Robert W. Baird Forecasts Strong Price Appreciation for Castle Biosciences (NASDAQ:CSTL) Stock

Castle Biosciences (NASDAQ:CSTL) had its target price lifted by research analysts at Robert W. Baird from $39.00 to $41.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s target price points to a potential upside of 32.19% from the company’s current price.

Several other equities analysts have also recently weighed in on the stock. Wall Street Zen raised shares of Castle Biosciences from a “sell” rating to a “hold” rating in a research report on Sunday, August 10th. Zacks Research upgraded Castle Biosciences from a “hold” rating to a “strong-buy” rating in a report on Monday, October 20th. Canaccord Genuity Group reaffirmed a “buy” rating and set a $37.00 target price on shares of Castle Biosciences in a research report on Tuesday, September 9th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Castle Biosciences in a research report on Thursday, October 30th. One equities research analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Castle Biosciences has an average rating of “Moderate Buy” and an average target price of $37.14.

Castle Biosciences Stock Up 19.3%

Castle Biosciences stock traded up $5.03 during mid-day trading on Tuesday, reaching $31.02. The stock had a trading volume of 727,820 shares, compared to its average volume of 449,720. The firm has a market capitalization of $899.75 million, a PE ratio of -89.40 and a beta of 1.12. Castle Biosciences has a fifty-two week low of $14.59 and a fifty-two week high of $35.84. The stock’s 50-day simple moving average is $23.24 and its 200-day simple moving average is $20.10. The company has a debt-to-equity ratio of 0.02, a quick ratio of 6.69 and a current ratio of 6.85.

Castle Biosciences (NASDAQ:CSTL) last issued its earnings results on Monday, November 3rd. The company reported ($0.02) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.32. The company had revenue of $83.04 million for the quarter, compared to analysts’ expectations of $71.06 million. Castle Biosciences had a positive return on equity of 2.37% and a negative net margin of 2.73%. Castle Biosciences has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Castle Biosciences will post 0.44 EPS for the current fiscal year.

Insider Activity at Castle Biosciences

In related news, insider Derek J. Maetzold sold 1,339 shares of the business’s stock in a transaction dated Monday, October 20th. The shares were sold at an average price of $22.44, for a total value of $30,047.16. Following the transaction, the insider directly owned 62,988 shares of the company’s stock, valued at approximately $1,413,450.72. The trade was a 2.08% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 7.20% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. increased its stake in shares of Castle Biosciences by 11.7% during the 1st quarter. Vanguard Group Inc. now owns 2,047,565 shares of the company’s stock worth $40,992,000 after purchasing an additional 215,030 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Castle Biosciences by 2.2% during the first quarter. Principal Financial Group Inc. now owns 1,467,873 shares of the company’s stock valued at $29,387,000 after purchasing an additional 32,208 shares during the period. Wasatch Advisors LP increased its position in Castle Biosciences by 5.1% in the second quarter. Wasatch Advisors LP now owns 1,049,773 shares of the company’s stock worth $21,436,000 after buying an additional 51,318 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of Castle Biosciences by 14.7% in the first quarter. Wellington Management Group LLP now owns 828,528 shares of the company’s stock valued at $16,587,000 after buying an additional 106,408 shares during the period. Finally, Braidwell LP lifted its position in shares of Castle Biosciences by 125.3% during the 2nd quarter. Braidwell LP now owns 822,735 shares of the company’s stock valued at $16,800,000 after buying an additional 457,488 shares during the last quarter. 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.