Castle Biosciences (NASDAQ:CSTL) Stock Price Down 4.4% After Insider Selling

Castle Biosciences, Inc. (NASDAQ:CSTL)’s share price was down 4.4% on Wednesday following insider selling activity. The company traded as low as $28.63 and last traded at $28.70. Approximately 280,362 shares changed hands during mid-day trading, a decline of 8% from the average daily volume of 305,168 shares. The stock had previously closed at $30.01.

Specifically, insider Derek J. Maetzold sold 986 shares of the company’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $28.73, for a total transaction of $28,327.78. Following the completion of the transaction, the insider now directly owns 94,622 shares in the company, valued at approximately $2,718,490.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on CSTL. Robert W. Baird increased their price objective on Castle Biosciences from $34.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday, August 6th. Stephens reaffirmed an “overweight” rating and set a $37.00 price target on shares of Castle Biosciences in a research report on Tuesday, August 6th. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Castle Biosciences currently has an average rating of “Buy” and an average target price of $32.80.

Castle Biosciences Stock Down 4.4 %

The company has a market cap of $792.32 million, a P/E ratio of -26.10 and a beta of 1.03. The stock’s 50-day moving average price is $28.36 and its 200-day moving average price is $24.03. The company has a current ratio of 8.12, a quick ratio of 7.92 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last released its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.16) by $0.47. The company had revenue of $87.00 million for the quarter, compared to analysts’ expectations of $69.95 million. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. During the same quarter in the prior year, the firm earned ($0.70) EPS. As a group, research analysts forecast that Castle Biosciences, Inc. will post -0.58 EPS for the current year.

Institutional Investors Weigh In On Castle Biosciences

A number of institutional investors and hedge funds have recently made changes to their positions in CSTL. Birchview Capital LP acquired a new stake in shares of Castle Biosciences in the 4th quarter worth about $216,000. Parkman Healthcare Partners LLC raised its holdings in shares of Castle Biosciences by 59.0% in the 4th quarter. Parkman Healthcare Partners LLC now owns 357,156 shares of the company’s stock worth $7,707,000 after acquiring an additional 132,564 shares during the last quarter. Allspring Global Investments Holdings LLC raised its holdings in shares of Castle Biosciences by 89.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,862 shares of the company’s stock worth $241,000 after acquiring an additional 5,123 shares during the last quarter. Denali Advisors LLC purchased a new stake in Castle Biosciences in the 1st quarter valued at about $186,000. Finally, Norden Group LLC purchased a new stake in Castle Biosciences in the 1st quarter valued at about $547,000. Institutional investors and hedge funds 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.