Castle Biosciences, Inc. (NASDAQ:CSTL) Receives $42.00 Average Price Target from Brokerages

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL) have earned an average rating of “Moderate Buy” from the ten research firms that are covering the company, Marketbeat Ratings reports. One research analyst has rated the stock with a sell rating, one has assigned a hold rating, seven have given a buy rating and one has assigned a strong buy rating to the company. The average 1-year price target among brokerages that have updated their coverage on the stock in the last year is $42.00.

Several brokerages recently weighed in on CSTL. Weiss Ratings raised shares of Castle Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 31st. Wall Street Zen raised Castle Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. BTIG Research lifted their price objective on Castle Biosciences from $40.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. KeyCorp set a $35.00 target price on Castle Biosciences in a research report on Friday, May 29th. Finally, Zacks Research cut shares of Castle Biosciences from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, May 26th.

Castle Biosciences Price Performance

Shares of NASDAQ:CSTL opened at $35.34 on Monday. Castle Biosciences has a 1-year low of $17.72 and a 1-year high of $44.28. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.04 and a quick ratio of 5.85. The business has a fifty day moving average price of $30.27 and a 200-day moving average price of $25.67. The company has a market capitalization of $1.08 billion, a PE ratio of -53.55 and a beta of 0.99.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.34. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. The company had revenue of $99.86 million for the quarter, compared to analysts’ expectations of $86.23 million. As a group, equities analysts expect that Castle Biosciences will post -1.29 EPS for the current fiscal year.

Insider Activity

In related news, COO Kristen M. Oelschlager sold 12,384 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $34.42, for a total value of $426,257.28. Following the sale, the chief operating officer owned 72,649 shares in the company, valued at approximately $2,500,578.58. This trade represents a 14.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Tobin W. Juvenal sold 17,310 shares of the company’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $29.31, for a total value of $507,356.10. Following the sale, the insider owned 80,725 shares of the company’s stock, valued at approximately $2,366,049.75. This trade represents a 17.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 182,358 shares of company stock valued at $5,571,471 over the last three months. Insiders own 6.10% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in CSTL. BlackRock Inc. purchased a new position in shares of Castle Biosciences in the second quarter worth approximately $78,513,000. Summit Partners Public Asset Management LLC increased its holdings in Castle Biosciences by 164.7% during the fourth quarter. Summit Partners Public Asset Management LLC now owns 1,058,725 shares of the company’s stock valued at $41,184,000 after buying an additional 658,725 shares during the last quarter. Jefferies Financial Group Inc. purchased a new stake in Castle Biosciences during the second quarter valued at approximately $15,440,000. Renaissance Technologies LLC raised its position in Castle Biosciences by 8.1% in the first quarter. Renaissance Technologies LLC now owns 532,800 shares of the company’s stock worth $13,080,000 after acquiring an additional 39,700 shares during the period. Finally, AIGH Capital Management LLC bought a new position in Castle Biosciences in the second quarter worth approximately $13,001,000. Hedge funds and other institutional investors own 92.60% of the company’s stock.

About Castle Biosciences

Castle Biosciences, Inc is a molecular diagnostics company that develops and commercializes tests designed to help physicians make more informed decisions about cancer diagnosis and treatment. Its products use genomic and molecular information to assess disease characteristics, patient risk and likely outcomes.

The company’s portfolio includes DecisionDx-Melanoma, which helps assess the risk of metastasis in patients with cutaneous melanoma; DecisionDx-SCC, which evaluates metastatic risk in certain patients with cutaneous squamous cell carcinoma; and MyPath Melanoma, which assists in distinguishing benign from malignant melanocytic lesions.