Castle Biosciences (NASDAQ:CSTL) Shares Down 3.8% – Should You Sell?

Castle Biosciences, Inc. (NASDAQ:CSTL)’s stock price traded down 3.8% during trading on Wednesday . The stock traded as low as $21.05 and last traded at $21.40. 208,288 shares traded hands during trading, a decline of 55% from the average session volume of 459,306 shares. The stock had previously closed at $22.23.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on CSTL shares. Lake Street Capital boosted their price objective on shares of Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Stephens reissued an “overweight” rating and issued a $41.00 price objective on shares of Castle Biosciences in a report on Thursday, January 2nd. Robert W. Baird lifted their target price on Castle Biosciences from $36.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. KeyCorp increased their price target on shares of Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Finally, Scotiabank raised their price target on shares of Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 6th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and a consensus price target of $40.00.

Castle Biosciences Stock Performance

The company has a quick ratio of 7.64, a current ratio of 7.78 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $597.11 million, a PE ratio of 106.61 and a beta of 0.98. The firm has a 50-day moving average of $27.00 and a two-hundred day moving average of $29.11.

Insider Buying and Selling at Castle Biosciences

In related news, insider Derek J. Maetzold sold 9,364 shares of Castle Biosciences stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $28.34, for a total value of $265,375.76. Following the completion of the transaction, the insider now owns 84,762 shares in the company, valued at $2,402,155.08. The trade was a 9.95 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Daniel Bradbury sold 7,867 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $28.17, for a total value of $221,613.39. The disclosure for this sale can be found here. Over the last quarter, insiders sold 30,771 shares of company stock valued at $886,112. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mackenzie Financial Corp acquired a new stake in shares of Castle Biosciences in the fourth quarter valued at about $560,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its stake in Castle Biosciences by 18.9% in the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 66,018 shares of the company’s stock valued at $1,759,000 after buying an additional 10,486 shares in the last quarter. Two Sigma Advisers LP acquired a new stake in Castle Biosciences in the 4th quarter worth about $306,000. Point72 Asset Management L.P. increased its stake in Castle Biosciences by 9.6% during the 4th quarter. Point72 Asset Management L.P. now owns 547,104 shares of the company’s stock worth $14,580,000 after buying an additional 47,912 shares in the last quarter. Finally, ProShare Advisors LLC acquired a new stake in shares of Castle Biosciences in the fourth quarter worth approximately $230,000. Hedge funds and other 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.