Castle Biosciences (NASDAQ:CSTL) Earns “Overweight” Rating from Stephens

Castle Biosciences (NASDAQ:CSTL)‘s stock had its “overweight” rating reaffirmed by research analysts at Stephens in a report issued on Thursday,Benzinga reports. They presently have a $41.00 price target on the stock. Stephens’ target price suggests a potential upside of 43.31% from the company’s current price.

Other research analysts also recently issued research reports about the stock. BTIG Research increased their price objective on shares of Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Robert W. Baird increased their price target on shares of Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Canaccord Genuity Group boosted their price objective on Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Lake Street Capital lifted their target price on shares of Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Finally, KeyCorp increased 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, November 5th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Castle Biosciences currently has a consensus rating of “Buy” and a consensus target price of $40.29.

Castle Biosciences Stock Performance

Castle Biosciences stock opened at $28.61 on Thursday. Castle Biosciences has a twelve month low of $16.97 and a twelve month high of $35.84. The company has a quick ratio of 7.64, a current ratio of 7.78 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $801.28 million, a P/E ratio of 143.06 and a beta of 0.92. The stock’s 50 day moving average is $30.10 and its 200 day moving average is $27.49.

Castle Biosciences (NASDAQ:CSTL) last issued its earnings results on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, topping 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 analysts’ expectations of $78.55 million. During the same period in the previous year, the company earned ($0.26) earnings per share. On average, equities research analysts predict that Castle Biosciences will post 0.34 earnings per share for the current fiscal year.

Insider Activity at Castle Biosciences

In other news, insider Tobin W. Juvenal sold 3,507 shares of the stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $35.56, for a total value of $124,708.92. Following the sale, the insider now 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Derek J. Maetzold sold 9,364 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $28.34, for a total transaction of $265,375.76. Following the completion of the sale, the insider now directly owns 84,762 shares of the company’s stock, valued at approximately $2,402,155.08. The trade was a 9.95 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,563 shares of company stock valued at $1,051,543 over the last 90 days. 7.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the stock. JPMorgan Chase & Co. boosted its holdings in shares of Castle Biosciences by 165.2% in the third quarter. JPMorgan Chase & Co. now owns 69,409 shares of the company’s stock valued at $1,980,000 after purchasing an additional 43,241 shares during the period. Principal Financial Group Inc. lifted its position in Castle Biosciences by 2.7% during the third quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company’s stock valued at $43,879,000 after acquiring an additional 40,377 shares during the last quarter. Franklin Resources Inc. grew its stake in Castle Biosciences by 87.3% during the 3rd quarter. Franklin Resources Inc. now owns 69,382 shares of the company’s stock worth $1,979,000 after buying an additional 32,344 shares during the last quarter. Barclays PLC grew its stake in shares of Castle Biosciences by 310.7% during the third quarter. Barclays PLC now owns 52,301 shares of the company’s stock worth $1,491,000 after acquiring an additional 39,567 shares during the last quarter. Finally, Geode Capital Management LLC grew its stake in shares of Castle Biosciences by 1.1% during the third quarter. Geode Capital Management LLC now owns 624,683 shares of the company’s stock worth $17,820,000 after acquiring an additional 7,004 shares during the last quarter. 92.60% of the stock is currently owned by institutional investors.

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.