Short Interest in Castle Biosciences, Inc. (NASDAQ:CSTL) Expands By 8.7%

Castle Biosciences, Inc. (NASDAQ:CSTL) was the target of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 1,750,000 shares, an increase of 8.7% from the September 30th total of 1,610,000 shares. Based on an average daily trading volume, of 413,100 shares, the short-interest ratio is currently 4.2 days.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on CSTL. Stephens restated an “overweight” rating and issued a $37.00 target price on shares of Castle Biosciences in a research note on Tuesday, August 6th. 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 research note on Monday, October 14th. Canaccord Genuity Group boosted their target price on shares of Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Robert W. Baird raised their price target on shares of Castle Biosciences from $34.00 to $37.00 and gave the company an “outperform” rating in a research report on Tuesday, August 6th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $35.14.

Castle Biosciences Price Performance

Shares of CSTL traded up $0.76 during trading hours on Wednesday, hitting $34.54. 253,564 shares of the stock were exchanged, compared to its average volume of 314,406. The stock’s 50-day moving average price is $30.22 and its two-hundred day moving average price is $25.16. Castle Biosciences has a 12-month low of $14.22 and a 12-month high of $34.55. 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 $953.55 million, a price-to-earnings ratio of -246.71 and a beta of 1.03.

Castle Biosciences (NASDAQ:CSTL) last issued its earnings results on Monday, August 5th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.47. The business had revenue of $87.00 million during 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 period in the prior year, the business earned ($0.70) earnings per share. Research analysts expect that Castle Biosciences will post -0.58 earnings per share for the current year.

Insiders Place Their Bets

In related news, insider Derek J. Maetzold sold 1,972 shares of the company’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 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, COO Kristen M. Oelschlager sold 12,989 shares of the company’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $23.06, for a total value of $299,526.34. Following the sale, the chief operating officer now directly owns 132,836 shares of the company’s stock, valued at $3,063,198.16. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 stock was sold at an average price of $32.27, for a total transaction of $63,636.44. Following the transaction, the insider now directly owns 91,664 shares of the company’s stock, valued at approximately $2,957,997.28. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,683 shares of company stock valued at $1,120,023. Insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

A number of large investors have recently made changes to their positions in CSTL. Allspring Global Investments Holdings LLC increased its position in Castle Biosciences by 89.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,862 shares of the company’s stock worth $241,000 after purchasing an additional 5,123 shares during the last quarter. Denali Advisors LLC purchased a new stake in shares of Castle Biosciences during the 1st quarter valued at approximately $186,000. Norden Group LLC acquired a new position in Castle Biosciences in the first quarter valued at approximately $547,000. Diversify Advisory Services LLC purchased a new position in Castle Biosciences in the first quarter worth approximately $278,000. Finally, RiverPark Advisors LLC increased its stake in Castle Biosciences by 362.2% during the first quarter. RiverPark Advisors LLC now owns 2,861 shares of the company’s stock worth $63,000 after acquiring an additional 2,242 shares during the last quarter. 92.60% of the stock is currently owned by hedge funds and other 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.