Castle Biosciences (NASDAQ:CSTL) Stock Price Expected to Rise, Lake Street Capital Analyst Says

Castle Biosciences (NASDAQ:CSTL) had its price target upped by equities researchers at Lake Street Capital from $34.00 to $40.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the stock. Lake Street Capital’s target price would indicate a potential upside of 28.41% from the company’s previous close.

A number of other research firms have also commented on CSTL. Robert W. Baird boosted 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. BTIG Research increased their price objective on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Canaccord Genuity Group raised 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. KeyCorp upped their target price on shares of Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday. Finally, Stephens reissued an “overweight” rating and issued a $37.00 price target on shares of Castle Biosciences in a report on Tuesday, August 6th. Eight research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average target price of $37.00.

Castle Biosciences Price Performance

CSTL stock traded down $2.49 during trading on Tuesday, hitting $31.15. 1,057,620 shares of the stock traded hands, compared to its average volume of 322,814. The stock has a market cap of $860.05 million, a price-to-earnings ratio of -222.50 and a beta of 0.99. Castle Biosciences has a one year low of $16.20 and a one year high of $35.84. The company has a current ratio of 8.12, a quick ratio of 7.92 and a debt-to-equity ratio of 0.02. The company has a 50 day simple moving average of $30.66 and a 200 day simple moving average of $25.59.

Castle Biosciences (NASDAQ:CSTL) last posted its earnings results on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.14. The company had revenue of $85.78 million during the quarter, compared to analysts’ expectations of $78.55 million. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. During the same quarter in the previous year, the company posted ($0.26) earnings per share. Equities analysts expect that Castle Biosciences will post -0.58 EPS for the current fiscal year.

Insider Transactions at Castle Biosciences

In related news, Director Daniel Bradbury sold 7,883 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $26.65, for a total value of $210,081.95. Following the transaction, the director now directly owns 8,550 shares in the company, valued at $227,857.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Frank Stokes sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $25.70, for a total value of $257,000.00. Following the completion of the sale, the chief financial officer now directly owns 30,823 shares of the company’s stock, valued at $792,151.10. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Daniel Bradbury sold 7,883 shares of the stock in a transaction that occurred on 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 in the company, valued at $227,857.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 29,694 shares of company stock worth $820,497 in the last quarter. 7.20% of the stock is owned by company insiders.

Institutional Investors Weigh In On Castle Biosciences

Several large investors have recently bought and sold shares of CSTL. US Bancorp DE boosted its position in shares of Castle Biosciences by 1,889.2% during the third quarter. US Bancorp DE now owns 4,615 shares of the company’s stock worth $132,000 after purchasing an additional 4,383 shares in the last quarter. Assetmark Inc. raised its stake 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 buying an additional 748 shares during the period. China Universal Asset Management Co. Ltd. lifted its holdings in Castle Biosciences by 64.6% during the third quarter. China Universal Asset Management Co. Ltd. now owns 5,335 shares of the company’s stock worth $152,000 after acquiring an additional 2,093 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in 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 acquiring an additional 952 shares in the last quarter. Finally, XTX Topco Ltd acquired a new position in Castle Biosciences in the second quarter valued at about $218,000. Institutional investors own 92.60% of the company’s stock.

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.