Wall Street Zen Upgrades Castle Biosciences (NASDAQ:CSTL) to Buy

Castle Biosciences (NASDAQ:CSTL) was upgraded by Wall Street Zen from a “hold” rating to a “buy” rating in a research note issued to investors on Sunday, Wall Street Zen reports.

Several other research analysts also recently issued reports on the stock. Mizuho started coverage on shares of Castle Biosciences in a research report on Thursday, October 29th. They set an “outperform” rating and a $60.00 price target on the stock. Weiss Ratings reissued a “sell (d-)” rating on shares of Castle Biosciences in a report on Thursday. Robert W. Baird set a $36.00 price objective on shares of Castle Biosciences in a research report on Friday, July 31st. Finally, BTIG Research raised their price objective on shares of Castle Biosciences from $40.00 to $44.00 and gave the company a “buy” rating in a research report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $44.25.

Castle Biosciences Trading Down 6.0%

Shares of CSTL stock opened at $34.94 on Friday. The stock’s fifty day moving average is $34.23 and its 200-day moving average is $28.65. The company has a debt-to-equity ratio of 0.02, a quick ratio of 5.85 and a current ratio of 6.04. Castle Biosciences has a 52 week low of $17.72 and a 52 week high of $44.28.

Insider Buying and Selling at Castle Biosciences

In other news, insider Tobin W. Juvenal sold 9,050 shares of Castle Biosciences stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $35.04, for a total value of $317,112.00. Following the completion of the sale, the insider directly owned 66,914 shares of the company’s stock, valued at approximately $2,344,666.56. This trade represents a 11.91% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kristen M. Oelschlager sold 12,384 shares of the business’s stock in a transaction on Tuesday, August 25th. The stock was sold at an average price of $34.42, for a total value of $426,257.28. Following the sale, the chief operating officer owned 72,649 shares of the company’s stock, valued at approximately $2,500,578.58. The trade was a 14.56% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 129,759 shares of company stock worth $4,434,187. Insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Castle Biosciences

Several hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Castle Biosciences during the 2nd quarter worth about $78,513,000. Jefferies Financial Group Inc. bought a new position in shares of Castle Biosciences in the 2nd quarter valued at about $15,440,000. Renaissance Technologies LLC grew its position in shares of Castle Biosciences by 8.1% during the 1st quarter. Renaissance Technologies LLC now owns 532,800 shares of the company’s stock worth $13,080,000 after buying an additional 39,700 shares during the period. AIGH Capital Management LLC acquired a new stake in shares of Castle Biosciences during the 2nd quarter worth approximately $13,001,000. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Castle Biosciences during the 2nd quarter worth approximately $7,912,000. Institutional investors own 92.60% of the company’s stock.

Castle Biosciences Company Profile

Castle Biosciences, Inc is a molecular diagnostics company that develops and commercializes tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. The company focuses on conditions in which additional biological information can complement traditional pathology and clinical assessment.

Its portfolio includes DecisionDx-Melanoma, which helps evaluate the risk of metastatic recurrence in patients with cutaneous melanoma; DecisionDx-SCC, which assesses metastatic risk in cutaneous squamous cell carcinoma; and DecisionDx-UM, a test for determining metastatic risk in uveal melanoma.