Deerfield Management Company L.P. Series C Cuts Stake in Castle Biosciences, Inc. (NASDAQ:CSTL)

Deerfield Management Company L.P. Series C trimmed its position in shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Free Report) by 5.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 874,609 shares of the company's stock after selling 53,408 shares during the quarter. Deerfield Management Company L.P. Series C owned approximately 3.17% of Castle Biosciences worth $19,040,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of CSTL. Vanguard Group Inc. lifted its position in Castle Biosciences by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company's stock valued at $33,096,000 after acquiring an additional 32,695 shares in the last quarter. Bellevue Group AG raised its stake in Castle Biosciences by 0.4% during the 4th quarter. Bellevue Group AG now owns 1,232,378 shares of the company's stock valued at $26,595,000 after buying an additional 4,347 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in Castle Biosciences by 8.1% during the 2nd 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. Parkman Healthcare Partners LLC increased its stake in shares of Castle Biosciences by 59.0% in the 4th quarter. Parkman Healthcare Partners LLC now owns 357,156 shares of the company's stock worth $7,707,000 after purchasing an additional 132,564 shares in the last quarter. Finally, Intrinsic Edge Capital Management LLC increased its stake in shares of Castle Biosciences by 108.8% in the 4th quarter. Intrinsic Edge Capital Management LLC now owns 326,270 shares of the company's stock worth $7,041,000 after purchasing an additional 170,000 shares in the last quarter. 92.60% of the stock is owned by institutional investors.

Castle Biosciences Price Performance

Shares of CSTL traded down $0.60 during midday trading on Thursday, hitting $28.00. 310,172 shares of the company traded hands, compared to its average volume of 307,323. The firm has a 50 day moving average of $26.90 and a 200-day moving average of $23.44. Castle Biosciences, Inc. has a 52 week low of $12.07 and a 52 week high of $32.53. The stock has a market cap of $773.08 million, a price-to-earnings ratio of -25.11 and a beta of 1.02. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.92 and a current ratio of 8.12.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last posted its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, topping analysts' consensus estimates of ($0.16) by $0.47. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. The company had revenue of $87.00 million for the quarter, compared to analyst estimates of $69.95 million. During the same period in the prior year, the company posted ($0.70) EPS. On average, analysts forecast that Castle Biosciences, Inc. will post -0.58 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several equities research analysts have recently commented on CSTL shares. Stephens restated an "overweight" rating and issued a $37.00 price objective on shares of Castle Biosciences in a research note on Tuesday, August 6th. Robert W. Baird upped their price objective on Castle Biosciences from $34.00 to $37.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 6th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average price target of $32.80.

Insider Transactions at Castle Biosciences

In related news, COO Kristen M. Oelschlager sold 2,793 shares of Castle Biosciences stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $22.06, for a total transaction of $61,613.58. Following the transaction, the chief operating officer now directly owns 145,825 shares of the company's stock, valued at $3,216,899.50. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, Director Daniel Bradbury sold 7,883 shares of the business's stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $26.65, for a total transaction of $210,081.95. Following the completion of the sale, the director now owns 8,550 shares of the company's stock, valued at $227,857.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Kristen M. Oelschlager sold 2,793 shares of the business's stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $22.06, for a total transaction of $61,613.58. Following the sale, the chief operating officer now directly owns 145,825 shares of the company's stock, valued at approximately $3,216,899.50. The disclosure for this sale can be found here. Over the last three months, insiders have sold 33,665 shares of company stock valued at $828,222. 7.20% of the stock is currently owned by company insiders.

About Castle Biosciences

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.