Castle Biosciences (NASDAQ:CSTL) Sets New 1-Year High After Analyst Upgrade

Castle Biosciences, Inc. (NASDAQ:CSTL) reached a new 52-week high during mid-day trading on Monday after BTIG Research raised their price target on the stock from $35.00 to $40.00. BTIG Research currently has a buy rating on the stock. Castle Biosciences traded as high as $32.82 and last traded at $32.59, with a volume of 87596 shares. The stock had previously closed at $31.31.

Several other equities research analysts have also recently commented on CSTL. Stephens reissued an “overweight” rating and issued a $37.00 price target on shares of Castle Biosciences in a research note on Tuesday, August 6th. Robert W. Baird boosted their price target on Castle Biosciences from $34.00 to $37.00 and gave the company an “outperform” rating in a research note on Tuesday, August 6th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $34.00.

Insiders Place Their Bets

In other news, COO Kristen M. Oelschlager sold 2,793 shares of the company’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $22.06, for a total transaction of $61,613.58. Following the completion of the transaction, the chief operating officer now directly owns 145,825 shares in the company, valued at $3,216,899.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Derek J. Maetzold sold 986 shares of the stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $30.27, for a total value of $29,846.22. Following the completion of the sale, the insider now directly owns 93,636 shares of the company’s stock, valued at approximately $2,834,361.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Kristen M. Oelschlager sold 2,793 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $22.06, for a total value of $61,613.58. Following the completion of the transaction, the chief operating officer now directly owns 145,825 shares of the company’s stock, valued at approximately $3,216,899.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,504 shares of company stock valued at $1,118,000 over the last 90 days. 7.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its position in Castle Biosciences by 2.2% in the first quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company’s stock worth $33,096,000 after purchasing an additional 32,695 shares during the period. Acadian Asset Management LLC lifted its position in Castle Biosciences by 130.7% in the first quarter. Acadian Asset Management LLC now owns 210,824 shares of the company’s stock worth $4,669,000 after purchasing an additional 119,443 shares during the period. Harbor Capital Advisors Inc. lifted its position in Castle Biosciences by 249.3% in the second quarter. Harbor Capital Advisors Inc. now owns 138,707 shares of the company’s stock worth $3,020,000 after purchasing an additional 99,001 shares during the period. Summit Global Investments bought a new position in Castle Biosciences in the second quarter worth $518,000. Finally, SG Americas Securities LLC bought a new position in shares of Castle Biosciences during the second quarter valued at $588,000. 92.60% of the stock is owned by institutional investors.

Castle Biosciences Stock Performance

The company has a market capitalization of $931.46 million, a P/E ratio of -29.52 and a beta of 1.03. The stock has a fifty day simple moving average of $28.74 and a 200-day simple moving average of $24.20. The company has a quick ratio of 7.92, a current ratio of 8.12 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last issued its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.47. The company had revenue of $87.00 million during the quarter, compared to analysts’ expectations of $69.95 million. Castle Biosciences had a negative return on equity of 0.77% and a negative net margin of 1.08%. During the same period last year, the business earned ($0.70) earnings per share. Equities analysts forecast that Castle Biosciences, Inc. will post -0.58 EPS for the current year.

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.