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

Castle Biosciences, Inc. (NASDAQ:CSTL) was the recipient of a significant increase in short interest in the month of November. As of November 30th, there was short interest totalling 1,840,000 shares, an increase of 7.6% from the November 15th total of 1,710,000 shares. Based on an average daily volume of 390,900 shares, the days-to-cover ratio is currently 4.7 days.

Analysts Set New Price Targets

Several brokerages have recently issued reports on CSTL. Robert W. Baird raised their target price on shares of Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Scotiabank lifted their price objective on Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 6th. KeyCorp boosted their target price on Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Lake Street Capital raised their price target on Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Finally, Canaccord Genuity Group boosted their price objective on shares of Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $39.71.

Castle Biosciences Stock Down 1.7 %

Shares of CSTL stock traded down $0.48 during trading hours on Tuesday, hitting $28.32. 149,051 shares of the company’s stock traded hands, compared to its average volume of 326,543. The company has a quick ratio of 7.64, a current ratio of 7.78 and a debt-to-equity ratio of 0.02. The stock’s fifty day simple moving average is $31.28 and its two-hundred day simple moving average is $27.17. Castle Biosciences has a 12-month low of $16.97 and a 12-month high of $35.84. The stock has a market cap of $793.16 million, a price-to-earnings ratio of 142.60 and a beta of 0.92.

Castle Biosciences (NASDAQ:CSTL) last released its earnings results on Monday, November 4th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.14. Castle Biosciences had a return on equity of 1.47% and a net margin of 1.95%. The business had revenue of $85.78 million for the quarter, compared to the consensus estimate of $78.55 million. During the same period in the previous year, the company posted ($0.26) earnings per share. On average, analysts expect that Castle Biosciences will post 0.34 EPS for the current year.

Insider Transactions at Castle Biosciences

In other Castle Biosciences news, insider Tobin W. Juvenal sold 3,507 shares of the company’s stock in a transaction dated Tuesday, November 5th. The shares were 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 directly owns 54,178 shares in the company, valued at $1,926,569.68. This represents a 6.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Derek J. Maetzold sold 1,972 shares of the business’s stock in a transaction dated Thursday, December 5th. The shares were sold at an average price of $31.35, for a total value of $61,822.20. Following the completion of the sale, the insider now directly owns 85,748 shares of the company’s stock, valued at approximately $2,688,199.80. This trade represents a 2.25 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,185 shares of company stock valued at $814,495. 7.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Castle Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Algert Global LLC boosted its stake in shares of Castle Biosciences by 0.4% in the 3rd quarter. Algert Global LLC now owns 134,321 shares of the company’s stock worth $3,831,000 after buying an additional 599 shares during the last quarter. The Manufacturers Life Insurance Company boosted its stake in Castle Biosciences by 7.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,122 shares of the company’s stock worth $220,000 after purchasing an additional 675 shares during the period. Assetmark Inc. lifted its stake in 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 purchasing an additional 748 shares in the last quarter. Y Intercept Hong Kong Ltd grew its holdings in Castle Biosciences by 3.6% during the 3rd quarter. Y Intercept Hong Kong Ltd now owns 24,206 shares of the company’s stock valued at $690,000 after buying an additional 845 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Castle Biosciences by 10.7% during the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,882 shares of the company’s stock valued at $215,000 after purchasing an additional 952 shares during the last quarter. 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.