Scotiabank Increases Castle Biosciences (NASDAQ:CSTL) Price Target to $44.00

Castle Biosciences (NASDAQ:CSTL) had its target price lifted by stock analysts at Scotiabank from $37.00 to $44.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “sector outperform” rating on the stock. Scotiabank’s price objective suggests a potential upside of 36.73% from the stock’s current price.

A number of other equities analysts have also weighed in on CSTL. Lake Street Capital lifted 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. Canaccord Genuity Group boosted their price target on Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. KeyCorp raised their price objective on Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday. Stephens reiterated an “overweight” rating and set a $37.00 target price on shares of Castle Biosciences in a report on Tuesday, August 6th. Finally, BTIG Research increased their target price on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $37.88.

Castle Biosciences Trading Up 3.3 %

NASDAQ CSTL traded up $1.03 during trading hours on Wednesday, hitting $32.18. 217,297 shares of the company’s stock were exchanged, compared to its average volume of 322,204. The business’s 50 day moving average is $30.70 and its 200-day moving average is $25.67. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.92 and a current ratio of 8.12. Castle Biosciences has a 12-month low of $16.20 and a 12-month high of $35.84. The firm has a market capitalization of $888.49 million, a P/E ratio of -234.79 and a beta of 0.99.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.14. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. The business had revenue of $85.78 million for the quarter, compared to analyst estimates of $78.55 million. During the same period in the prior year, the firm posted ($0.26) EPS. As a group, analysts anticipate that Castle Biosciences will post -0.58 EPS for the current fiscal year.

Insider Activity

In other news, insider Derek J. Maetzold sold 1,972 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $32.27, for a total transaction of $63,636.44. Following the transaction, the insider now directly owns 91,664 shares of the company’s stock, valued at approximately $2,957,997.28. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of the firm’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $28.73, for a total transaction of $28,327.78. Following the completion of the sale, the insider now owns 94,622 shares in the company, valued at $2,718,490.06. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Derek J. Maetzold sold 1,972 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $32.27, for a total value of $63,636.44. Following the completion of the transaction, the insider now directly owns 91,664 shares in the company, valued at approximately $2,957,997.28. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 19,694 shares of company stock worth $563,497. 7.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Castle Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP acquired a new position in Castle Biosciences during the 3rd quarter worth $1,478,000. Lisanti Capital Growth LLC raised its position in shares of Castle Biosciences by 60.2% during the 3rd quarter. Lisanti Capital Growth LLC now owns 154,710 shares of the company’s stock valued at $4,412,000 after acquiring an additional 58,160 shares in the last quarter. Assetmark Inc. raised its holdings in shares of Castle Biosciences by 16.8% during the third quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock worth $149,000 after purchasing an additional 748 shares during the period. Summit Global Investments boosted its holdings in shares of Castle Biosciences by 27.8% in the 3rd quarter. Summit Global Investments now owns 30,441 shares of the company’s stock valued at $868,000 after buying an additional 6,629 shares during the period. Finally, Principal Financial Group Inc. grew its position in shares of Castle Biosciences by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company’s stock valued at $43,879,000 after buying an additional 40,377 shares during the last quarter. 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.