Castle Biosciences’ (CSTL) “Overweight” Rating Reiterated at Stephens

Stephens reissued their overweight rating on shares of Castle Biosciences (NASDAQ:CSTL) in a research note released on Thursday,Benzinga reports. The firm currently has a $41.00 price objective on the stock.

CSTL has been the subject of a number of other research reports. Robert W. Baird boosted their price target on shares of Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. BTIG Research raised their price target on shares of Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Lake Street Capital lifted 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. Scotiabank increased their price objective on Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a research note on Wednesday, November 6th. Finally, Canaccord Genuity Group lifted their target price on Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $40.29.

Castle Biosciences Stock Performance

Shares of NASDAQ CSTL opened at $28.61 on Thursday. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64. Castle Biosciences has a one year low of $16.97 and a one year high of $35.84. The stock’s fifty day moving average price is $30.04 and its two-hundred day moving average price is $27.53. The firm has a market cap of $801.28 million, a price-to-earnings ratio of 143.06 and a beta of 0.92.

Castle Biosciences (NASDAQ:CSTL) last issued its earnings results on Monday, November 4th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.14. The firm had revenue of $85.78 million during the quarter, compared to the consensus estimate 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 in the previous year, the firm earned ($0.26) earnings per share. On average, equities analysts forecast that Castle Biosciences will post 0.34 EPS for the current year.

Insider Activity

In other news, CFO Frank Stokes sold 6,923 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $29.93, for a total transaction of $207,205.39. Following the transaction, the chief financial officer now owns 30,823 shares of the company’s stock, valued at approximately $922,532.39. This represents a 18.34 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Daniel Bradbury sold 7,867 shares of Castle Biosciences stock in a transaction dated Monday, October 7th. The shares were sold at an average price of $29.44, for a total value of $231,604.48. Following the completion of the sale, the director now owns 5,700 shares of the company’s stock, valued at $167,808. The trade was a 57.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,563 shares of company stock worth $1,051,543 over the last ninety days. Corporate insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Castle Biosciences

Several hedge funds have recently made changes to their positions in CSTL. Point72 Asset Management L.P. lifted its holdings in Castle Biosciences by 828.3% in the third quarter. Point72 Asset Management L.P. now owns 499,192 shares of the company’s stock valued at $14,237,000 after acquiring an additional 445,415 shares during the period. Marshall Wace LLP grew its position in shares of Castle Biosciences by 116.5% during the 2nd quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock valued at $4,616,000 after acquiring an additional 114,104 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its holdings in Castle Biosciences by 147.4% in the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 165,458 shares of the company’s stock worth $4,719,000 after purchasing an additional 98,571 shares during the period. Renaissance Technologies LLC boosted its position in Castle Biosciences by 47.3% during the second 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. Finally, Acadian Asset Management LLC grew its holdings in Castle Biosciences by 33.0% in the second quarter. Acadian Asset Management LLC now owns 280,497 shares of the company’s stock valued at $6,101,000 after purchasing an additional 69,673 shares during the period. 92.60% of the stock is owned by institutional investors and hedge funds.

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.