Castle Biosciences (NASDAQ:CSTL) Trading 8.1% Higher – Still a Buy?

Castle Biosciences, Inc. (NASDAQ:CSTL)’s stock price was up 8.1% during trading on Tuesday . The company traded as high as $26.29 and last traded at $26.97. Approximately 147,736 shares changed hands 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

A number of equities research analysts have recently weighed in on CSTL shares. Canaccord Genuity Group raised their price objective on shares of Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, October 29th. KeyCorp upped their price objective on Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Scotiabank upped 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 note on Wednesday, November 6th. Lake Street Capital lifted their target price on Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Finally, BTIG Research upped their target price on Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $40.29.

Castle Biosciences Price Performance

The company has a 50-day moving average of $28.66 and a 200-day moving average of $28.18. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.64 and a current ratio of 7.78. The stock has a market cap of $742.27 million, a price-to-earnings ratio of 132.51 and a beta of 0.92.

Castle Biosciences (NASDAQ:CSTL) last released its earnings results on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analyst estimates of $78.55 million. During the same quarter in the previous year, the company posted ($0.26) earnings per share. As a group, equities research analysts predict that Castle Biosciences, Inc. will post 0.38 earnings per share for the current year.

Insider Transactions at Castle Biosciences

In related news, CFO Frank Stokes sold 6,923 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $29.93, for a total value of $207,205.39. Following the sale, the chief financial officer now owns 30,823 shares in the company, valued at $922,532.39. This represents a 18.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Tobin W. Juvenal sold 3,507 shares of Castle Biosciences stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $35.56, for a total value of $124,708.92. Following the transaction, the insider now directly owns 54,178 shares of the company’s stock, valued at approximately $1,926,569.68. This represents a 6.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 35,306 shares of company stock worth $1,063,756 over the last ninety days. 7.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. R Squared Ltd acquired a new position in shares of Castle Biosciences in the fourth quarter worth $42,000. Quest Partners LLC raised its stake in Castle Biosciences by 54.4% in the 3rd 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 boosted its stake in shares of Castle Biosciences by 1,889.2% during the 3rd quarter. US Bancorp DE now owns 4,615 shares of the company’s stock worth $132,000 after purchasing an additional 4,383 shares during the last quarter. Point72 DIFC Ltd acquired a new stake in shares of Castle Biosciences during the 3rd quarter worth about $140,000. Finally, Assetmark Inc. grew its holdings in shares of Castle Biosciences by 16.8% during the third quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock worth $149,000 after buying an additional 748 shares in the last quarter. Hedge funds and other institutional investors own 92.60% of the company’s stock.

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.