Canaccord Genuity Group Raises Castle Biosciences (NASDAQ:CSTL) Price Target to $42.00

Castle Biosciences (NASDAQ:CSTL) had its target price raised by Canaccord Genuity Group from $35.00 to $42.00 in a report released on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

Other equities analysts have also issued research reports about the stock. Stephens reiterated an “overweight” rating and set a $37.00 price objective on shares of Castle Biosciences in a report on Tuesday, August 6th. BTIG Research upped their target price on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Finally, Robert W. Baird boosted their target price on shares of Castle Biosciences from $34.00 to $37.00 and gave the company an “outperform” rating in a research note on Tuesday, August 6th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Castle Biosciences presently has an average rating of “Buy” and an average price target of $35.14.

Castle Biosciences Stock Performance

CSTL opened at $33.78 on Tuesday. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.92 and a current ratio of 8.12. Castle Biosciences has a 52-week low of $12.95 and a 52-week high of $34.50. The firm has a market cap of $932.56 million, a P/E ratio of -241.29 and a beta of 1.03. The business’s fifty day moving average is $30.22 and its 200-day moving average is $25.16.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.47. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. The firm had revenue of $87.00 million for the quarter, compared to the consensus estimate of $69.95 million. During the same period in the prior year, the company posted ($0.70) earnings per share. Sell-side analysts expect that Castle Biosciences will post -0.58 EPS for the current fiscal year.

Insider Activity at Castle Biosciences

In other Castle Biosciences news, Director Daniel Bradbury sold 7,883 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $26.65, for a total transaction of $210,081.95. Following the sale, the director now owns 8,550 shares of the company’s stock, valued at $227,857.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, insider Derek J. Maetzold sold 1,972 shares of the firm’s stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $32.27, for a total value of $63,636.44. Following the completion of the transaction, the insider now directly owns 91,664 shares in the company, valued at approximately $2,957,997.28. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel Bradbury sold 7,883 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $26.65, for a total transaction of $210,081.95. Following the sale, the director now directly owns 8,550 shares in the company, valued at $227,857.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,683 shares of company stock worth $1,120,023. 7.20% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of CSTL. Vanguard Group Inc. increased its holdings in shares of Castle Biosciences by 2.2% in the first quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company’s stock worth $33,096,000 after purchasing an additional 32,695 shares during the period. Dimensional Fund Advisors LP grew its position in Castle Biosciences by 8.1% during the second quarter. Dimensional Fund Advisors LP now owns 809,934 shares of the company’s stock worth $17,631,000 after buying an additional 60,675 shares in the last quarter. Renaissance Technologies LLC increased its stake in Castle Biosciences by 47.3% in the 2nd quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock worth $6,564,000 after acquiring an additional 96,800 shares during the last quarter. Acadian Asset Management LLC raised its holdings in shares of Castle Biosciences by 33.0% in the 2nd quarter. Acadian Asset Management LLC now owns 280,497 shares of the company’s stock valued at $6,101,000 after acquiring an additional 69,673 shares in the last quarter. Finally, Marshall Wace LLP boosted its position in shares of Castle Biosciences by 116.5% during the 2nd quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock valued at $4,616,000 after acquiring an additional 114,104 shares during the last quarter. 92.60% of the stock is owned by 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.