Castle Biosciences (NASDAQ:CSTL) Shares Up 7.3% – Time to Buy?

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL) shot up 7.3% on Friday . The company traded as high as $30.41 and last traded at $30.38. 118,923 shares were traded during trading, a decline of 61% from the average session volume of 305,294 shares. The stock had previously closed at $28.30.

Analysts Set New Price Targets

Several research firms recently issued reports on CSTL. Robert W. Baird upped their target price on Castle Biosciences from $34.00 to $37.00 and gave the company an “outperform” rating in a research report on Tuesday, August 6th. Stephens reissued an “overweight” rating and issued a $37.00 price target on shares of Castle Biosciences in a research note on Tuesday, August 6th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and a consensus price target of $32.80.

Castle Biosciences Price Performance

The stock’s 50 day simple moving average is $28.74 and its two-hundred day simple moving average is $24.18. The firm has a market capitalization of $864.47 million, a PE ratio of -223.64 and a beta of 1.03. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.92 and a current ratio of 8.12.

Castle Biosciences (NASDAQ:CSTL) last released its quarterly earnings data 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 analysts’ expectations of $69.95 million. Castle Biosciences had a negative return on equity of 0.77% and a negative net margin of 1.08%. During the same period in the prior year, the firm posted ($0.70) earnings per share. On average, sell-side analysts forecast that Castle Biosciences, Inc. will post -0.58 EPS for the current year.

Insider Transactions at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of the stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $30.27, for a total value of $29,846.22. Following the sale, the insider now owns 93,636 shares of the company’s stock, valued at $2,834,361.72. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of the stock in a transaction that occurred on Tuesday, October 8th. The shares were sold at an average price of $30.27, for a total value of $29,846.22. Following the transaction, the insider now directly owns 93,636 shares in the company, valued at $2,834,361.72. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Kristen M. Oelschlager sold 2,793 shares of the business’s stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $22.06, for a total value 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 $3,216,899.50. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 43,504 shares of company stock worth $1,118,000 over the last ninety days. Company insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Hedge funds have recently modified their holdings of the stock. RiverPark Advisors LLC boosted its position in shares of Castle Biosciences by 362.2% during 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 in the last quarter. China Universal Asset Management Co. Ltd. increased its position in Castle Biosciences by 70.3% during the first quarter. China Universal Asset Management Co. Ltd. now owns 5,297 shares of the company’s stock worth $117,000 after buying an additional 2,187 shares in the last quarter. Denali Advisors LLC acquired a new position in Castle Biosciences in the 1st quarter valued at about $186,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Castle Biosciences by 10.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,882 shares of the company’s stock valued at $215,000 after buying an additional 952 shares during the last quarter. Finally, XTX Topco Ltd acquired a new position in Castle Biosciences in the 2nd quarter valued at $218,000. 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.