Castle Biosciences (NASDAQ:CSTL) Trading Up 4.8% – Here’s Why

Castle Biosciences, Inc. (NASDAQ:CSTL)’s share price was up 4.8% during mid-day trading on Tuesday . The company traded as high as $30.95 and last traded at $30.92. Approximately 75,663 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 326,544 shares. The stock had previously closed at $29.51.

Wall Street Analyst Weigh In

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

Castle Biosciences Stock Up 3.3 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64. The stock’s 50 day simple moving average is $30.96 and its two-hundred day simple moving average is $26.53. The firm has a market cap of $854.02 million, a P/E ratio of 152.31 and a beta of 0.99.

Castle Biosciences (NASDAQ:CSTL) last released 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 business had revenue of $85.78 million for the quarter, compared to the consensus estimate of $78.55 million. Castle Biosciences had a return on equity of 1.47% and a net margin of 1.95%. During the same period in the previous year, the company posted ($0.26) earnings per share. As a group, research analysts forecast that Castle Biosciences, Inc. will post -0.08 earnings per share for the current year.

Insiders Place Their Bets

In other Castle Biosciences news, 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 value of $207,205.39. Following the completion of 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Derek J. Maetzold sold 1,972 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $34.15, for a total value of $67,343.80. Following the completion of the transaction, the insider now owns 87,720 shares in the company, valued at approximately $2,995,638. This trade represents a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,213 shares of company stock valued at $752,673. Corporate insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Castle Biosciences

A number of institutional investors have recently bought and sold shares of CSTL. Algert Global LLC lifted its holdings in Castle Biosciences by 0.4% during the third quarter. Algert Global LLC now owns 134,321 shares of the company’s stock valued at $3,831,000 after purchasing an additional 599 shares in the last quarter. The Manufacturers Life Insurance Company raised its holdings in Castle Biosciences by 7.1% during the second quarter. The Manufacturers Life Insurance Company now owns 10,122 shares of the company’s stock valued at $220,000 after acquiring an additional 675 shares during the period. Assetmark Inc. lifted its position in shares of Castle Biosciences by 16.8% in the third quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock valued at $149,000 after acquiring an additional 748 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its stake in shares of Castle Biosciences by 3.6% in the third quarter. Y Intercept Hong Kong Ltd now owns 24,206 shares of the company’s stock worth $690,000 after acquiring an additional 845 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Castle Biosciences by 10.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,882 shares of the company’s stock worth $215,000 after purchasing an additional 952 shares in the last quarter. 92.60% of the stock is owned by institutional investors.

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.