Castle Biosciences (NASDAQ:CSTL) Sees Strong Trading Volume

Castle Biosciences, Inc. (NASDAQ:CSTL) saw unusually-strong trading volume on Friday . Approximately 93,783 shares traded hands during mid-day trading, a decline of 69% from the previous session’s volume of 300,090 shares.The stock last traded at $29.33 and had previously closed at $27.53.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on CSTL shares. Stephens restated an “overweight” rating and issued a $37.00 price target on shares of Castle Biosciences in a research note on Tuesday, August 6th. Robert W. Baird lifted their price target on Castle Biosciences from $34.00 to $37.00 and gave the company an “outperform” rating in a research note on Tuesday, August 6th. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $32.80.

Castle Biosciences Trading Up 7.4 %

The company has a current ratio of 9.25, a quick ratio of 9.02 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $816.34 million, a price-to-earnings ratio of -25.71 and a beta of 0.93. The company has a fifty day moving average of $22.52 and a 200-day moving average of $22.37.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings data 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. Castle Biosciences had a negative return on equity of 7.91% and a negative net margin of 12.28%. The company had revenue of $87.00 million for the quarter, compared to analysts’ expectations of $69.95 million. During the same period in the previous year, the firm posted ($0.70) EPS. As a group, equities research analysts anticipate that Castle Biosciences, Inc. will post -1.66 earnings per share for the current fiscal year.

Insider Transactions at Castle Biosciences

In other news, COO Kristen M. Oelschlager sold 2,793 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $22.06, for a total transaction of $61,613.58. Following the transaction, the chief operating officer now directly owns 145,825 shares in the company, valued at approximately $3,216,899.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. In other Castle Biosciences news, insider Derek J. Maetzold sold 2,368 shares of the business’s stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $23.40, for a total value of $55,411.20. Following the sale, the insider now owns 57,893 shares of the company’s stock, valued at $1,354,696.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Kristen M. Oelschlager sold 2,793 shares of the business’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $22.06, for a total value of $61,613.58. Following the completion of the sale, the chief operating officer now directly owns 145,825 shares in the company, valued at approximately $3,216,899.50. The disclosure for this sale can be found here. Insiders have sold a total of 36,033 shares of company stock worth $883,633 in the last ninety days. Insiders own 7.20% of the company’s stock.

Institutional Trading of Castle Biosciences

A number of institutional investors and hedge funds have recently added to or reduced their stakes in CSTL. Truist Financial Corp increased its position in shares of Castle Biosciences by 20.5% during the second quarter. Truist Financial Corp now owns 14,217 shares of the company’s stock worth $310,000 after acquiring an additional 2,420 shares during the period. Point72 Asset Management L.P. acquired a new position in Castle Biosciences in the second quarter valued at $1,171,000. The Manufacturers Life Insurance Company boosted its stake in Castle Biosciences by 7.1% in the second quarter. The Manufacturers Life Insurance Company now owns 10,122 shares of the company’s stock valued at $220,000 after acquiring an additional 675 shares in the last quarter. Cubist Systematic Strategies LLC boosted its stake in Castle Biosciences by 13.1% in the second quarter. Cubist Systematic Strategies LLC now owns 92,475 shares of the company’s stock valued at $2,013,000 after acquiring an additional 10,731 shares in the last quarter. Finally, Marshall Wace LLP boosted its stake in shares of Castle Biosciences by 116.5% during the second quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock worth $4,616,000 after buying an additional 114,104 shares during the period. 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.