Castle Biosciences (NASDAQ:CSTL) Shares Gap Up Following Analyst Upgrade

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL) gapped up prior to trading on Friday after Robert W. Baird raised their price target on the stock from $36.00 to $37.00. The stock had previously closed at $25.28, but opened at $26.00. Robert W. Baird currently has an outperform rating on the stock. Castle Biosciences shares last traded at $23.26, with a volume of 66,192 shares trading hands.

A number of other research analysts also recently issued reports on CSTL. Scotiabank boosted their price target on Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a report on Wednesday, November 6th. Stephens reiterated an “overweight” rating and issued a $41.00 target price on shares of Castle Biosciences in a research note on Thursday, January 2nd. Lake Street Capital raised their price target on shares of Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a research report on Tuesday, November 5th. Finally, KeyCorp upped their price objective on shares of Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has an average rating of “Buy” and an average target price of $40.00.

Insider Activity

In other Castle Biosciences news, Director Daniel Bradbury sold 7,867 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $28.17, for a total transaction of $221,613.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Derek J. Maetzold sold 986 shares of the firm’s stock in a transaction that occurred on Monday, January 13th. The shares were sold at an average price of $28.03, for a total value of $27,637.58. Following the completion of the transaction, the insider now owns 80,818 shares in the company, valued at approximately $2,265,328.54. This trade represents a 1.21 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 30,771 shares of company stock worth $886,112 in the last quarter. Corporate insiders own 7.20% of the company’s stock.

Institutional Trading of Castle Biosciences

Large investors have recently made changes to their positions in the company. Vanguard Group Inc. boosted its stake in Castle Biosciences by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 1,832,535 shares of the company’s stock worth $48,837,000 after purchasing an additional 83,783 shares during the last quarter. Principal Financial Group Inc. grew its stake in 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 acquiring an additional 40,377 shares in the last quarter. Bellevue Group AG raised its holdings in Castle Biosciences by 3.7% in the 3rd quarter. Bellevue Group AG now owns 1,262,030 shares of the company’s stock valued at $35,993,000 after acquiring an additional 44,929 shares during the last quarter. Portolan Capital Management LLC lifted its stake in Castle Biosciences by 3.7% in the 3rd quarter. Portolan Capital Management LLC now owns 1,255,628 shares of the company’s stock worth $35,811,000 after purchasing an additional 44,676 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Castle Biosciences by 15.6% during the 4th quarter. Dimensional Fund Advisors LP now owns 999,466 shares of the company’s stock worth $26,636,000 after purchasing an additional 134,645 shares during the last quarter. 92.60% of the stock is currently owned by hedge funds and other institutional investors.

Castle Biosciences Stock Down 14.2 %

The company has a quick ratio of 7.64, a current ratio of 7.78 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $607.19 million, a PE ratio of 108.41 and a beta of 0.91. The business has a 50-day moving average price of $27.23 and a 200-day moving average price of $29.17.

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.