Castle Biosciences (NASDAQ:CSTL) Price Target Increased to $42.00 by Analysts at Canaccord Genuity Group

Castle Biosciences (NASDAQ:CSTL) had its price objective upped by equities research analysts at Canaccord Genuity Group from $35.00 to $42.00 in a report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 29.63% from the company’s current price.

A number of other equities research analysts have also commented on the stock. BTIG Research raised their price objective on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Stephens reissued an “overweight” rating and issued a $37.00 price target on shares of Castle Biosciences in a research note on Tuesday, August 6th. Finally, Robert W. Baird boosted their price target on Castle Biosciences from $34.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday, August 6th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $35.14.

Castle Biosciences Stock Up 3.3 %

NASDAQ:CSTL opened at $32.40 on Tuesday. Castle Biosciences has a 1 year low of $12.95 and a 1 year high of $34.50. The stock has a 50-day moving average price of $30.08 and a two-hundred day moving average price of $25.07. The stock has a market cap of $894.47 million, a price-to-earnings ratio of -28.17 and a beta of 1.03. The company has a current ratio of 8.12, a quick ratio of 7.92 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last issued its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.16) by $0.47. The business had revenue of $87.00 million during the quarter, compared to analyst estimates of $69.95 million. Castle Biosciences had a negative return on equity of 0.77% and a negative net margin of 1.08%. During the same period in the previous year, the firm earned ($0.70) EPS. As a group, equities analysts expect that Castle Biosciences will post -0.58 earnings per share for the current year.

Insider Transactions at Castle Biosciences

In related news, insider Derek J. Maetzold sold 986 shares of Castle Biosciences stock in a transaction dated Friday, October 4th. The stock was 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, insider Derek J. Maetzold sold 986 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $28.73, for a total value of $28,327.78. Following the completion of 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 position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Derek J. Maetzold sold 1,972 shares of the firm’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 completion of the transaction, the insider now directly owns 91,664 shares of the company’s stock, valued at $2,957,997.28. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,683 shares of company stock worth $1,120,023 in the last three months. Insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. increased its position in Castle Biosciences by 2.2% during the first quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company’s stock worth $33,096,000 after buying an additional 32,695 shares during the last quarter. Acadian Asset Management LLC raised its stake in Castle Biosciences by 130.7% in the 1st quarter. Acadian Asset Management LLC now owns 210,824 shares of the company’s stock valued at $4,669,000 after acquiring an additional 119,443 shares during the period. Harbor Capital Advisors Inc. lifted its holdings in Castle Biosciences by 249.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 138,707 shares of the company’s stock valued at $3,020,000 after purchasing an additional 99,001 shares during the last quarter. Summit Global Investments bought a new position in Castle Biosciences during the second quarter worth $518,000. Finally, SG Americas Securities LLC acquired a new position in shares of Castle Biosciences in the second quarter valued at $588,000. 92.60% of the stock is owned by institutional investors.

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.