Castle Biosciences (NASDAQ:CSTL) Trading Up 4.8% – Should You Buy?

Castle Biosciences, Inc. (NASDAQ:CSTL)’s share price rose 4.8% on Tuesday . The company traded as high as $30.95 and last traded at $30.92. Approximately 75,663 shares were traded during mid-day trading, a decline of 77% from the average daily volume of 326,544 shares. The stock had previously closed at $29.51.

Wall Street Analysts Forecast Growth

CSTL has been the topic of several research reports. Canaccord Genuity Group boosted 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. 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 research note on Tuesday, November 5th. Robert W. Baird upped their price target on Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Scotiabank lifted their price objective on Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 6th. Finally, BTIG Research upped 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. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, Castle Biosciences has a consensus rating of “Buy” and a consensus target price of $37.88.

Castle Biosciences Stock Performance

The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $852.53 million, a price-to-earnings ratio of 152.20 and a beta of 0.99. The stock has a fifty day moving average price of $30.94 and a 200-day moving average price of $26.60.

Castle Biosciences (NASDAQ:CSTL) last released its quarterly earnings data on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.14. Castle Biosciences had a return on equity of 1.47% and a net margin of 1.95%. The firm had revenue of $85.78 million during the quarter, compared to analyst estimates of $78.55 million. During the same period in the prior year, the company posted ($0.26) earnings per share. As a group, analysts anticipate that Castle Biosciences, Inc. will post -0.08 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Tobin W. Juvenal sold 3,507 shares of the business’s stock in a transaction that occurred 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 transaction, the insider now directly owns 54,178 shares of the company’s stock, valued at $1,926,569.68. The trade was a 6.08 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Derek J. Maetzold sold 986 shares of the stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $28.73, for a total value of $28,327.78. Following the sale, the insider now owns 94,622 shares in the company, valued at approximately $2,718,490.06. This trade represents a 1.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 24,213 shares of company stock worth $752,673 in the last quarter. 7.20% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Castle Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. Quest Partners LLC increased its stake in shares of Castle Biosciences by 54.4% in the third quarter. Quest Partners LLC now owns 4,318 shares of the company’s stock valued at $123,000 after buying an additional 1,522 shares in the last quarter. US Bancorp DE increased its position in Castle Biosciences by 1,889.2% in the 3rd quarter. US Bancorp DE now owns 4,615 shares of the company’s stock valued at $132,000 after acquiring an additional 4,383 shares in the last quarter. Point72 DIFC Ltd acquired a new stake in Castle Biosciences in the 3rd quarter valued at about $140,000. Assetmark Inc. raised its stake in shares of Castle Biosciences by 16.8% in the third quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock worth $149,000 after acquiring an additional 748 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. lifted its position in shares of 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 purchasing an additional 2,093 shares in the last quarter. Institutional investors and hedge funds 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.