Castle Biosciences (NASDAQ:CSTL) Stock Price Up 6.2% – Still a Buy?

Castle Biosciences, Inc. (NASDAQ:CSTL)’s stock price traded up 6.2% during trading on Tuesday . The stock traded as high as $31.19 and last traded at $31.19. 185,272 shares were traded during mid-day trading, a decline of 32% from the average session volume of 272,965 shares. The stock had previously closed at $29.36.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Lake Street Capital upped their target price on Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Stephens restated an “overweight” rating and issued a $41.00 price objective on shares of Castle Biosciences in a research note on Thursday, January 2nd. Robert W. Baird lifted their target price on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Canaccord Genuity Group increased their price target on shares of Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Finally, BTIG Research raised their price objective on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has a consensus rating of “Buy” and a consensus target price of $40.29.

Castle Biosciences Stock Performance

The firm has a market capitalization of $916.39 million, a PE ratio of 163.61 and a beta of 0.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64. The company’s fifty day simple moving average is $29.91 and its 200 day simple moving average is $27.78.

Castle Biosciences (NASDAQ:CSTL) last released its quarterly earnings data on Monday, November 4th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.14. The company had revenue of $85.78 million during the quarter, compared to the consensus estimate of $78.55 million. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. During the same period last year, the firm earned ($0.26) EPS. As a group, equities research analysts expect that Castle Biosciences, Inc. will post 0.34 EPS for the current fiscal year.

Insider Activity

In other Castle Biosciences news, insider Derek J. Maetzold sold 1,972 shares of Castle Biosciences stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $32.27, for a total transaction of $63,636.44. Following the completion of the sale, the insider now directly owns 91,664 shares in the company, valued at $2,957,997.28. The trade was a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Daniel Bradbury sold 7,867 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $29.14, for a total transaction of $229,244.38. Following the completion of the transaction, the director now directly owns 1,425 shares in the company, valued at $41,524.50. The trade was a 84.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 36,292 shares of company stock worth $1,099,755 over the last ninety days. Company insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. lifted its position in Castle Biosciences by 165.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 69,409 shares of the company’s stock worth $1,980,000 after buying an additional 43,241 shares during the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Castle Biosciences by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company’s stock worth $43,879,000 after acquiring an additional 40,377 shares during the last quarter. Franklin Resources Inc. boosted its stake in shares of Castle Biosciences by 87.3% in the 3rd quarter. Franklin Resources Inc. now owns 69,382 shares of the company’s stock valued at $1,979,000 after purchasing an additional 32,344 shares in the last quarter. Barclays PLC grew its holdings in shares of Castle Biosciences by 310.7% during the 3rd quarter. Barclays PLC now owns 52,301 shares of the company’s stock valued at $1,491,000 after purchasing an additional 39,567 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in Castle Biosciences by 1.1% in the 3rd quarter. Geode Capital Management LLC now owns 624,683 shares of the company’s stock worth $17,820,000 after purchasing an additional 7,004 shares during the period. 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.