BTIG Research Has Lowered Expectations for Castle Biosciences (NASDAQ:CSTL) Stock Price

Castle Biosciences (NASDAQ:CSTL) had its price target dropped by investment analysts at BTIG Research from $50.00 to $40.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research’s price target points to a potential upside of 114.71% from the company’s current price.

Other analysts also recently issued reports about the stock. Wall Street Zen downgraded shares of Castle Biosciences from a “hold” rating to a “sell” rating in a report on Saturday. Guggenheim increased their price objective on shares of Castle Biosciences from $43.00 to $47.00 and gave the company a “buy” rating in a report on Monday, January 26th. KeyCorp reaffirmed an “overweight” rating and set a $50.00 price objective on shares of Castle Biosciences in a report on Thursday, January 29th. Weiss Ratings downgraded shares of Castle Biosciences from a “sell (d)” rating to a “sell (d-)” rating in a report on Thursday, May 7th. Finally, Canaccord Genuity Group decreased their price objective on shares of Castle Biosciences from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Monday, April 20th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $44.57.

Castle Biosciences Stock Performance

Shares of NASDAQ CSTL opened at $18.63 on Wednesday. The company’s fifty day moving average price is $24.72 and its 200 day moving average price is $32.06. Castle Biosciences has a 1 year low of $14.59 and a 1 year high of $44.28. The company has a market capitalization of $565.05 million, a PE ratio of -42.34 and a beta of 1.11. The company has a debt-to-equity ratio of 0.02, a quick ratio of 6.53 and a current ratio of 6.75.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings results on Wednesday, May 6th. The company reported ($0.49) earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of ($0.49). Castle Biosciences had a negative net margin of 3.78% and a negative return on equity of 2.77%. The firm had revenue of $84.23 million for the quarter, compared to the consensus estimate of $79.23 million. On average, research analysts predict that Castle Biosciences will post -1.4 earnings per share for the current year.

Insider Activity at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 18,650 shares of the stock in a transaction on Tuesday, March 17th. The shares were sold at an average price of $25.93, for a total transaction of $483,594.50. Following the transaction, the insider directly owned 22,129 shares of the company’s stock, valued at $573,804.97. This trade represents a 45.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Tobin W. Juvenal sold 20,863 shares of the stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $25.24, for a total transaction of $526,582.12. Following the transaction, the insider directly owned 86,825 shares in the company, valued at approximately $2,191,463. The trade was a 19.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 84,411 shares of company stock valued at $2,166,211. 6.10% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Castle Biosciences

Hedge funds have recently modified their holdings of the business. Federated Hermes Inc. acquired a new stake in shares of Castle Biosciences in the fourth quarter valued at about $26,000. State of Alaska Department of Revenue acquired a new stake in shares of Castle Biosciences in the third quarter valued at about $35,000. Kemnay Advisory Services Inc. acquired a new stake in shares of Castle Biosciences in the fourth quarter valued at about $35,000. CWM LLC raised its position in shares of Castle Biosciences by 80.6% in the third quarter. CWM LLC now owns 1,911 shares of the company’s stock valued at $44,000 after buying an additional 853 shares during the last quarter. Finally, Jones Financial Companies Lllp raised its position in shares of Castle Biosciences by 10,592.0% in the first quarter. Jones Financial Companies Lllp now owns 2,673 shares of the company’s stock valued at $54,000 after buying an additional 2,648 shares during the last quarter. 92.60% of the stock is currently owned by institutional investors and hedge funds.

About Castle Biosciences

Castle Biosciences, Inc is a molecular diagnostics company specializing in the development and commercialization of prognostic and diagnostic tests for patients with dermatologic conditions. The company’s proprietary portfolio of genomic assays is designed to improve risk assessment and guide clinical decision-making for individuals with skin cancers and other skin-related diseases. By combining genomic data with advanced statistical algorithms, Castle Biosciences seeks to provide actionable insights that help physicians tailor treatment plans and monitoring strategies.

The company’s flagship test, DecisionDx-Melanoma, evaluates the probability of metastasis in patients diagnosed with cutaneous melanoma, supporting more personalized surveillance and therapeutic approaches.