Castle Biosciences (NASDAQ:CSTL) Trading 8.1% Higher – Time to Buy?

Castle Biosciences, Inc. (NASDAQ:CSTL) rose 8.1% on Tuesday . The company traded as high as $26.29 and last traded at $26.97. 147,736 shares changed hands during mid-day trading, a decline of 74% from the average session volume of 560,760 shares. The stock had previously closed at $24.94.

Analysts Set New Price Targets

A number of analysts recently commented on CSTL shares. Canaccord Genuity Group increased their price objective on Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Robert W. Baird raised their price target on shares of Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. KeyCorp boosted their price objective 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. BTIG Research raised their target price on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Finally, Lake Street Capital boosted their price target on Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $40.29.

Castle Biosciences Stock Up 6.2 %

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 cap of $742.12 million, a price-to-earnings ratio of 132.53 and a beta of 0.92. The firm’s 50-day moving average is $28.89 and its 200 day moving average is $28.13.

Castle Biosciences (NASDAQ:CSTL) last issued its earnings results on Monday, November 4th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.14. The firm had revenue of $85.78 million for the quarter, compared to analysts’ expectations 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 firm earned ($0.26) earnings per share. Sell-side analysts anticipate that Castle Biosciences, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Transactions at Castle Biosciences

In related news, insider Tobin W. Juvenal sold 3,507 shares of the stock in a transaction on Tuesday, November 5th. The stock was 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 directly owns 54,178 shares in the company, valued at approximately $1,926,569.68. This represents a 6.08 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Frank Stokes sold 6,923 shares of the firm’s stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $29.93, for a total value of $207,205.39. Following the completion of the transaction, the chief financial officer now directly owns 30,823 shares in the company, valued at $922,532.39. This trade represents a 18.34 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,306 shares of company stock worth $1,063,756. 7.20% of the stock is currently owned by company insiders.

Institutional Trading of Castle Biosciences

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

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.