Castle Biosciences (NASDAQ:CSTL) Stock Price Down 3.8% – Time to Sell?

Castle Biosciences, Inc. (NASDAQ:CSTL) traded down 3.8% during mid-day trading on Friday . The stock traded as low as $33.21 and last traded at $33.35. 147,315 shares changed hands during mid-day trading, a decline of 53% from the average session volume of 314,184 shares. The stock had previously closed at $34.67.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Canaccord Genuity Group raised their price target on shares of Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday. BTIG Research raised their price target on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Robert W. Baird raised their price target on shares of Castle Biosciences from $34.00 to $37.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 6th. Finally, Stephens reaffirmed an “overweight” rating and set a $37.00 price objective on shares of Castle Biosciences in a report on Tuesday, August 6th. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has a consensus rating of “Buy” and an average target price of $35.14.

Castle Biosciences Price Performance

The stock’s 50-day moving average price is $30.50 and its 200-day moving average price is $25.30. The company has a market capitalization of $931.84 million, a price-to-earnings ratio of -247.64 and a beta of 1.03. The company has a quick ratio of 7.92, a current ratio of 8.12 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings results on Monday, August 5th. The company reported $0.31 earnings per share 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 business had revenue of $87.00 million during the quarter, compared to the consensus estimate of $69.95 million. During the same period in the previous year, the firm posted ($0.70) earnings per share. Equities research analysts anticipate that Castle Biosciences, Inc. will post -0.58 earnings per share for the current year.

Insider Transactions at Castle Biosciences

In related news, insider Derek J. Maetzold sold 986 shares of the stock in a transaction on Friday, October 4th. The shares were sold at an average price of $28.73, for a total transaction of $28,327.78. Following the completion of the transaction, the insider now owns 94,622 shares in the company, valued at approximately $2,718,490.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, insider Derek J. Maetzold sold 986 shares of the stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $28.73, for a total value 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel Bradbury sold 7,883 shares of the firm’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 transaction, the director now directly owns 8,550 shares in the company, valued at approximately $227,857.50. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,694 shares of company stock valued at $820,497 over the last quarter. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Hedge funds have recently added to or reduced their stakes in the business. RiverPark Advisors LLC lifted its position in shares of Castle Biosciences by 362.2% in the 1st quarter. RiverPark Advisors LLC now owns 2,861 shares of the company’s stock worth $63,000 after purchasing an additional 2,242 shares during the period. US Bancorp DE lifted its position in shares of Castle Biosciences by 1,889.2% in the 3rd quarter. US Bancorp DE now owns 4,615 shares of the company’s stock worth $132,000 after purchasing an additional 4,383 shares during the period. China Universal Asset Management Co. Ltd. lifted its position in shares of Castle Biosciences by 64.6% in the 3rd 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 during the period. First Bank & Trust acquired a new position in shares of Castle Biosciences in the 3rd quarter worth approximately $261,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Castle Biosciences by 10.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,882 shares of the company’s stock worth $215,000 after purchasing an additional 952 shares during the period. 92.60% of the stock is currently owned by institutional investors and hedge funds.

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.