Castle Biosciences (NASDAQ:CSTL) Sees Large Volume Increase on Analyst Upgrade

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL) saw strong trading volume on Tuesday after BTIG Research raised their price target on the stock from $35.00 to $40.00. BTIG Research currently has a buy rating on the stock. 457,421 shares traded hands during trading, an increase of 47% from the previous session’s volume of 310,642 shares.The stock last traded at $33.76 and had previously closed at $34.26.

Other equities research analysts have also issued reports about the company. Robert W. Baird increased their target price on Castle Biosciences from $34.00 to $37.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 6th. Stephens restated an “overweight” rating and issued a $37.00 target price on shares of Castle Biosciences in a research report on Tuesday, August 6th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Castle Biosciences has a consensus rating of “Buy” and a consensus target price of $34.00.

Insider Activity at Castle Biosciences

In other Castle Biosciences news, COO Kristen M. Oelschlager sold 2,793 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $22.06, for a total transaction of $61,613.58. Following the sale, the chief operating officer now directly owns 145,825 shares in the company, valued at approximately $3,216,899.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of the business’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $30.27, for a total value of $29,846.22. Following the sale, the insider now directly owns 93,636 shares in the company, valued at approximately $2,834,361.72. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Kristen M. Oelschlager sold 2,793 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The stock was sold at an average price of $22.06, for a total transaction of $61,613.58. Following the sale, the chief operating officer now owns 145,825 shares of the company’s stock, valued at $3,216,899.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 43,504 shares of company stock worth $1,118,000 in the last 90 days. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Several large investors have recently modified their holdings of CSTL. Vanguard Group Inc. raised its position in shares of Castle Biosciences by 2.2% during the first quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company’s stock worth $33,096,000 after purchasing an additional 32,695 shares during the period. Acadian Asset Management LLC increased its stake in Castle Biosciences by 130.7% in the 1st quarter. Acadian Asset Management LLC now owns 210,824 shares of the company’s stock worth $4,669,000 after purchasing an additional 119,443 shares in the last quarter. Harbor Capital Advisors Inc. raised its holdings in Castle Biosciences by 249.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 138,707 shares of the company’s stock worth $3,020,000 after buying an additional 99,001 shares during the period. Summit Global Investments purchased a new stake in Castle Biosciences during the second quarter valued at about $518,000. Finally, SG Americas Securities LLC acquired a new position in shares of Castle Biosciences in the second quarter worth about $588,000. 92.60% of the stock is owned by institutional investors.

Castle Biosciences Stock Performance

The firm’s fifty day simple moving average is $28.99 and its 200 day simple moving average is $24.29. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.12 and a quick ratio of 7.92. The company has a market capitalization of $941.12 million, a price-to-earnings ratio of -29.30 and a beta of 1.03.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings data on Monday, August 5th. The company reported $0.31 EPS for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.47. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. The firm had revenue of $87.00 million during the quarter, compared to analyst estimates of $69.95 million. During the same quarter last year, the business posted ($0.70) EPS. On average, sell-side analysts forecast that Castle Biosciences, Inc. will post -0.58 EPS 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.