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

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

Wall Street Analyst Weigh In

Several research firms recently issued reports on CSTL. Lake Street Capital raised their price objective on shares of Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a research report on Tuesday, November 5th. Stephens reaffirmed an “overweight” rating and set a $41.00 price target on shares of Castle Biosciences in a research report on Thursday, January 2nd. KeyCorp increased their price objective on Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Scotiabank lifted their target price on Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 6th. Finally, Canaccord Genuity Group upped their price target on Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $40.29.

Castle Biosciences Stock Up 8.9 %

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 business has a 50 day simple moving average of $29.98 and a 200 day simple moving average of $27.67. The company has a market capitalization of $895.10 million, a price-to-earnings ratio of 159.81 and a beta of 0.92.

Castle Biosciences (NASDAQ:CSTL) last posted its earnings results on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.14. The firm had revenue of $85.78 million for the quarter, compared to analyst estimates 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 in the prior year, the company earned ($0.26) EPS. As a group, equities analysts predict that Castle Biosciences, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Activity

In other Castle Biosciences news, insider Derek J. Maetzold sold 1,972 shares of the stock in a transaction dated Monday, October 14th. The stock was sold at an average price of $32.27, for a total value of $63,636.44. Following the sale, the insider now owns 91,664 shares of the company’s stock, valued at $2,957,997.28. This trade represents a 2.11 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Tobin W. Juvenal sold 3,507 shares of the business’s stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $35.56, for a total value of $124,708.92. Following the transaction, the insider now directly owns 54,178 shares of the company’s stock, valued at approximately $1,926,569.68. This represents a 6.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 25,710 shares of company stock valued at $790,093. 7.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Quest Partners LLC boosted its position in shares of Castle Biosciences by 54.4% during the 3rd quarter. Quest Partners LLC now owns 4,318 shares of the company’s stock worth $123,000 after acquiring an additional 1,522 shares in the last quarter. US Bancorp DE lifted its position in shares of Castle Biosciences by 1,889.2% during the 3rd quarter. US Bancorp DE now owns 4,615 shares of the company’s stock worth $132,000 after buying an additional 4,383 shares during the last quarter. Point72 DIFC Ltd acquired a new position in shares of Castle Biosciences in the 3rd quarter valued at $140,000. Assetmark Inc. grew its position in shares of Castle Biosciences by 16.8% in the 3rd quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock valued at $149,000 after buying an additional 748 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. raised its stake in Castle Biosciences by 64.6% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 5,335 shares of the company’s stock worth $152,000 after acquiring an additional 2,093 shares in the last quarter. Institutional investors and hedge funds 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.