Castle Biosciences, Inc. (NASDAQ:CSTL) Sees Significant Growth in Short Interest

Castle Biosciences, Inc. (NASDAQ:CSTL) saw a significant increase in short interest during the month of November. As of November 30th, there was short interest totalling 1,840,000 shares, an increase of 7.6% from the November 15th total of 1,710,000 shares. Based on an average daily trading volume, of 390,900 shares, the days-to-cover ratio is currently 4.7 days.

Castle Biosciences Price Performance

CSTL stock traded down $0.48 during mid-day trading on Tuesday, reaching $28.32. 149,051 shares of the company’s stock were exchanged, compared to its average volume of 326,543. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64. Castle Biosciences has a 12-month low of $16.97 and a 12-month high of $35.84. The stock’s 50 day moving average is $31.28 and its 200 day moving average is $27.17. The company has a market cap of $793.16 million, a price-to-earnings ratio of 142.60 and a beta of 0.92.

Castle Biosciences (NASDAQ:CSTL) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.14. The company had revenue of $85.78 million during the quarter, compared to analyst estimates of $78.55 million. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. During the same quarter in the previous year, the firm earned ($0.26) EPS. On average, research analysts expect that Castle Biosciences will post 0.34 EPS for the current year.

Insider Buying and Selling

In other Castle Biosciences news, insider Derek J. Maetzold sold 1,972 shares of Castle Biosciences stock in a transaction on Thursday, December 5th. The stock was sold at an average price of $31.35, for a total transaction of $61,822.20. Following the completion of the sale, the insider now directly owns 85,748 shares of the company’s stock, valued at $2,688,199.80. The trade was a 2.25 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel Bradbury sold 7,867 shares of the company’s stock in a transaction on 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 sale, the director now owns 5,700 shares of the company’s stock, valued at $167,808. This represents a 57.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 26,185 shares of company stock worth $814,495 over the last three months. 7.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Castle Biosciences

Hedge funds have recently made changes to their positions in the company. Point72 Asset Management L.P. grew its holdings in shares of Castle Biosciences by 828.3% during the third quarter. Point72 Asset Management L.P. now owns 499,192 shares of the company’s stock worth $14,237,000 after buying an additional 445,415 shares in the last quarter. Marshall Wace LLP grew its stake in Castle Biosciences by 116.5% during the 2nd quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock valued at $4,616,000 after acquiring an additional 114,104 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Castle Biosciences by 147.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 165,458 shares of the company’s stock valued at $4,719,000 after acquiring an additional 98,571 shares during the last quarter. Renaissance Technologies LLC lifted its stake in Castle Biosciences by 47.3% in the 2nd quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock worth $6,564,000 after purchasing an additional 96,800 shares in the last quarter. Finally, Lisanti Capital Growth LLC acquired a new position in shares of Castle Biosciences during the 2nd quarter worth approximately $2,102,000. Institutional investors and hedge funds own 92.60% of the company’s stock.

Analysts Set New Price Targets

CSTL has been the subject of several recent research reports. BTIG Research boosted their price target 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. Lake Street Capital lifted their price target on Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Canaccord Genuity Group raised their price objective 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 boosted their target price on shares of Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Finally, Robert W. Baird raised their price target on shares of Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $39.71.

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.