Castle Biosciences (NASDAQ:CSTL) Shares Up 4.8% – Still a Buy?

Castle Biosciences, Inc. (NASDAQ:CSTL) was up 4.8% during mid-day trading on Tuesday . The company traded as high as $30.95 and last traded at $30.92. Approximately 75,663 shares changed hands during mid-day trading, a decline of 77% from the average daily volume of 326,544 shares. The stock had previously closed at $29.51.

Wall Street Analysts Forecast Growth

Several research analysts have commented on CSTL shares. Scotiabank increased their price objective on shares of Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a report on Wednesday, November 6th. Canaccord Genuity Group lifted their price objective on Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. KeyCorp boosted their price target on shares of Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Robert W. Baird increased their price objective on shares of Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Finally, BTIG Research boosted their target price on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, October 14th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $37.88.

Castle Biosciences Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64. The stock has a market capitalization of $854.02 million, a PE ratio of 152.31 and a beta of 0.99. The firm has a fifty day moving average price of $30.96 and a two-hundred day moving average price of $26.53.

Castle Biosciences (NASDAQ:CSTL) last released its earnings results on Monday, November 4th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.14. The business had revenue of $85.78 million during the quarter, compared to the consensus estimate of $78.55 million. Castle Biosciences had a return on equity of 1.47% and a net margin of 1.95%. During the same period last year, the company earned ($0.26) earnings per share. Research analysts expect that Castle Biosciences, Inc. will post -0.08 EPS for the current year.

Insider Transactions at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of the firm’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $28.73, for a total transaction of $28,327.78. Following the transaction, the insider now owns 94,622 shares of the company’s stock, valued at approximately $2,718,490.06. This trade represents a 1.03 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO Frank Stokes sold 6,923 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $29.93, for a total transaction of $207,205.39. Following the completion of the sale, the chief financial officer now directly owns 30,823 shares of the company’s stock, valued at $922,532.39. The trade was a 18.34 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,213 shares of company stock valued at $752,673. 7.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Castle Biosciences

A number of hedge funds have recently made changes to their positions in the stock. Quest Partners LLC raised its holdings in Castle Biosciences by 54.4% in the third quarter. Quest Partners LLC now owns 4,318 shares of the company’s stock worth $123,000 after purchasing an additional 1,522 shares in the last quarter. US Bancorp DE raised its stake in shares of Castle Biosciences by 1,889.2% during the 3rd quarter. US Bancorp DE now owns 4,615 shares of the company’s stock worth $132,000 after acquiring an additional 4,383 shares in the last quarter. Point72 DIFC Ltd purchased a new stake in Castle Biosciences during the third quarter valued at approximately $140,000. Assetmark Inc. boosted its stake in Castle Biosciences by 16.8% in the third quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock valued at $149,000 after acquiring an additional 748 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its holdings in Castle Biosciences by 64.6% in the third quarter. China Universal Asset Management Co. Ltd. now owns 5,335 shares of the company’s stock worth $152,000 after purchasing an additional 2,093 shares during the last quarter. 92.60% of the stock is currently owned by hedge funds and other institutional investors.

About Castle Biosciences

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.