Short Interest in Castle Biosciences, Inc. (NASDAQ:CSTL) Increases By 6.2%

Castle Biosciences, Inc. (NASDAQ:CSTL) was the recipient of a significant growth in short interest during the month of November. As of November 15th, there was short interest totalling 1,710,000 shares, a growth of 6.2% from the October 31st total of 1,610,000 shares. Based on an average trading volume of 387,600 shares, the days-to-cover ratio is presently 4.4 days.

Insider Buying and Selling at Castle Biosciences

In other news, insider Derek J. Maetzold sold 1,972 shares of Castle Biosciences stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $34.15, for a total value of $67,343.80. Following the completion of the transaction, the insider now owns 87,720 shares in the company, valued at approximately $2,995,638. The trade was a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Frank Stokes sold 6,923 shares of the company’s stock in a transaction dated Friday, November 15th. The stock was sold at an average price of $29.93, for a total transaction of $207,205.39. Following the transaction, the chief financial officer now owns 30,823 shares in the company, valued at approximately $922,532.39. This trade represents a 18.34 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,213 shares of company stock worth $752,673 over the last ninety days. 7.20% of the stock is currently owned by insiders.

Institutional Trading of Castle Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the company. Point72 Asset Management L.P. grew its position in Castle Biosciences by 828.3% during the third quarter. Point72 Asset Management L.P. now owns 499,192 shares of the company’s stock worth $14,237,000 after buying an additional 445,415 shares in the last quarter. Marshall Wace LLP grew its holdings in shares of Castle Biosciences by 116.5% during the second quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock worth $4,616,000 after purchasing an additional 114,104 shares in the last quarter. Harbor Capital Advisors Inc. increased its position in shares of Castle Biosciences by 249.3% in the second quarter. Harbor Capital Advisors Inc. now owns 138,707 shares of the company’s stock worth $3,020,000 after purchasing an additional 99,001 shares during the last quarter. Connor Clark & Lunn Investment Management Ltd. raised its stake in Castle Biosciences by 147.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 165,458 shares of the company’s stock valued at $4,719,000 after purchasing an additional 98,571 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its position in Castle Biosciences by 47.3% during the second quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock valued at $6,564,000 after purchasing an additional 96,800 shares during the last quarter. 92.60% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the company. Scotiabank upped their price target on Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 6th. Robert W. Baird increased their price objective on shares of Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Lake Street Capital upped their price objective on Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. BTIG Research boosted their price target on Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Finally, Stephens reissued an “overweight” rating and issued a $37.00 target price on shares of Castle Biosciences in a report on Tuesday, August 6th. Eight equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $37.88.

Castle Biosciences Stock Performance

Shares of NASDAQ CSTL traded down $0.67 during midday trading on Tuesday, reaching $30.73. The company’s stock had a trading volume of 135,744 shares, compared to its average volume of 325,474. The stock has a market capitalization of $860.75 million, a P/E ratio of 157.01 and a beta of 0.92. 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 firm has a 50 day moving average price of $30.92 and a 200-day moving average price of $26.71. Castle Biosciences has a 12-month low of $16.97 and a 12-month high of $35.84.

Castle Biosciences (NASDAQ:CSTL) last released its earnings results on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.14. The business had revenue of $85.78 million during the quarter, compared to the consensus estimate of $78.55 million. Castle Biosciences had a return on equity of 1.47% and a net margin of 1.95%. During the same period last year, the business posted ($0.26) earnings per share. As a group, equities analysts predict that Castle Biosciences will post -0.08 earnings per share for the current year.

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.