Castle Biosciences (NASDAQ:CSTL) Sees Unusually-High Trading Volume After Analyst Upgrade

Castle Biosciences, Inc. (NASDAQ:CSTL) shares saw strong trading volume on Tuesday after BTIG Research raised their price target on the stock from $35.00 to $40.00. BTIG Research currently has a buy rating on the stock. 457,421 shares traded hands during mid-day trading, an increase of 47% from the previous session’s volume of 310,642 shares.The stock last traded at $33.76 and had previously closed at $34.26.

A number of other brokerages also recently commented on CSTL. Stephens reissued an “overweight” rating and set a $37.00 price objective on shares of Castle Biosciences in a research report on Tuesday, August 6th. Robert W. Baird boosted their price objective on Castle Biosciences from $34.00 to $37.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 6th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $34.00.

Insider Activity at Castle Biosciences

In other Castle Biosciences 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 value of $61,613.58. Following the completion of the sale, the chief operating officer now owns 145,825 shares in the company, valued at approximately $3,216,899.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Castle Biosciences 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 value of $61,613.58. Following the completion of the sale, the chief operating officer now owns 145,825 shares in the company, valued at approximately $3,216,899.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Derek J. Maetzold sold 986 shares of the business’s stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $30.27, for a total value of $29,846.22. Following the completion of the sale, the insider now owns 93,636 shares of the company’s stock, valued at approximately $2,834,361.72. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 43,504 shares of company stock valued at $1,118,000 over the last three months. 7.20% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Castle Biosciences

Several large investors have recently modified their holdings of CSTL. Acadian Asset Management LLC raised its stake in shares of Castle Biosciences by 130.7% during the first quarter. Acadian Asset Management LLC now owns 210,824 shares of the company’s stock worth $4,669,000 after purchasing an additional 119,443 shares during the last quarter. Marshall Wace LLP raised 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 purchasing an additional 114,104 shares during the last quarter. Harbor Capital Advisors Inc. raised its stake in shares of Castle Biosciences by 249.3% during the second quarter. Harbor Capital Advisors Inc. now owns 138,707 shares of the company’s stock worth $3,020,000 after purchasing an additional 99,001 shares during the last quarter. Renaissance Technologies LLC raised its stake in shares of Castle Biosciences by 47.3% during the second 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 approximately $2,102,000. Hedge funds and other institutional investors own 92.60% of the company’s stock.

Castle Biosciences Price Performance

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 50 day moving average price of $29.16 and a 200 day moving average price of $24.37. The firm has a market cap of $924.28 million, a PE ratio of -29.11 and a beta of 1.03.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.47. Castle Biosciences had a negative return on equity of 0.77% and a negative net margin of 1.08%. The firm had revenue of $87.00 million for the quarter, compared to analyst estimates of $69.95 million. During the same quarter in the prior year, the company posted ($0.70) earnings per share. Sell-side analysts expect that Castle Biosciences, Inc. will post -0.58 EPS for the current fiscal year.

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.