Analysts Set Castle Biosciences, Inc. (NASDAQ:CSTL) Price Target at $39.71

Castle Biosciences, Inc. (NASDAQ:CSTL) has earned a consensus recommendation of “Buy” from the seven ratings firms that are currently covering the firm, MarketBeat Ratings reports. Seven analysts have rated the stock with a buy rating. The average 1-year target price among analysts that have issued ratings on the stock in the last year is $39.71.

Several analysts have weighed in on CSTL shares. Canaccord Genuity Group boosted their price target on shares of Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. BTIG Research boosted their target price on Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Robert W. Baird raised their price target on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Scotiabank boosted their price objective on Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 6th. Finally, Lake Street Capital raised their target price on shares of Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th.

Castle Biosciences Price Performance

Shares of Castle Biosciences stock opened at $26.65 on Friday. The firm has a market capitalization of $746.39 million, a PE ratio of 133.26 and a beta of 0.92. The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02. Castle Biosciences has a 12 month low of $16.97 and a 12 month high of $35.84. The business’s 50-day moving average price is $30.17 and its 200-day moving average price is $27.49.

Castle Biosciences (NASDAQ:CSTL) last issued its quarterly earnings results on Monday, November 4th. The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.14. The business had revenue of $85.78 million for the quarter, compared to analysts’ expectations of $78.55 million. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. During the same period last year, the business earned ($0.26) earnings per share. Sell-side analysts forecast that Castle Biosciences will post 0.34 EPS for the current fiscal year.

Insider Transactions at Castle Biosciences

In other news, insider Derek J. Maetzold sold 986 shares of Castle Biosciences 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 sale, the insider now owns 94,622 shares of the company’s stock, valued at approximately $2,718,490.06. The trade was a 1.03 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Daniel Bradbury sold 7,867 shares of the stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $29.44, for a total transaction of $231,604.48. Following the completion of the transaction, the director now directly owns 5,700 shares of the company’s stock, valued at approximately $167,808. The trade was a 57.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 35,549 shares of company stock worth $1,079,871. 7.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. 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 grew its position 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 buying an additional 4,383 shares during the period. Point72 DIFC Ltd bought a new position in shares of Castle Biosciences in the 3rd quarter worth about $140,000. Assetmark Inc. lifted its position in Castle Biosciences by 16.8% during the 3rd quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock valued at $149,000 after acquiring an additional 748 shares during the period. Finally, China Universal Asset Management Co. Ltd. boosted its stake 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 acquiring an additional 2,093 shares in the last quarter. Hedge funds and other institutional investors own 92.60% of the company’s stock.

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.