Castle Biosciences (NASDAQ:CSTL) Stock Price Down 7.3% on Insider Selling

Castle Biosciences, Inc. (NASDAQ:CSTL) shares fell 7.3% during mid-day trading on Friday after an insider sold shares in the company. The stock traded as low as $28.48 and last traded at $28.58. 177,806 shares traded hands during mid-day trading, a decline of 45% from the average session volume of 325,046 shares. The stock had previously closed at $30.83.

Specifically, insider Derek J. Maetzold sold 1,972 shares of Castle Biosciences stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $34.15, for a total transaction of $67,343.80. Following the transaction, the insider now owns 87,720 shares of the company’s stock, valued at $2,995,638. This trade represents a 2.20 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

Analyst Ratings Changes

A number of analysts recently commented on the company. KeyCorp lifted their price target on Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday, November 5th. Lake Street Capital boosted their price target on shares of Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Robert W. Baird raised their price objective on shares of Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a report on Tuesday, November 5th. Scotiabank lifted their price objective on shares of Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 6th. Finally, Stephens reissued an “overweight” rating and set a $37.00 target price on shares of Castle Biosciences in a research report on Tuesday, August 6th. Eight analysts have rated the stock with a buy rating, According to MarketBeat.com, Castle Biosciences currently has an average rating of “Buy” and an average price target of $37.88.

Castle Biosciences Trading Down 8.9 %

The firm’s 50-day moving average price is $31.16 and its 200-day moving average price is $26.21. The company has a market cap of $787.08 million, a P/E ratio of 144.46 and a beta of 0.99. The company has a quick ratio of 7.64, a current ratio of 7.78 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last posted its earnings results on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.14. The firm had revenue of $85.78 million for the quarter, compared to the consensus estimate of $78.55 million. Castle Biosciences had a return on equity of 1.47% and a net margin of 1.95%. During the same quarter in the prior year, the business posted ($0.26) earnings per share. As a group, equities research analysts expect that Castle Biosciences, Inc. will post -0.08 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in CSTL. Point72 Asset Management L.P. lifted its holdings in shares of Castle Biosciences by 828.3% in the third quarter. Point72 Asset Management L.P. now owns 499,192 shares of the company’s stock worth $14,237,000 after buying an additional 445,415 shares in the last quarter. Acadian Asset Management LLC grew its position in shares of Castle Biosciences by 130.7% during the 1st quarter. Acadian Asset Management LLC now owns 210,824 shares of the company’s stock valued at $4,669,000 after purchasing an additional 119,443 shares in the last quarter. Marshall Wace LLP increased its holdings in shares of Castle Biosciences by 116.5% in the second quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock worth $4,616,000 after purchasing an additional 114,104 shares during the period. Harbor Capital Advisors Inc. raised its position in shares of Castle Biosciences by 249.3% in the second quarter. Harbor Capital Advisors Inc. now owns 138,707 shares of the company’s stock worth $3,020,000 after buying an additional 99,001 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. boosted its stake in Castle Biosciences by 147.4% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 165,458 shares of the company’s stock valued at $4,719,000 after buying an additional 98,571 shares during the period. Hedge funds and other institutional investors own 92.60% 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.