Castle Biosciences (NASDAQ:CSTL) Releases Earnings Results, Beats Expectations By $0.14 EPS

Castle Biosciences (NASDAQ:CSTL) announced its earnings results on Monday. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.14, Zacks reports. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. The firm had revenue of $85.78 million for the quarter, compared to analyst estimates of $78.55 million. During the same quarter in the previous year, the firm posted ($0.26) EPS. Castle Biosciences updated its FY 2024 guidance to EPS.

Castle Biosciences Price Performance

Castle Biosciences stock traded up $0.96 during mid-day trading on Thursday, reaching $33.62. 70,977 shares of the company’s stock traded hands, compared to its average volume of 323,203. The company has a market cap of $928.15 million, a price-to-earnings ratio of 163.30 and a beta of 0.99. The stock has a 50 day moving average of $30.78 and a two-hundred day moving average of $25.72. 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 has a 12-month low of $16.20 and a 12-month high of $35.84.

Wall Street Analyst Weigh In

CSTL has been the subject of a number of recent research reports. Scotiabank lifted their price target 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. Canaccord Genuity Group lifted their target price on shares of Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. BTIG Research boosted their price objective on shares of Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a report on Monday, October 14th. KeyCorp boosted their price objective on shares of Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday. Finally, Stephens reissued an “overweight” rating and set a $37.00 price objective on shares of Castle Biosciences in a report on Tuesday, August 6th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $37.88.

Insider Activity at Castle Biosciences

In other news, insider Derek J. Maetzold sold 986 shares of the stock in a transaction on Friday, October 4th. The shares were sold at an average price of $28.73, for a total value of $28,327.78. Following the sale, the insider now owns 94,622 shares of the company’s stock, valued at approximately $2,718,490.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, insider Derek J. Maetzold sold 986 shares of the company’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $28.73, for a total value of $28,327.78. Following the transaction, the insider now directly owns 94,622 shares in the company, valued at approximately $2,718,490.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Derek J. Maetzold sold 1,972 shares of the company’s stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $32.27, for a total transaction of $63,636.44. Following the completion of the transaction, the insider now 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. Insiders have sold a total of 19,694 shares of company stock valued at $563,497 over the last 90 days. 7.20% of the stock is owned by corporate insiders.

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.