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

Castle Biosciences, Inc. (NASDAQ:CSTL) was the target of a significant drop in short interest in September. As of September 30th, there was short interest totalling 1,610,000 shares, a drop of 6.4% from the September 15th total of 1,720,000 shares. Based on an average trading volume of 397,400 shares, the days-to-cover ratio is presently 4.1 days.

Castle Biosciences Trading Up 0.9 %

Shares of NASDAQ CSTL traded up $0.29 during trading on Wednesday, reaching $33.77. The stock had a trading volume of 428,344 shares, compared to its average volume of 314,091. The business’s 50-day moving average price is $29.30 and its 200-day moving average price is $24.43. Castle Biosciences has a fifty-two week low of $12.23 and a fifty-two week high of $34.50. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.92 and a current ratio of 8.12. The company has a market cap of $932.29 million, a P/E ratio of -29.37 and a beta of 1.03.

Castle Biosciences (NASDAQ:CSTL) last issued its quarterly earnings results on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.16) by $0.47. The business had revenue of $87.00 million for the quarter, compared to analysts’ expectations of $69.95 million. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. During the same quarter in the prior year, the company earned ($0.70) earnings per share. On average, equities research analysts predict that Castle Biosciences will post -0.58 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on CSTL. BTIG Research raised their price target on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday. Robert W. Baird lifted their target price on Castle Biosciences from $34.00 to $37.00 and gave the company an “outperform” rating in a research report on Tuesday, August 6th. Finally, Stephens reaffirmed an “overweight” rating and issued a $37.00 price target on shares of Castle Biosciences in a research note on Tuesday, August 6th. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Castle Biosciences presently has a consensus rating of “Buy” and a consensus price target of $34.00.

Insider Activity

In other Castle Biosciences news, insider Derek J. Maetzold sold 1,972 shares of Castle Biosciences 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 sale, the insider now owns 91,664 shares of the company’s stock, valued at $2,957,997.28. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Derek J. Maetzold sold 986 shares of the company’s 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 directly owns 94,622 shares in the company, valued at $2,718,490.06. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Derek J. Maetzold sold 1,972 shares of the firm’s stock in a transaction on Monday, October 14th. The stock was sold at an average price of $32.27, for a total value of $63,636.44. Following the completion of the sale, the insider now directly owns 91,664 shares of the company’s stock, valued at $2,957,997.28. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 45,476 shares of company stock worth $1,181,637 over the last quarter. 7.20% of the stock is currently owned by corporate insiders.

Institutional Trading of Castle Biosciences

A number of large investors have recently modified their holdings of the stock. RiverPark Advisors LLC grew its stake in Castle Biosciences by 362.2% during the 1st quarter. RiverPark Advisors LLC now owns 2,861 shares of the company’s stock worth $63,000 after purchasing an additional 2,242 shares in the last quarter. China Universal Asset Management Co. Ltd. grew its position in shares of Castle Biosciences by 70.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 5,297 shares of the company’s stock worth $117,000 after buying an additional 2,187 shares in the last quarter. Denali Advisors LLC purchased a new stake in shares of Castle Biosciences during the first quarter worth approximately $186,000. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Castle Biosciences by 10.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,882 shares of the company’s stock valued at $215,000 after acquiring an additional 952 shares in the last quarter. Finally, XTX Topco Ltd purchased a new position in Castle Biosciences in the second quarter worth approximately $218,000. Hedge funds and other institutional investors 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.