research lifted their price target on Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a report on Monday, October 14th. Finally, Robert W. Baird upped their price objective on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $37.88.

Castle Biosciences 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.