Castle Biosciences, Inc. (NASDAQ:CSTL) Receives $39.71 Average PT from Brokerages

Castle Biosciences, Inc. (NASDAQ:CSTL) has been given a consensus rating of “Buy” by the seven analysts that are covering the stock, MarketBeat Ratings reports. Seven research analysts have rated the stock with a buy rating. The average 1-year price target among analysts that have covered the stock in the last year is $39.71.

A number of brokerages recently commented on CSTL. KeyCorp raised their price target 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 increased their price target on Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 6th. Robert W. Baird increased their target price on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Lake Street Capital raised their price target on shares of Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Finally, Canaccord Genuity Group raised their price target on shares of Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th.

Castle Biosciences Stock Down 0.6 %

NASDAQ:CSTL opened at $26.66 on Friday. 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 50-day simple moving average of $30.49 and a 200 day simple moving average of $27.44. The company has a market cap of $746.67 million, a PE ratio of 133.31 and a beta of 0.92. Castle Biosciences has a 52-week low of $16.97 and a 52-week high of $35.84.

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

Insider Activity

In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of the firm’s stock in a transaction dated Friday, October 4th. The stock was sold at an average price of $28.73, for a total transaction of $28,327.78. Following the sale, the insider now owns 94,622 shares in the company, valued at $2,718,490.06. This trade represents a 1.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 completion of the sale, the chief financial officer now directly owns 30,823 shares of the company’s stock, valued at approximately $922,532.39. This represents a 18.34 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 35,549 shares of company stock worth $1,079,871. 7.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Principal Financial Group Inc. boosted its stake in shares of Castle Biosciences by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company’s stock valued at $43,879,000 after purchasing an additional 40,377 shares in the last quarter. Bellevue Group AG boosted its stake in Castle Biosciences by 3.7% in the 3rd quarter. Bellevue Group AG now owns 1,262,030 shares of the company’s stock worth $35,993,000 after purchasing an additional 44,929 shares in the last quarter. Portolan Capital Management LLC increased its position in shares of Castle Biosciences by 3.7% during the third quarter. Portolan Capital Management LLC now owns 1,255,628 shares of the company’s stock valued at $35,811,000 after acquiring an additional 44,676 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Castle Biosciences by 8.1% during the second quarter. Dimensional Fund Advisors LP now owns 809,934 shares of the company’s stock valued at $17,631,000 after buying an additional 60,675 shares during the last quarter. Finally, State Street Corp grew its stake in shares of Castle Biosciences by 9.8% in the third quarter. State Street Corp now owns 680,001 shares of the company’s stock worth $19,394,000 after acquiring an additional 60,924 shares during the period. 92.60% of the stock is owned by hedge funds and other institutional investors.

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.