Castle Biosciences (NASDAQ:CSTL) Shares Down 7.3% After Insider Selling

Castle Biosciences, Inc. (NASDAQ:CSTL)’s stock price was down 7.3% during mid-day trading on Friday following insider selling activity. The company traded as low as $28.48 and last traded at $28.58. Approximately 177,806 shares traded hands during trading, a decline of 45% from the average daily volume of 325,046 shares. The stock had previously closed at $30.83.

Specifically, insider Derek J. Maetzold sold 1,972 shares of Castle Biosciences stock in a transaction dated Tuesday, November 12th. The stock was sold at an average price of $34.15, for a total value of $67,343.80. Following 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on CSTL shares. KeyCorp boosted their price target on Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Scotiabank boosted their price target on Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 6th. Robert W. Baird boosted their price target on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday, November 5th. Canaccord Genuity Group boosted their price target on Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Finally, 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 research report on Tuesday, November 5th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus price target of $37.88.

Castle Biosciences Stock Performance

The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $809.21 million, a PE ratio of 142.91 and a beta of 0.99. The business’s 50 day simple moving average is $31.16 and its two-hundred day simple moving average is $26.21.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.14. The firm had revenue of $85.78 million during 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 period in the prior year, the business posted ($0.26) EPS. Research analysts expect that Castle Biosciences, Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Castle Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the business. Acadian Asset Management LLC grew its position in shares of Castle Biosciences by 130.7% during the first quarter. Acadian Asset Management LLC now owns 210,824 shares of the company’s stock worth $4,669,000 after purchasing an additional 119,443 shares in the last quarter. Marshall Wace LLP grew its holdings in Castle Biosciences by 116.5% during the 2nd 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 in the last quarter. Harbor Capital Advisors Inc. grew its holdings in Castle Biosciences by 249.3% during the 2nd 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 in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its holdings in Castle Biosciences by 147.4% during the 3rd quarter. Connor Clark & Lunn Investment Management Ltd. now owns 165,458 shares of the company’s stock valued at $4,719,000 after buying an additional 98,571 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in Castle Biosciences by 47.3% during the 2nd 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 in the last quarter. 92.60% of the stock is owned by institutional investors.

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.