Castle Biosciences (NASDAQ:CSTL) Trading Down 3.8% – Here’s What Happened

Castle Biosciences, Inc. (NASDAQ:CSTL) shares were down 3.8% on Wednesday . The company traded as low as $21.05 and last traded at $21.40. Approximately 208,288 shares were traded during trading, a decline of 55% from the average daily volume of 459,306 shares. The stock had previously closed at $22.23.

Wall Street Analysts Forecast Growth

A number of research firms have commented on CSTL. KeyCorp increased 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, November 5th. Lake Street Capital increased their price target on Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Stephens reissued 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 upped their target price on Castle Biosciences from $36.00 to $37.00 and gave the company an “outperform” rating in a report on Friday, February 28th. Finally, Scotiabank lifted their price target on Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 6th. Seven research analysts have rated the stock with a buy rating, According to MarketBeat.com, Castle Biosciences presently has an average rating of “Buy” and an average price target of $40.00.

Castle Biosciences Stock Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64. The company has a market cap of $597.11 million, a price-to-earnings ratio of 106.61 and a beta of 0.98. The firm has a 50 day simple moving average of $27.00 and a 200-day simple moving average of $29.11.

Insider Buying and Selling

In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of the stock in a transaction dated Monday, January 13th. The shares were sold at an average price of $28.03, for a total transaction of $27,637.58. Following the completion of the transaction, the insider now owns 80,818 shares of the company’s stock, valued at $2,265,328.54. This trade represents a 1.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Daniel Bradbury sold 7,867 shares of Castle Biosciences stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $28.17, for a total transaction of $221,613.39. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,771 shares of company stock valued at $886,112. 7.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CSTL. Covestor Ltd purchased a new stake in shares of Castle Biosciences in the 4th quarter valued at $25,000. R Squared Ltd purchased a new stake in Castle Biosciences during the fourth quarter worth about $42,000. Quest Partners LLC lifted its position in shares of Castle Biosciences by 54.4% during the third quarter. Quest Partners LLC now owns 4,318 shares of the company’s stock worth $123,000 after purchasing an additional 1,522 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new position in shares of Castle Biosciences in the fourth quarter valued at approximately $128,000. Finally, US Bancorp DE grew its holdings in shares of Castle Biosciences by 1,889.2% in the third quarter. US Bancorp DE now owns 4,615 shares of the company’s stock valued at $132,000 after purchasing an additional 4,383 shares in the last quarter. 92.60% of the stock is currently owned by institutional investors and hedge funds.

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.