Short Interest in Castle Biosciences, Inc. (NASDAQ:CSTL) Drops By 8.0%

Castle Biosciences, Inc. (NASDAQ:CSTL) was the recipient of a large drop in short interest in October. As of October 31st, there was short interest totalling 1,610,000 shares, a drop of 8.0% from the October 15th total of 1,750,000 shares. Based on an average daily volume of 390,600 shares, the days-to-cover ratio is currently 4.1 days.

Insider Buying and Selling at Castle Biosciences

In other news, insider Tobin W. Juvenal sold 3,507 shares of the business’s stock in a transaction dated Tuesday, November 5th. The shares were sold at an average price of $35.56, for a total value of $124,708.92. Following the completion of the sale, the insider now owns 54,178 shares of the company’s stock, valued at approximately $1,926,569.68. The trade was a 6.08 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Derek J. Maetzold sold 986 shares of the stock in a transaction dated 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 $2,718,490.06. The trade was a 1.03 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,290 shares of company stock worth $545,468 in the last 90 days. 7.20% of the stock is owned by corporate insiders.

Institutional Trading of Castle Biosciences

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

Wall Street Analysts Forecast Growth

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

Castle Biosciences Stock Performance

NASDAQ CSTL traded up $0.05 on Tuesday, hitting $27.95. The stock had a trading volume of 73,181 shares, compared to its average volume of 326,346. Castle Biosciences has a one year low of $16.97 and a one year high of $35.84. The stock has a market cap of $782.88 million, a price-to-earnings ratio of 139.51 and a beta of 0.99. The company’s 50-day moving average is $31.11 and its two-hundred day moving average is $26.36. The company has a quick ratio of 7.64, a current ratio of 7.78 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last announced its earnings results on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.14. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. The firm had revenue of $85.78 million during the quarter, compared to analyst estimates of $78.55 million. During the same quarter in the prior year, the firm posted ($0.26) EPS. On average, analysts expect that Castle Biosciences will post -0.08 earnings per share for the current year.

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.