Castle Biosciences (NASDAQ:CSTL) Trading Up 4.3% – What’s Next?

Castle Biosciences, Inc. (NASDAQ:CSTL)’s stock price shot up 4.3% during trading on Tuesday . The stock traded as high as $34.93 and last traded at $34.88. Approximately 93,663 shares changed hands during mid-day trading, a decline of 76% from the average daily volume of 393,875 shares. The stock had previously closed at $33.44.

Wall Street Analyst Weigh In

CSTL has been the subject of several analyst reports. Weiss Ratings upgraded Castle Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 31st. Robert W. Baird set a $36.00 price target on Castle Biosciences in a research note on Friday, July 31st. Wall Street Zen raised Castle Biosciences from a “sell” rating to a “hold” rating in a report on Saturday, August 1st. BTIG Research lifted their price objective on shares of Castle Biosciences from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Finally, KeyCorp set a $35.00 target price on shares of Castle Biosciences in a research report on Friday, May 29th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $42.00.

Castle Biosciences Stock Down 0.1%

The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.85 and a current ratio of 6.04. The stock’s fifty day simple moving average is $29.79 and its two-hundred day simple moving average is $25.57. The company has a market capitalization of $1.08 billion, a price-to-earnings ratio of -53.76 and a beta of 0.99.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.34. The firm had revenue of $99.86 million for the quarter, compared to analyst estimates of $86.23 million. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. On average, sell-side analysts anticipate that Castle Biosciences, Inc. will post -1.29 EPS for the current year.

Insiders Place Their Bets

In other Castle Biosciences news, COO Kristen Oelschlager sold 12,384 shares of the company’s stock in a transaction dated Tuesday, August 25th. The shares were sold at an average price of $34.42, for a total transaction of $426,257.28. Following the completion of the sale, the chief operating officer directly owned 72,649 shares of the company’s stock, valued at approximately $2,500,578.58. This represents a 14.56% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Derek J. Maetzold sold 12,428 shares of Castle Biosciences stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $33.20, for a total transaction of $412,609.60. Following the completion of the transaction, the insider directly owned 21,479 shares in the company, valued at approximately $713,102.80. This trade represents a 36.65% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders have sold 182,358 shares of company stock worth $5,571,471. Company insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of CSTL. Assetmark Inc. increased its holdings in shares of Castle Biosciences by 9.3% during the 1st quarter. Assetmark Inc. now owns 5,779 shares of the company’s stock worth $142,000 after purchasing an additional 492 shares during the period. Caitong International Asset Management Co. Ltd lifted its stake in shares of Castle Biosciences by 140.4% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 1,750 shares of the company’s stock valued at $68,000 after buying an additional 1,022 shares during the period. Global Retirement Partners LLC bought a new position in Castle Biosciences during the second quarter valued at about $26,000. Summit Global Investments increased its stake in Castle Biosciences by 10.9% during the first quarter. Summit Global Investments now owns 13,718 shares of the company’s stock valued at $337,000 after acquiring an additional 1,353 shares during the period. Finally, Allspring Global Investments Holdings LLC raised its holdings in Castle Biosciences by 0.9% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 160,663 shares of the company’s stock valued at $3,944,000 after acquiring an additional 1,492 shares in the last quarter. Hedge funds and other institutional investors own 92.60% of the company’s stock.

About Castle Biosciences

Castle Biosciences, Inc is a molecular diagnostics company that develops and commercializes tests designed to help physicians make more informed decisions about cancer diagnosis and treatment. Its products use genomic and molecular information to assess disease characteristics, patient risk and likely outcomes.

The company’s portfolio includes DecisionDx-Melanoma, which helps assess the risk of metastasis in patients with cutaneous melanoma; DecisionDx-SCC, which evaluates metastatic risk in certain patients with cutaneous squamous cell carcinoma; and MyPath Melanoma, which assists in distinguishing benign from malignant melanocytic lesions.