Robert W. Baird Raises Castle Biosciences (NASDAQ:CSTL) Price Target to $37.00

Castle Biosciences (NASDAQ:CSTL) had its target price upped by Robert W. Baird from $34.00 to $37.00 in a report released on Tuesday morning, Benzinga reports. The firm currently has an outperform rating on the stock.

Castle Biosciences Price Performance

Shares of CSTL traded down $1.01 during trading hours on Tuesday, hitting $26.83. The stock had a trading volume of 432,710 shares, compared to its average volume of 297,729. The stock has a market capitalization of $740.70 million, a price-to-earnings ratio of -23.33 and a beta of 0.93. The company has a debt-to-equity ratio of 0.02, a current ratio of 9.25 and a quick ratio of 9.02. The company’s fifty day moving average is $21.61 and its two-hundred day moving average is $22.03. Castle Biosciences has a 52 week low of $12.07 and a 52 week high of $28.22.

Castle Biosciences (NASDAQ:CSTL) last released its quarterly earnings results on Monday, August 5th. The company reported $0.31 EPS for the quarter, beating analysts’ consensus estimates of ($0.16) by $0.47. The firm had revenue of $87.00 million for the quarter, compared to analyst estimates of $69.95 million. Castle Biosciences had a negative net margin of 12.28% and a negative return on equity of 7.91%. During the same period in the previous year, the business earned ($0.70) earnings per share. On average, analysts anticipate that Castle Biosciences will post -1.66 EPS for the current year.

Insider Activity at Castle Biosciences

In related news, COO Kristen M. Oelschlager sold 2,793 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $22.06, for a total transaction of $61,613.58. Following the completion of the sale, the chief operating officer now directly owns 145,825 shares of the company’s stock, valued at approximately $3,216,899.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, COO Kristen M. Oelschlager sold 2,793 shares of the firm’s stock in a transaction on Monday, July 29th. The stock was sold at an average price of $22.06, for a total transaction of $61,613.58. Following the completion of the sale, the chief operating officer now directly owns 145,825 shares of the company’s stock, valued at approximately $3,216,899.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Derek J. Maetzold sold 2,368 shares of the firm’s stock in a transaction on Monday, June 3rd. The shares were sold at an average price of $23.40, for a total value of $55,411.20. Following the sale, the insider now directly owns 57,893 shares of the company’s stock, valued at $1,354,696.20. The disclosure for this sale can be found here. Insiders sold 18,150 shares of company stock valued at $416,551 in the last three months. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Principal Financial Group Inc. increased its stake in shares of Castle Biosciences by 7.0% in the 4th quarter. Principal Financial Group Inc. now owns 1,585,673 shares of the company’s stock valued at $34,219,000 after buying an additional 103,503 shares during the period. Vanguard Group Inc. increased its stake in shares of Castle Biosciences by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company’s stock valued at $33,096,000 after buying an additional 32,695 shares during the period. Bellevue Group AG increased its stake in shares of Castle Biosciences by 0.4% in the 4th quarter. Bellevue Group AG now owns 1,232,378 shares of the company’s stock valued at $26,595,000 after buying an additional 4,347 shares during the period. Dimensional Fund Advisors LP increased its stake in shares of Castle Biosciences by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 809,934 shares of the company’s stock valued at $17,631,000 after buying an additional 60,675 shares during the period. Finally, Parkman Healthcare Partners LLC increased its stake in shares of Castle Biosciences by 59.0% in the 4th quarter. Parkman Healthcare Partners LLC now owns 357,156 shares of the company’s stock valued at $7,707,000 after buying an additional 132,564 shares during the period. 92.60% of the stock is 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.