Castle Biosciences (NASDAQ:CSTL) Shares Up 6.2% – Time to Buy?

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

Analysts Set New Price Targets

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

Castle Biosciences Stock Performance

The company has a quick ratio of 7.64, a current ratio of 7.78 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $895.10 million, a PE ratio of 159.81 and a beta of 0.92. The firm has a 50 day moving average price of $29.98 and a 200-day moving average price of $27.67.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.14. The business had revenue of $85.78 million during the quarter, compared to analysts’ expectations of $78.55 million. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. During the same period in the previous year, the business posted ($0.26) EPS. Research analysts expect that Castle Biosciences, Inc. will post 0.34 EPS for the current fiscal year.

Insider Transactions at Castle Biosciences

In related news, insider Derek J. Maetzold sold 1,972 shares of the stock in a transaction on Monday, October 14th. The shares were sold at an average price of $32.27, for a total transaction of $63,636.44. Following the sale, the insider now directly owns 91,664 shares of the company’s stock, valued at approximately $2,957,997.28. This represents a 2.11 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CFO Frank Stokes sold 6,923 shares of Castle Biosciences stock in a transaction on Friday, November 15th. The shares were sold at an average price of $29.93, for a total transaction of $207,205.39. Following the completion of the transaction, the chief financial officer now directly owns 30,823 shares of the company’s stock, valued at $922,532.39. The trade was a 18.34 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,710 shares of company stock worth $790,093 over the last quarter. 7.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Castle Biosciences

A number of hedge funds have recently bought and sold shares of the business. Connor Clark & Lunn Investment Management Ltd. raised its stake in shares of 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 worth $4,719,000 after buying an additional 98,571 shares during the period. Harbor Capital Advisors Inc. increased its stake in shares of Castle Biosciences by 11.0% during the third quarter. Harbor Capital Advisors Inc. now owns 153,907 shares of the company’s stock worth $4,389,000 after purchasing an additional 15,200 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Castle Biosciences by 16.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 274,761 shares of the company’s stock worth $7,836,000 after purchasing an additional 39,417 shares during the last quarter. Lisanti Capital Growth LLC boosted its holdings in Castle Biosciences by 60.2% in the 3rd quarter. Lisanti Capital Growth LLC now owns 154,710 shares of the company’s stock worth $4,412,000 after buying an additional 58,160 shares during the last quarter. Finally, GSA Capital Partners LLP purchased a new stake in Castle Biosciences during the 3rd quarter worth approximately $1,478,000. Hedge funds and other institutional investors own 92.60% of the company’s stock.

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.