Castle Biosciences (NASDAQ:CSTL) Trading 6.4% Higher – Here’s What Happened

Castle Biosciences, Inc. (NASDAQ:CSTL) traded up 6.4% on Thursday . The company traded as high as $32.57 and last traded at $31.37. 87,970 shares changed hands during trading, a decline of 73% from the average session volume of 326,358 shares. The stock had previously closed at $29.48.

Analysts Set New Price Targets

A number of analysts have recently weighed in on CSTL shares. Lake Street Capital raised their price target on shares of Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Robert W. Baird lifted their price target on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Scotiabank boosted their price target on Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 6th. KeyCorp raised their price objective on Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Finally, BTIG Research upped their target price on Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $37.88.

Castle Biosciences Trading Down 0.9 %

The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02. The firm has a market cap of $808.56 million, a price-to-earnings ratio of 144.35 and a beta of 0.92. The company has a fifty day moving average price of $31.30 and a 200-day moving average price of $27.10.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly 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 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 expect that Castle Biosciences, Inc. will post 0.34 EPS for the current year.

Insider Buying and Selling

In related news, Director Daniel Bradbury sold 7,867 shares of the company’s stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $29.44, for a total value of $231,604.48. Following the completion of the transaction, the director now owns 5,700 shares of the company’s stock, valued at approximately $167,808. This represents a 57.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Derek J. Maetzold sold 1,972 shares of the firm’s stock in a transaction that occurred on Thursday, December 5th. The shares were sold at an average price of $31.35, for a total value of $61,822.20. Following the completion of the sale, the insider now directly owns 85,748 shares in the company, valued at approximately $2,688,199.80. The trade was a 2.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,185 shares of company stock valued at $814,495. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in CSTL. Algert Global LLC grew its position in shares of Castle Biosciences by 0.4% in 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 during the period. The Manufacturers Life Insurance Company lifted its stake in Castle Biosciences by 7.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,122 shares of the company’s stock valued at $220,000 after buying an additional 675 shares in the last quarter. Assetmark Inc. boosted its holdings in Castle Biosciences by 16.8% in 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 last quarter. Y Intercept Hong Kong Ltd increased its stake in Castle Biosciences by 3.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 24,206 shares of the company’s stock worth $690,000 after buying an additional 845 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its holdings 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 valued at $215,000 after acquiring an additional 952 shares during the last quarter. Hedge funds and other 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.