Castle Biosciences (NASDAQ:CSTL) Reaches New 12-Month High Following Earnings Beat

Castle Biosciences, Inc. (NASDAQ:CSTL) hit a new 52-week high on Tuesday following a stronger than expected earnings report. The stock traded as high as $35.84 and last traded at $34.37, with a volume of 33505 shares traded. The stock had previously closed at $33.64.

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 negative return on equity of 0.77% and a negative net margin of 1.08%. The firm had revenue of $85.78 million for the quarter, compared to the consensus estimate of $78.55 million. During the same period in the previous year, the business earned ($0.26) EPS.

Wall Street Analyst Weigh In

A number of research firms recently commented on CSTL. Canaccord Genuity Group lifted their target price on shares of Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. Lake Street Capital lifted their price objective on shares of Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday. KeyCorp boosted their price objective on shares of Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday. Robert W. Baird raised their target price on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday. Finally, Stephens reiterated an “overweight” rating and set a $37.00 price target on shares of Castle Biosciences in a research note on Tuesday, August 6th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and an average price target of $37.00.

Insider Activity at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 1,972 shares of the stock in a transaction dated Monday, October 14th. The stock was 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 trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Castle Biosciences news, insider Derek J. Maetzold sold 1,972 shares of the company’s stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $32.27, for a total value of $63,636.44. Following the sale, the insider now owns 91,664 shares in the company, valued at approximately $2,957,997.28. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, insider Derek J. Maetzold sold 986 shares of the firm’s stock in a transaction that occurred on Tuesday, October 8th. The stock was sold at an average price of $30.27, for a total transaction of $29,846.22. Following the sale, the insider now directly owns 93,636 shares in the company, valued at $2,834,361.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 19,694 shares of company stock worth $563,497 over the last three months. Company insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Hedge funds have recently modified their holdings of the company. GSA Capital Partners LLP acquired a new position in Castle Biosciences in the 3rd quarter worth about $1,478,000. Lisanti Capital Growth LLC grew its holdings in Castle Biosciences by 60.2% in the third quarter. Lisanti Capital Growth LLC now owns 154,710 shares of the company’s stock valued at $4,412,000 after purchasing an additional 58,160 shares during the period. Assetmark Inc. increased its position in shares of Castle Biosciences by 16.8% in the third quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock valued at $149,000 after buying an additional 748 shares in the last quarter. Summit Global Investments raised its stake in shares of Castle Biosciences by 27.8% during the 3rd quarter. Summit Global Investments now owns 30,441 shares of the company’s stock worth $868,000 after buying an additional 6,629 shares during the period. Finally, Principal Financial Group Inc. lifted its position in shares of Castle Biosciences by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company’s stock valued at $43,879,000 after buying an additional 40,377 shares in the last quarter. 92.60% of the stock is owned by hedge funds and other institutional investors.

Castle Biosciences Stock Down 7.4 %

The stock has a market cap of $860.05 million, a price-to-earnings ratio of -222.50 and a beta of 0.99. The business’s 50 day moving average is $30.70 and its 200-day moving average is $25.67. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.92 and a current ratio of 8.12.

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.