Canaccord Genuity Group Boosts Castle Biosciences (NASDAQ:CSTL) Price Target to $42.00

Castle Biosciences (NASDAQ:CSTL) had its price objective raised by Canaccord Genuity Group from $35.00 to $42.00 in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a buy rating on the stock.

A number of other research firms have also recently commented on CSTL. BTIG Research upped their price objective on Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a report on Monday, October 14th. Robert W. Baird boosted 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. Finally, Stephens reissued an “overweight” rating and issued a $37.00 target price on shares of Castle Biosciences in a research report on Tuesday, August 6th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $35.14.

Castle Biosciences Trading Down 4.4 %

Shares of Castle Biosciences stock opened at $33.15 on Tuesday. Castle Biosciences has a 1-year low of $16.14 and a 1-year high of $35.42. The stock has a market cap of $915.27 million, a P/E ratio of -236.79 and a beta of 1.03. The stock’s 50 day simple moving average is $30.57 and its 200-day simple moving average is $25.39. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.12 and a quick ratio of 7.92.

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. Castle Biosciences had a negative return on equity of 0.77% and a negative net margin of 1.08%. The firm had revenue of $87.00 million for the quarter, compared to analysts’ expectations of $69.95 million. During the same period in the prior year, the firm posted ($0.70) earnings per share. Analysts predict that Castle Biosciences will post -0.58 EPS for the current fiscal year.

Insider Transactions at Castle Biosciences

In other news, CFO Frank Stokes sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $25.70, for a total transaction of $257,000.00. Following the sale, the chief financial officer now owns 30,823 shares of the company’s stock, valued at approximately $792,151.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Frank Stokes sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $25.70, for a total transaction of $257,000.00. Following the sale, the chief financial officer now owns 30,823 shares of the company’s stock, valued at approximately $792,151.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Daniel Bradbury sold 7,883 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $26.65, for a total value of $210,081.95. Following the sale, the director now directly owns 8,550 shares in the company, valued at $227,857.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 29,694 shares of company stock valued at $820,497. 7.20% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Castle Biosciences

Several large investors have recently bought and sold shares of CSTL. Acadian Asset Management LLC increased its holdings in Castle Biosciences by 130.7% in the first quarter. Acadian Asset Management LLC now owns 210,824 shares of the company’s stock valued at $4,669,000 after buying an additional 119,443 shares during the last quarter. Marshall Wace LLP increased its holdings in Castle Biosciences by 116.5% in the second quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock valued at $4,616,000 after buying an additional 114,104 shares during the last quarter. Harbor Capital Advisors Inc. increased its holdings in Castle Biosciences by 249.3% in the second quarter. Harbor Capital Advisors Inc. now owns 138,707 shares of the company’s stock valued at $3,020,000 after buying an additional 99,001 shares during the last quarter. Renaissance Technologies LLC increased its holdings in Castle Biosciences by 47.3% in the second quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock valued at $6,564,000 after buying an additional 96,800 shares during the last quarter. Finally, Lisanti Capital Growth LLC purchased a new position in Castle Biosciences in the second quarter valued at $2,102,000. 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.