Castle Biosciences (NASDAQ:CSTL) Shares Up 8.1% – Here’s Why

Castle Biosciences, Inc. (NASDAQ:CSTL) traded up 8.1% during mid-day trading on Tuesday . The stock traded as high as $26.29 and last traded at $26.97. 147,736 shares were traded during trading, a decline of 74% from the average session volume of 560,760 shares. The stock had previously closed at $24.94.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on CSTL shares. BTIG Research increased their target price on Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Canaccord Genuity Group raised their price objective on Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Stephens reiterated an “overweight” rating and set a $41.00 target price on shares of Castle Biosciences in a report on Thursday, January 2nd. Scotiabank increased their target price on shares of Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 6th. Finally, Robert W. Baird lifted their price target on shares of Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Seven equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company currently has an average rating of “Buy” and an average price target of $40.29.

Castle Biosciences Stock Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.64 and a current ratio of 7.78. The stock has a fifty day simple moving average of $28.66 and a two-hundred day simple moving average of $28.18. The stock has a market cap of $742.27 million, a PE ratio of 132.51 and a beta of 0.92.

Castle Biosciences (NASDAQ:CSTL) last announced its earnings results on Monday, November 4th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.14. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. The business had revenue of $85.78 million during the quarter, compared to the consensus estimate of $78.55 million. During the same period in the prior year, the firm earned ($0.26) earnings per share. Equities analysts anticipate that Castle Biosciences, Inc. will post 0.38 EPS for the current fiscal year.

Insider Transactions at Castle Biosciences

In related news, CFO Frank Stokes sold 6,923 shares of the company’s stock in a transaction on Friday, November 15th. The shares were sold at an average price of $29.93, for a total value of $207,205.39. Following the sale, the chief financial officer now directly owns 30,823 shares of the company’s stock, valued at $922,532.39. This represents a 18.34 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Tobin W. Juvenal sold 3,507 shares of the firm’s stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $35.56, for a total transaction of $124,708.92. Following the transaction, the insider now directly owns 54,178 shares of the company’s stock, valued at approximately $1,926,569.68. This represents a 6.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,306 shares of company stock valued at $1,063,756. 7.20% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Castle Biosciences

A number of institutional investors have recently modified their holdings of CSTL. American Century Companies Inc. lifted its stake in Castle Biosciences by 12.9% during the second quarter. American Century Companies Inc. now owns 42,818 shares of the company’s stock worth $932,000 after purchasing an additional 4,898 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Castle Biosciences by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 809,934 shares of the company’s stock worth $17,631,000 after buying an additional 60,675 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in shares of Castle Biosciences by 47.3% in the 2nd quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock valued at $6,564,000 after buying an additional 96,800 shares during the period. XTX Topco Ltd bought a new stake in shares of Castle Biosciences during the 2nd quarter valued at about $218,000. Finally, Marshall Wace LLP raised its stake in Castle Biosciences by 116.5% during the second quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock worth $4,616,000 after acquiring an additional 114,104 shares during the period. Institutional investors and hedge funds own 92.60% of the company’s stock.

Castle Biosciences Company Profile

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.