Castle Biosciences (NASDAQ:CSTL) Stock Price Up 6.2% – What’s Next?

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL) rose 6.2% on Tuesday . The stock traded as high as $31.19 and last traded at $31.19. Approximately 185,272 shares changed hands during trading, a decline of 32% from the average daily volume of 272,965 shares. The stock had previously closed at $29.36.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CSTL. Lake Street Capital boosted their price objective on Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Stephens reiterated an “overweight” rating and set a $41.00 price target on shares of Castle Biosciences in a report on Thursday, January 2nd. Scotiabank boosted their price objective on shares of Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 6th. KeyCorp upped their price objective on shares of Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Finally, Robert W. Baird raised their target price on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Castle Biosciences presently has an average rating of “Buy” and an average target price of $40.29.

Castle Biosciences Trading Up 1.7 %

The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64. The stock’s 50 day moving average is $29.91 and its 200-day moving average is $27.78. The company has a market capitalization of $916.39 million, a P/E ratio of 163.61 and a beta of 0.92.

Castle Biosciences (NASDAQ:CSTL) last released its 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 company had revenue of $85.78 million during the quarter, compared to analysts’ expectations 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 last year, the business posted ($0.26) EPS. As a group, equities research analysts anticipate that Castle Biosciences, Inc. will post 0.34 earnings per share for the current year.

Insider Transactions at Castle Biosciences

In other news, insider Derek J. Maetzold sold 2,715 shares of the stock in a transaction on Monday, January 6th. The stock was sold at an average price of $29.62, for a total value of $80,418.30. Following the sale, the insider now directly owns 82,047 shares of the company’s stock, valued at approximately $2,430,232.14. This represents a 3.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniel Bradbury sold 7,867 shares of Castle Biosciences stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $29.14, for a total value of $229,244.38. Following the completion of the transaction, the director now directly owns 1,425 shares of the company’s stock, valued at approximately $41,524.50. This represents a 84.66 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,292 shares of company stock valued at $1,099,755 in the last three months. 7.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Castle Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in CSTL. Bank of New York Mellon Corp boosted its stake in Castle Biosciences by 15.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 96,688 shares of the company’s stock valued at $2,105,000 after purchasing an additional 12,583 shares during the last quarter. Rhumbline Advisers increased its holdings in Castle Biosciences by 7.7% in the 2nd quarter. Rhumbline Advisers now owns 41,896 shares of the company’s stock worth $912,000 after buying an additional 2,988 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Castle Biosciences by 33.0% in 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 in the last quarter. American Century Companies Inc. raised its position in Castle Biosciences by 12.9% in the 2nd quarter. American Century Companies Inc. now owns 42,818 shares of the company’s stock worth $932,000 after buying an additional 4,898 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Castle Biosciences by 8.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 809,934 shares of the company’s stock valued at $17,631,000 after acquiring an additional 60,675 shares during the period. Institutional investors own 92.60% of the company’s stock.

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.