Castle Biosciences (NASDAQ:CSTL) Reaches New 52-Week High – Here’s Why

Castle Biosciences, Inc. (NASDAQ:CSTL)’s share price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $34.76 and last traded at $34.5660, with a volume of 216984 shares changing hands. The stock had previously closed at $33.04.

Analyst Upgrades and Downgrades

CSTL has been the subject of several research reports. Zacks Research upgraded shares of Castle Biosciences from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Robert W. Baird increased their price target on shares of Castle Biosciences from $39.00 to $41.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 4th. Wall Street Zen raised Castle Biosciences from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Canaccord Genuity Group reissued a “buy” rating and issued a $37.00 target price on shares of Castle Biosciences in a research report on Tuesday, September 9th. Finally, BTIG Research lifted their price target on Castle Biosciences from $32.00 to $38.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $37.43.

Castle Biosciences Stock Performance

The company has a debt-to-equity ratio of 0.02, a quick ratio of 6.31 and a current ratio of 6.47. The business has a 50-day moving average price of $24.06 and a 200 day moving average price of $20.42. The stock has a market capitalization of $1.01 billion, a P/E ratio of -77.20 and a beta of 1.12.

Castle Biosciences (NASDAQ:CSTL) last released its earnings results on Monday, November 3rd. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.32. Castle Biosciences had a positive return on equity of 1.73% and a negative net margin of 3.56%.The business had revenue of $83.04 million for the quarter, compared to the consensus estimate of $71.06 million. Castle Biosciences has set its FY 2025 guidance at EPS. As a group, sell-side analysts forecast that Castle Biosciences, Inc. will post 0.44 EPS for the current fiscal year.

Insider Activity

In other Castle Biosciences news, insider Derek J. Maetzold sold 2,678 shares of the firm’s stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $31.85, for a total transaction of $85,294.30. Following the completion of the sale, the insider directly owned 53,615 shares in the company, valued at approximately $1,707,637.75. This trade represents a 4.76% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Kristen M. Oelschlager sold 12,678 shares of Castle Biosciences stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $25.04, for a total transaction of $317,457.12. Following the completion of the transaction, the chief operating officer directly owned 27,569 shares of the company’s stock, valued at $690,327.76. This trade represents a 31.50% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 24,729 shares of company stock worth $666,012 over the last three months. 7.20% of the stock is currently owned by insiders.

Institutional Trading of Castle Biosciences

Several institutional investors have recently added to or reduced their stakes in the business. Advisors Capital Management LLC raised its stake in shares of Castle Biosciences by 3.4% in the third quarter. Advisors Capital Management LLC now owns 254,200 shares of the company’s stock worth $5,788,000 after purchasing an additional 8,333 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Castle Biosciences by 4.2% during the third quarter. JPMorgan Chase & Co. now owns 27,778 shares of the company’s stock valued at $633,000 after buying an additional 1,115 shares during the last quarter. Assetmark Inc. increased its holdings in Castle Biosciences by 25.5% in the 3rd quarter. Assetmark Inc. now owns 5,705 shares of the company’s stock worth $130,000 after buying an additional 1,158 shares in the last quarter. AlphaQuest LLC raised its position in Castle Biosciences by 594.2% in the 3rd quarter. AlphaQuest LLC now owns 14,544 shares of the company’s stock worth $331,000 after buying an additional 12,449 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its stake in Castle Biosciences by 6.6% during the 3rd quarter. New York State Common Retirement Fund now owns 230,046 shares of the company’s stock valued at $5,238,000 after acquiring an additional 14,216 shares during the period. 92.60% of the stock is currently owned by hedge funds and other institutional investors.

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.