Castle Biosciences (NASDAQ:CSTL) Hits New 12-Month High Following Analyst Upgrade

Castle Biosciences, Inc. (NASDAQ:CSTL) hit a new 52-week high during trading on Monday after BTIG Research raised their price target on the stock from $35.00 to $40.00. BTIG Research currently has a buy rating on the stock. Castle Biosciences traded as high as $32.82 and last traded at $32.59, with a volume of 87596 shares changing hands. The stock had previously closed at $31.31.

Several other equities research analysts have also recently issued reports on CSTL. Robert W. Baird raised their price objective on shares of Castle Biosciences from $34.00 to $37.00 and gave the stock an “outperform” rating in a research report on Tuesday, August 6th. Stephens restated an “overweight” rating and set a $37.00 price objective on shares of Castle Biosciences in a research report on Tuesday, August 6th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $34.00.

Insiders Place Their Bets

In other Castle Biosciences news, COO Kristen M. Oelschlager sold 2,793 shares of the stock in a transaction dated Monday, July 29th. The shares were sold at an average price of $22.06, for a total transaction of $61,613.58. Following the completion of the transaction, the chief operating officer now owns 145,825 shares of the company’s stock, valued at $3,216,899.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other news, CFO Frank Stokes sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 7th. The shares were sold at an average price of $25.70, for a total value of $257,000.00. Following the completion of the transaction, the chief financial officer now owns 30,823 shares of the company’s stock, valued at approximately $792,151.10. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, COO Kristen M. Oelschlager sold 2,793 shares of the firm’s stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $22.06, for a total transaction of $61,613.58. Following the completion of the transaction, the chief operating officer now directly owns 145,825 shares of the company’s stock, valued at approximately $3,216,899.50. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 43,504 shares of company stock valued at $1,118,000 over the last 90 days. 7.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company boosted its stake in shares of Castle Biosciences by 7.1% in the second quarter. The Manufacturers Life Insurance Company now owns 10,122 shares of the company’s stock valued at $220,000 after purchasing an additional 675 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Castle Biosciences by 10.7% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,882 shares of the company’s stock valued at $215,000 after purchasing an additional 952 shares during the period. Price T Rowe Associates Inc. MD boosted its stake in shares of Castle Biosciences by 6.7% in the first quarter. Price T Rowe Associates Inc. MD now owns 18,034 shares of the company’s stock valued at $400,000 after purchasing an additional 1,131 shares during the period. China Universal Asset Management Co. Ltd. lifted its stake in Castle Biosciences by 70.3% in the first quarter. China Universal Asset Management Co. Ltd. now owns 5,297 shares of the company’s stock worth $117,000 after acquiring an additional 2,187 shares during the last quarter. Finally, RiverPark Advisors LLC lifted its stake in Castle Biosciences by 362.2% in the first quarter. RiverPark Advisors LLC now owns 2,861 shares of the company’s stock worth $63,000 after acquiring an additional 2,242 shares during the last quarter. Hedge funds and other institutional investors own 92.60% of the company’s stock.

Castle Biosciences Stock Up 9.4 %

The business’s 50 day moving average is $28.99 and its 200-day moving average is $24.29. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.12 and a quick ratio of 7.92. The company has a market cap of $945.82 million, a PE ratio of -29.79 and a beta of 1.03.

Castle Biosciences (NASDAQ:CSTL) last issued its quarterly earnings results 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. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. The company had revenue of $87.00 million during the quarter, compared to the consensus estimate of $69.95 million. During the same quarter in the previous year, the firm earned ($0.70) earnings per share. As a group, analysts predict that Castle Biosciences, Inc. will post -0.58 EPS for the current year.

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.