Castle Biosciences (NASDAQ:CSTL) Shares Gap Up Following Analyst Upgrade

Castle Biosciences, Inc. (NASDAQ:CSTL) gapped up before the market opened on Friday after Robert W. Baird raised their price target on the stock from $36.00 to $37.00. The stock had previously closed at $25.28, but opened at $26.00. Robert W. Baird currently has an outperform rating on the stock. Castle Biosciences shares last traded at $23.26, with a volume of 66,192 shares traded.

A number of other equities analysts have also recently weighed in on the stock. Lake Street Capital lifted their price target on shares of Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Stephens reissued an “overweight” rating and set a $41.00 price target on shares of Castle Biosciences in a research report on Thursday, January 2nd. KeyCorp lifted their price target on shares of Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Finally, Scotiabank boosted 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 report on Wednesday, November 6th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $40.00.

Insider Activity at Castle Biosciences

In other Castle Biosciences news, Director Daniel Bradbury sold 7,867 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $28.17, for a total transaction of $221,613.39. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Derek J. Maetzold sold 9,364 shares of the business’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $28.34, for a total transaction of $265,375.76. Following the sale, the insider now directly owns 84,762 shares in the company, valued at $2,402,155.08. This trade represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 30,771 shares of company stock valued at $886,112. 7.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Castle Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in CSTL. Covestor Ltd bought a new stake in Castle Biosciences during the 4th quarter worth about $25,000. R Squared Ltd acquired a new position in shares of Castle Biosciences during the 4th quarter worth about $42,000. Quest Partners LLC increased its stake in shares of 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 purchasing an additional 1,522 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new position in shares of Castle Biosciences during the 4th quarter worth about $128,000. Finally, US Bancorp DE increased its stake in shares of Castle Biosciences by 1,889.2% during the 3rd quarter. US Bancorp DE now owns 4,615 shares of the company’s stock worth $132,000 after purchasing an additional 4,383 shares during the last quarter. 92.60% of the stock is owned by institutional investors.

Castle Biosciences Stock Down 14.2 %

The company has a market capitalization of $607.19 million, a price-to-earnings ratio of 108.41 and a beta of 0.91. The firm’s 50 day moving average price is $27.23 and its two-hundred day moving average price is $29.16. The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02.

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.