FY2024 Earnings Forecast for CSTL Issued By Leerink Partnrs

Castle Biosciences, Inc. (NASDAQ:CSTL) – Leerink Partnrs lifted their FY2024 EPS estimates for Castle Biosciences in a note issued to investors on Tuesday, January 21st. Leerink Partnrs analyst P. Souda now anticipates that the company will post earnings per share of $0.42 for the year, up from their prior forecast of $0.32. The consensus estimate for Castle Biosciences’ current full-year earnings is $0.38 per share.

Several other equities research analysts have also commented on the stock. KeyCorp raised their price target on shares of Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. 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. Robert W. Baird raised their price objective on shares of Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a research note on Tuesday, November 5th. Scotiabank raised their price objective on shares of Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 6th. Finally, Lake Street Capital raised their price objective on shares of Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $40.29.

Castle Biosciences Price Performance

Shares of NASDAQ:CSTL opened at $26.50 on Wednesday. The firm’s 50 day moving average is $28.66 and its two-hundred day moving average is $28.18. Castle Biosciences has a 52 week low of $16.97 and a 52 week high of $35.84. The firm has a market capitalization of $742.27 million, a P/E ratio of 132.51 and a beta of 0.92. The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last released its quarterly earnings data on Monday, November 4th. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.14. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. The firm had revenue of $85.78 million for the quarter, compared to analyst estimates of $78.55 million. During the same quarter in the prior year, the business earned ($0.26) earnings per share.

Institutional Investors Weigh In On Castle Biosciences

Several hedge funds have recently bought and sold shares of the company. Rhumbline Advisers grew its position in Castle Biosciences by 7.7% in the second quarter. Rhumbline Advisers now owns 41,896 shares of the company’s stock valued at $912,000 after purchasing an additional 2,988 shares in the last quarter. American Century Companies Inc. boosted its holdings in shares of Castle Biosciences by 12.9% during the 2nd quarter. American Century Companies Inc. now owns 42,818 shares of the company’s stock worth $932,000 after buying an additional 4,898 shares during the period. Dimensional Fund Advisors LP boosted its holdings in shares of Castle Biosciences by 8.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 809,934 shares of the company’s stock worth $17,631,000 after buying an additional 60,675 shares during the period. Renaissance Technologies LLC boosted its holdings in shares of Castle Biosciences by 47.3% during the 2nd quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock worth $6,564,000 after buying an additional 96,800 shares during the period. Finally, XTX Topco Ltd acquired a new stake in Castle Biosciences in the 2nd quarter worth about $218,000. 92.60% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider Derek J. Maetzold sold 986 shares of the stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $28.03, for a total transaction of $27,637.58. Following the sale, the insider now directly owns 80,818 shares of the company’s stock, valued at $2,265,328.54. This represents a 1.21 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Tobin W. Juvenal sold 3,507 shares of the stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $35.56, for a total transaction of $124,708.92. Following the completion of the transaction, the insider now owns 54,178 shares in the company, valued at $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. In the last three months, insiders have sold 35,306 shares of company stock worth $1,063,756. Corporate insiders own 7.20% 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.