Castle Biosciences (NASDAQ:CSTL) Price Target Raised to $44.00

Castle Biosciences (NASDAQ:CSTL) had its price target raised by analysts at Scotiabank from $37.00 to $44.00 in a research report issued on Wednesday, Benzinga reports. The brokerage currently has a “sector outperform” rating on the stock. Scotiabank’s target price would indicate a potential upside of 36.73% from the company’s previous close.

Several other equities research analysts also recently weighed in on CSTL. Robert W. Baird increased their price target on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday. Lake Street Capital boosted 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. 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. BTIG Research lifted their price objective on Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Finally, KeyCorp lifted their target price on shares of Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday. Eight investment 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 target price of $37.88.

Castle Biosciences Stock Up 3.3 %

Castle Biosciences stock traded up $1.03 during trading hours on Wednesday, reaching $32.18. The stock had a trading volume of 217,297 shares, compared to its average volume of 322,204. Castle Biosciences has a 52 week low of $16.20 and a 52 week high of $35.84. The business’s 50 day moving average price is $30.70 and its 200-day moving average price is $25.67. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.12 and a quick ratio of 7.92. The company has a market cap of $888.49 million, a price-to-earnings ratio of -234.79 and a beta of 0.99.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings results 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 analysts’ expectations of $78.55 million. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. During the same quarter last year, the company posted ($0.26) earnings per share. Sell-side analysts anticipate that Castle Biosciences will post -0.58 EPS for the current year.

Insider Buying and Selling

In other Castle Biosciences news, insider Derek J. Maetzold sold 1,972 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $32.27, for a total value of $63,636.44. Following the completion of the transaction, the insider now owns 91,664 shares of the company’s stock, valued at $2,957,997.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, Director Daniel Bradbury sold 7,883 shares of the stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $26.65, for a total value of $210,081.95. Following the transaction, the director now owns 8,550 shares in the company, valued at approximately $227,857.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Derek J. Maetzold sold 1,972 shares of the stock in a transaction that occurred 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 owns 91,664 shares in the company, 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. In the last 90 days, insiders have sold 19,694 shares of company stock valued at $563,497. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Several hedge funds and other institutional investors have recently bought and sold shares of CSTL. Acadian Asset Management LLC grew its stake in Castle Biosciences by 130.7% during the 1st quarter. Acadian Asset Management LLC now owns 210,824 shares of the company’s stock worth $4,669,000 after buying an additional 119,443 shares during the last quarter. Marshall Wace LLP increased its position in Castle Biosciences by 116.5% during the 2nd quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock worth $4,616,000 after purchasing an additional 114,104 shares in the last quarter. Harbor Capital Advisors Inc. lifted its holdings in Castle Biosciences by 249.3% in 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 in the last quarter. Renaissance Technologies LLC boosted its stake in shares of Castle Biosciences by 47.3% during the 2nd quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock worth $6,564,000 after purchasing an additional 96,800 shares during the last quarter. Finally, Lisanti Capital Growth LLC purchased a new stake in shares of Castle Biosciences during the second quarter worth about $2,102,000. 92.60% of the stock is currently owned by institutional investors and hedge funds.

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.