Castle Biosciences (NASDAQ:CSTL) Hits New 1-Year High on Analyst Upgrade

Castle Biosciences, Inc. (NASDAQ:CSTL) shares reached a new 52-week high on Monday 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. Castle Biosciences traded as high as $32.82 and last traded at $32.59, with a volume of 87596 shares traded. The stock had previously closed at $31.31.

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

Insider Buying and Selling at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of Castle Biosciences stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $30.27, for a total value of $29,846.22. Following the transaction, the insider now owns 93,636 shares in the company, valued at $2,834,361.72. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Daniel Bradbury sold 7,867 shares of Castle Biosciences stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $29.44, for a total transaction of $231,604.48. Following the sale, the director now directly owns 5,700 shares of the company’s stock, valued at approximately $167,808. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Derek J. Maetzold sold 986 shares of Castle Biosciences stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $30.27, for a total value of $29,846.22. Following the sale, the insider now directly owns 93,636 shares in the company, valued at $2,834,361.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 43,504 shares of company stock worth $1,118,000 over the last 90 days. Insiders own 7.20% of the company’s stock.

Institutional Trading of Castle Biosciences

A number of hedge funds have recently made changes to their positions in CSTL. RiverPark Advisors LLC lifted its stake in shares of Castle Biosciences by 362.2% in the first quarter. RiverPark Advisors LLC now owns 2,861 shares of the company’s stock worth $63,000 after acquiring an additional 2,242 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in shares of Castle Biosciences by 70.3% in the first quarter. China Universal Asset Management Co. Ltd. now owns 5,297 shares of the company’s stock worth $117,000 after acquiring an additional 2,187 shares during the period. Denali Advisors LLC acquired a new position in shares of Castle Biosciences in the first quarter worth approximately $186,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of Castle Biosciences by 10.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,882 shares of the company’s stock worth $215,000 after acquiring an additional 952 shares during the period. Finally, XTX Topco Ltd acquired a new position in Castle Biosciences in the second quarter valued at approximately $218,000. 92.60% of the stock is owned by institutional investors and hedge funds.

Castle Biosciences Stock Performance

The company has a quick ratio of 7.92, a current ratio of 8.12 and a debt-to-equity ratio of 0.02. The company has a 50 day simple moving average of $29.16 and a 200-day simple moving average of $24.37. The stock has a market capitalization of $924.28 million, a price-to-earnings ratio of -29.11 and a beta of 1.03.

Castle Biosciences (NASDAQ:CSTL) last issued its quarterly earnings results on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, beating the consensus estimate 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 period in the previous year, the firm earned ($0.70) earnings per share. As a group, equities research analysts expect that Castle Biosciences, Inc. will post -0.58 EPS for the current fiscal year.

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.