Castle Biosciences, Inc. (NASDAQ:CSTL) Sees Large Growth in Short Interest

Castle Biosciences, Inc. (NASDAQ:CSTL) was the target of a significant growth in short interest in November. As of November 30th, there was short interest totalling 1,840,000 shares, a growth of 7.6% from the November 15th total of 1,710,000 shares. Based on an average daily trading volume, of 390,900 shares, the days-to-cover ratio is presently 4.7 days.

Analysts Set New Price Targets

CSTL has been the topic of a number of recent analyst reports. Robert W. Baird lifted their target price on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Lake Street Capital lifted their price objective on shares of Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. KeyCorp increased their target price on shares of Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Canaccord Genuity Group lifted their price target on shares of Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, October 29th. Finally, Scotiabank increased their price objective on Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a report on Wednesday, November 6th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $39.71.

Insider Buying and Selling

In other Castle Biosciences news, Director Daniel Bradbury sold 7,867 shares of the company’s stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $29.44, for a total value of $231,604.48. Following the completion of the sale, the director now directly owns 5,700 shares of the company’s stock, valued at approximately $167,808. This represents a 57.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Derek J. Maetzold sold 986 shares of Castle Biosciences stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $28.73, for a total transaction of $28,327.78. Following the transaction, the insider now directly owns 94,622 shares in the company, valued at approximately $2,718,490.06. This represents a 1.03 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 26,185 shares of company stock worth $814,495. 7.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Castle Biosciences

A number of large investors have recently modified their holdings of the company. Franklin Resources Inc. lifted its stake in Castle Biosciences by 87.3% in the 3rd quarter. Franklin Resources Inc. now owns 69,382 shares of the company’s stock worth $1,979,000 after purchasing an additional 32,344 shares in the last quarter. Barclays PLC raised its position in shares of Castle Biosciences by 310.7% in the third quarter. Barclays PLC now owns 52,301 shares of the company’s stock worth $1,491,000 after buying an additional 39,567 shares in the last quarter. Geode Capital Management LLC boosted its stake in Castle Biosciences by 1.1% during the third quarter. Geode Capital Management LLC now owns 624,683 shares of the company’s stock valued at $17,820,000 after buying an additional 7,004 shares during the period. Y Intercept Hong Kong Ltd grew its position in Castle Biosciences by 3.6% during the third quarter. Y Intercept Hong Kong Ltd now owns 24,206 shares of the company’s stock worth $690,000 after buying an additional 845 shares in the last quarter. Finally, Orion Portfolio Solutions LLC increased its stake in Castle Biosciences by 16.6% in the 3rd quarter. Orion Portfolio Solutions LLC now owns 72,405 shares of the company’s stock worth $2,065,000 after acquiring an additional 10,324 shares during the last quarter. 92.60% of the stock is currently owned by institutional investors.

Castle Biosciences Stock Performance

Shares of NASDAQ:CSTL traded down $0.66 during trading on Tuesday, hitting $28.14. 213,433 shares of the company were exchanged, compared to its average volume of 326,836. Castle Biosciences has a 52-week low of $16.97 and a 52-week high of $35.84. The stock has a 50 day moving average of $31.28 and a 200 day moving average of $27.17. 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 company has a market cap of $788.12 million, a PE ratio of 142.60 and a beta of 0.92.

Castle Biosciences (NASDAQ:CSTL) last issued its earnings results on Monday, November 4th. The company reported $0.08 EPS 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 quarter last year, the company earned ($0.26) EPS. As a group, equities research analysts predict that Castle Biosciences will post 0.34 EPS for the current year.

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.