Castle Biosciences (NASDAQ:CSTL) Shares Gap Down – Here’s Why

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL) gapped down prior to trading on Friday . The stock had previously closed at $32.72, but opened at $31.02. Castle Biosciences shares last traded at $29.44, with a volume of 69,246 shares.

Wall Street Analyst Weigh In

Several research firms recently issued reports on CSTL. Robert W. Baird lifted their price objective on shares of Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. BTIG Research boosted their target price on Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Lake Street Capital increased their price target on Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. KeyCorp boosted their price objective on shares of Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Finally, Canaccord Genuity Group raised their target price on shares of Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, Castle Biosciences presently has an average rating of “Buy” and a consensus price target of $40.29.

Castle Biosciences Stock Down 15.3 %

The firm’s 50-day simple moving average is $29.87 and its 200-day simple moving average is $27.81. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.64 and a current ratio of 7.78. The company has a market capitalization of $775.79 million, a price-to-earnings ratio of 138.51 and a beta of 0.92.

Castle Biosciences (NASDAQ:CSTL) last released its earnings results on Monday, November 4th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates 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 last year, the business earned ($0.26) earnings per share. Sell-side analysts forecast that Castle Biosciences, Inc. will post 0.34 earnings per share for the current year.

Insider Transactions at Castle Biosciences

In related news, insider Derek J. Maetzold sold 2,715 shares of the stock in a transaction dated Monday, January 6th. The shares were sold at an average price of $29.62, for a total transaction of $80,418.30. Following the completion of the sale, the insider now owns 82,047 shares in the company, valued at $2,430,232.14. This trade represents a 3.20 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Tobin W. Juvenal sold 3,507 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $35.56, for a total transaction of $124,708.92. Following the completion of the transaction, the insider now owns 54,178 shares in the company, valued at approximately $1,926,569.68. This trade represents a 6.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 36,292 shares of company stock valued at $1,099,755. Company insiders own 7.20% of the company’s stock.

Institutional Trading of Castle Biosciences

Several hedge funds have recently modified their holdings of CSTL. Quest Partners LLC grew its position in Castle Biosciences by 54.4% during the 3rd quarter. Quest Partners LLC now owns 4,318 shares of the company’s stock worth $123,000 after acquiring an additional 1,522 shares during the last quarter. US Bancorp DE increased its stake in shares of Castle Biosciences by 1,889.2% in the third quarter. US Bancorp DE now owns 4,615 shares of the company’s stock valued at $132,000 after buying an additional 4,383 shares in the last quarter. Point72 DIFC Ltd acquired a new position in Castle Biosciences during the 3rd quarter worth about $140,000. Assetmark Inc. grew its holdings in Castle Biosciences by 16.8% during the 3rd quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock worth $149,000 after acquiring an additional 748 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its position in Castle Biosciences by 64.6% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 5,335 shares of the company’s stock valued at $152,000 after acquiring an additional 2,093 shares in the last quarter. Institutional investors and hedge funds own 92.60% 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.