Castle Biosciences (NASDAQ:CSTL) Reaches New 12-Month High After Analyst Upgrade

Castle Biosciences, Inc. (NASDAQ:CSTL)’s share price hit a new 52-week high during trading on Wednesday after Canaccord Genuity Group raised their price target on the stock from $35.00 to $42.00. Canaccord Genuity Group currently has a buy rating on the stock. Castle Biosciences traded as high as $34.54 and last traded at $34.54, with a volume of 253510 shares trading hands. The stock had previously closed at $33.78.

CSTL has been the subject of several other research reports. Stephens restated an “overweight” rating and set a $37.00 price objective on shares of Castle Biosciences in a report on Tuesday, August 6th. Robert W. Baird upped their price objective on shares of Castle Biosciences from $34.00 to $37.00 and gave the stock an “outperform” rating in a report on Tuesday, August 6th. Finally, BTIG Research raised their price objective on shares of Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus price target of $35.14.

Insider Activity

In related news, CFO Frank Stokes sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $25.70, for a total transaction of $257,000.00. Following the transaction, the chief financial officer now directly owns 30,823 shares in the company, valued at approximately $792,151.10. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In related news, Director Daniel Bradbury sold 7,883 shares of the stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $26.65, for a total transaction of $210,081.95. Following the completion of the sale, the director now directly owns 8,550 shares of the company’s stock, valued at approximately $227,857.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Frank Stokes sold 10,000 shares of the business’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $25.70, for a total value of $257,000.00. Following the completion of the transaction, the chief financial officer now directly owns 30,823 shares in the company, valued at approximately $792,151.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 29,694 shares of company stock worth $820,497 over the last quarter. Insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Large investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company increased its stake in shares of Castle Biosciences by 7.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 10,122 shares of the company’s stock worth $220,000 after purchasing an additional 675 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Castle Biosciences by 10.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,882 shares of the company’s stock worth $215,000 after buying an additional 952 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Castle Biosciences by 6.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,034 shares of the company’s stock valued at $400,000 after buying an additional 1,131 shares during the period. Perkins Capital Management Inc. lifted its position in shares of Castle Biosciences by 5.0% during the 3rd quarter. Perkins Capital Management Inc. now owns 32,640 shares of the company’s stock valued at $931,000 after buying an additional 1,550 shares during the last quarter. Finally, China Universal Asset Management Co. Ltd. grew its stake in shares of Castle Biosciences by 64.6% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 5,335 shares of the company’s stock worth $152,000 after acquiring an additional 2,093 shares during the period. 92.60% of the stock is owned by hedge funds and other institutional investors.

Castle Biosciences Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 8.12 and a quick ratio of 7.92. The firm has a market capitalization of $957.13 million, a PE ratio of -247.64 and a beta of 1.03. The company’s fifty day simple moving average is $30.50 and its 200 day simple moving average is $25.30.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings results 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 net margin of 1.08% and a negative return on equity of 0.77%. The company 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 company posted ($0.70) EPS. As a group, equities research analysts expect that Castle Biosciences, Inc. will post -0.58 EPS for the current fiscal year.

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.