Castle Biosciences (NASDAQ:CSTL) Shares Up 8.1% – What’s Next?

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

Analysts Set New Price Targets

CSTL has been the topic of several research analyst reports. Lake Street Capital raised their price objective on Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Canaccord Genuity Group raised their price target on shares of Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Scotiabank boosted their price objective 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, November 6th. KeyCorp raised 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, BTIG Research lifted their target price on Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Castle Biosciences currently has an average rating of “Buy” and an average price target of $40.29.

Castle Biosciences Trading Up 6.2 %

The firm’s 50-day simple moving average is $28.89 and its 200 day simple moving average is $28.13. The stock has a market cap of $742.12 million, a P/E ratio of 132.53 and a beta of 0.92. The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last issued its quarterly earnings data on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.14. The business had revenue of $85.78 million during the quarter, compared to analyst estimates of $78.55 million. Castle Biosciences had a return on equity of 1.47% and a net margin of 1.95%. During the same period in the prior year, the company posted ($0.26) EPS. As a group, equities research analysts anticipate that Castle Biosciences, Inc. will post 0.34 earnings per share for the current year.

Insider Activity

In related news, insider Derek J. Maetzold sold 986 shares of the firm’s stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $28.03, for a total transaction of $27,637.58. Following the completion of the transaction, the insider now owns 80,818 shares of the company’s stock, valued at $2,265,328.54. This trade represents a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Tobin W. Juvenal sold 3,507 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $35.56, for a total transaction of $124,708.92. Following the completion of the sale, the insider now owns 54,178 shares in the company, valued at approximately $1,926,569.68. This trade 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. Company insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Castle Biosciences

Several hedge funds have recently made changes to their positions in the business. Quest Partners LLC lifted its stake in Castle Biosciences by 54.4% during the third quarter. Quest Partners LLC now owns 4,318 shares of the company’s stock valued at $123,000 after purchasing an additional 1,522 shares during the last quarter. US Bancorp DE increased its holdings in shares of Castle Biosciences by 1,889.2% in the third quarter. US Bancorp DE now owns 4,615 shares of the company’s stock valued at $132,000 after buying an additional 4,383 shares in the last quarter. Point72 DIFC Ltd bought a new stake in shares of Castle Biosciences during the 3rd quarter worth $140,000. Assetmark Inc. grew its holdings in shares of Castle Biosciences by 16.8% in the 3rd quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock worth $149,000 after acquiring an additional 748 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its stake in Castle Biosciences by 64.6% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 5,335 shares of the company’s stock worth $152,000 after purchasing an additional 2,093 shares in the last quarter. 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.