Castle Biosciences (NASDAQ:CSTL) Trading Down 7.3% on Insider Selling

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL) traded down 7.3% during trading on Friday following insider selling activity. The stock traded as low as $28.48 and last traded at $28.58. 177,806 shares were traded during trading, a decline of 45% from the average session volume of 325,046 shares. The stock had previously closed at $30.83.

Specifically, insider Derek J. Maetzold sold 1,972 shares of the firm’s stock in a transaction on Tuesday, November 12th. The stock was sold at an average price of $34.15, for a total value of $67,343.80. Following the completion of the sale, the insider now owns 87,720 shares of the company’s stock, valued at $2,995,638. This trade represents a 2.20 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Wall Street Analyst Weigh In

A number of brokerages have issued reports 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. BTIG Research boosted their price target on shares of Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Scotiabank lifted their price objective on Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 6th. Robert W. Baird upped their price target on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Finally, KeyCorp raised their price objective on Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Castle Biosciences has a consensus rating of “Buy” and a consensus price target of $37.88.

Castle Biosciences Trading Down 8.9 %

The stock has a fifty day moving average of $31.14 and a 200 day moving average of $26.29. 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 company has a market capitalization of $787.08 million, a PE ratio of 140.51 and a beta of 0.99.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly 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 net margin of 1.95% and a return on equity of 1.47%. The company had revenue of $85.78 million for the quarter, compared to the consensus estimate of $78.55 million. During the same period in the previous year, the firm posted ($0.26) EPS. As a group, sell-side analysts predict that Castle Biosciences, Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Trading of Castle Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC raised its position in shares of Castle Biosciences by 89.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,862 shares of the company’s stock worth $241,000 after acquiring an additional 5,123 shares in the last quarter. State Board of Administration of Florida Retirement System purchased a new stake in shares of Castle Biosciences during the first quarter worth approximately $249,000. Vanguard Group Inc. lifted its holdings in Castle Biosciences by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company’s stock valued at $33,096,000 after purchasing an additional 32,695 shares in the last quarter. Acadian Asset Management LLC boosted its position in 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 acquiring an additional 119,443 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Castle Biosciences by 6.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,034 shares of the company’s stock valued at $400,000 after purchasing an additional 1,131 shares in the last quarter. 92.60% of the stock is currently owned by 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.