Robert W. Baird Increases Castle Biosciences (NASDAQ:CSTL) Price Target to $37.00

Castle Biosciences (NASDAQ:CSTL) had its price objective boosted by analysts at Robert W. Baird from $34.00 to $37.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price objective suggests a potential upside of 38.01% from the stock’s previous close.

Castle Biosciences Stock Up 7.7 %

Castle Biosciences stock opened at $26.81 on Tuesday. Castle Biosciences has a 52 week low of $12.07 and a 52 week high of $28.22. The firm has a market cap of $740.14 million, a price-to-earnings ratio of -23.31 and a beta of 0.93. The business’s 50-day moving average price is $21.46 and its 200 day moving average price is $21.94. The company has a quick ratio of 9.02, a current ratio of 9.25 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last posted its earnings results on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, beating the consensus estimate of ($0.16) by $0.47. Castle Biosciences had a negative net margin of 12.28% and a negative return on equity of 7.91%. The firm had revenue of $87.00 million during the quarter, compared to analyst estimates of $69.95 million. During the same period in the previous year, the firm earned ($0.70) EPS. As a group, sell-side analysts anticipate that Castle Biosciences will post -1.66 earnings per share for the current year.

Insider Activity at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 2,368 shares of the stock in a transaction that occurred on Monday, June 3rd. The stock was sold at an average price of $23.40, for a total transaction of $55,411.20. Following the transaction, the insider now owns 57,893 shares in the company, valued at $1,354,696.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider Derek J. Maetzold sold 2,368 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $23.40, for a total transaction of $55,411.20. Following the completion of the transaction, the insider now owns 57,893 shares in the company, valued at approximately $1,354,696.20. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, COO Kristen M. Oelschlager sold 2,793 shares of Castle Biosciences stock in a transaction dated Monday, July 29th. The stock was sold at an average price of $22.06, for a total value of $61,613.58. Following the completion of the sale, the chief operating officer now owns 145,825 shares in the company, valued at $3,216,899.50. The disclosure for this sale can be found here. Insiders sold a total of 18,150 shares of company stock worth $416,551 in the last 90 days. Corporate insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CSTL. Olympiad Research LP purchased a new position in shares of Castle Biosciences in the fourth quarter worth about $263,000. Principal Financial Group Inc. boosted its holdings in shares of Castle Biosciences by 7.0% during the 4th quarter. Principal Financial Group Inc. now owns 1,585,673 shares of the company’s stock worth $34,219,000 after purchasing an additional 103,503 shares during the last quarter. Acadian Asset Management LLC raised its position in shares of Castle Biosciences by 130.7% during the 1st quarter. Acadian Asset Management LLC now owns 210,824 shares of the company’s stock valued at $4,669,000 after buying an additional 119,443 shares during the period. Bellevue Group AG lifted its holdings in Castle Biosciences by 0.4% in the fourth quarter. Bellevue Group AG now owns 1,232,378 shares of the company’s stock valued at $26,595,000 after acquiring an additional 4,347 shares during the last quarter. Finally, Vanguard Group Inc. grew its position in Castle Biosciences by 0.8% in the third quarter. Vanguard Group Inc. now owns 1,439,388 shares of the company’s stock worth $24,311,000 after acquiring an additional 11,967 shares during the period. Hedge funds and other institutional investors own 92.60% of the company’s stock.

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.