Castle Biosciences (NASDAQ:CSTL) Given New $40.00 Price Target at BTIG Research

Castle Biosciences (NASDAQ:CSTL) had its price objective increased by research analysts at BTIG Research from $35.00 to $40.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. BTIG Research’s target price would indicate a potential upside of 20.55% from the company’s previous close.

A number of other research firms also recently commented on CSTL. Stephens reaffirmed an “overweight” rating and set a $37.00 target price on shares of Castle Biosciences in a report on Tuesday, August 6th. Robert W. Baird raised their price objective on Castle Biosciences from $34.00 to $37.00 and gave the stock an “outperform” rating in a research note on Tuesday, August 6th. Six investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $34.00.

Castle Biosciences Stock Up 6.0 %

Shares of Castle Biosciences stock traded up $1.87 on Monday, hitting $33.18. 355,640 shares of the company’s stock traded hands, compared to its average volume of 306,516. The company has a quick ratio of 7.92, a current ratio of 8.12 and a debt-to-equity ratio of 0.02. The firm’s 50-day moving average is $28.74 and its 200 day moving average is $24.20. The stock has a market cap of $916.00 million, a P/E ratio of -28.67 and a beta of 1.03. Castle Biosciences has a 52-week low of $12.23 and a 52-week high of $33.28.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.47. The company had revenue of $87.00 million during the quarter, compared to analyst estimates of $69.95 million. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. During the same period last year, the business earned ($0.70) EPS. Equities analysts anticipate that Castle Biosciences will post -0.58 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Daniel Bradbury sold 7,883 shares of the company’s stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $26.65, for a total value of $210,081.95. Following the completion of the sale, the director now directly owns 8,550 shares of the company’s stock, valued at approximately $227,857.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In related news, insider Derek J. Maetzold sold 986 shares of Castle Biosciences 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 of the company’s stock, valued at $2,718,490.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel Bradbury sold 7,883 shares of the company’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $26.65, for a total transaction of $210,081.95. Following the completion of the sale, the director now directly owns 8,550 shares of the company’s stock, valued at $227,857.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 43,504 shares of company stock valued at $1,118,000. Insiders own 7.20% of the company’s stock.

Institutional Trading of Castle Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Vanguard Group Inc. grew its position in Castle Biosciences by 2.2% in the first quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company’s stock worth $33,096,000 after buying an additional 32,695 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Castle Biosciences by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 809,934 shares of the company’s stock worth $17,631,000 after purchasing an additional 60,675 shares in the last quarter. Renaissance Technologies LLC increased its stake in Castle Biosciences by 47.3% in the 2nd quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock worth $6,564,000 after purchasing an additional 96,800 shares in the last quarter. Acadian Asset Management LLC raised its holdings in Castle Biosciences by 33.0% during the 2nd quarter. Acadian Asset Management LLC now owns 280,497 shares of the company’s stock worth $6,101,000 after buying an additional 69,673 shares during the period. Finally, Marshall Wace LLP boosted its holdings in shares of Castle Biosciences by 116.5% in the second quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock worth $4,616,000 after buying an additional 114,104 shares during the period. 92.60% of the stock is currently owned by 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.