Castle Biosciences (NASDAQ:CSTL) Trading Down 3.8% – Here’s What Happened

Castle Biosciences, Inc. (NASDAQ:CSTL) shares were down 3.8% on Friday . The company traded as low as $33.21 and last traded at $33.35. Approximately 147,315 shares traded hands during trading, a decline of 53% from the average daily volume of 314,184 shares. The stock had previously closed at $34.67.

Wall Street Analyst Weigh In

A number of equities research analysts have weighed in on CSTL shares. Canaccord Genuity Group lifted their price target on shares of Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. BTIG Research lifted their price target on shares of Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, October 14th. Robert W. Baird lifted their price objective on shares of Castle Biosciences from $34.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday, August 6th. Finally, Stephens restated an “overweight” rating and issued a $37.00 price objective on shares of Castle Biosciences in a report on Tuesday, August 6th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $35.14.

Castle Biosciences Stock Down 4.4 %

The company has a quick ratio of 7.92, a current ratio of 8.12 and a debt-to-equity ratio of 0.02. The stock has a market cap of $915.17 million, a price-to-earnings ratio of -236.79 and a beta of 0.98. The business’s fifty day moving average is $30.57 and its two-hundred day moving average is $25.44.

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. Equities analysts forecast that Castle Biosciences, Inc. will post -0.58 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Frank Stokes sold 10,000 shares of Castle Biosciences 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 in the company, valued at $792,151.10. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Derek J. Maetzold sold 1,972 shares of Castle Biosciences stock in a transaction on Monday, October 14th. The shares were sold at an average price of $32.27, for a total transaction of $63,636.44. Following the sale, the insider now directly owns 91,664 shares in the company, valued at $2,957,997.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Frank Stokes sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $25.70, for a total transaction 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 $792,151.10. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,694 shares of company stock worth $820,497 over the last 90 days. 7.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Castle Biosciences

Several large investors have recently bought and sold shares of CSTL. Allspring Global Investments Holdings LLC increased its position in Castle Biosciences by 89.3% during the first quarter. Allspring Global Investments Holdings LLC now owns 10,862 shares of the company’s stock worth $241,000 after buying an additional 5,123 shares during the period. Norden Group LLC acquired a new position in shares of Castle Biosciences in the 1st quarter valued at $547,000. Diversify Advisory Services LLC acquired a new position in shares of Castle Biosciences in the 1st quarter valued at $278,000. RiverPark Advisors LLC increased its holdings in shares of Castle Biosciences by 362.2% in the 1st quarter. RiverPark Advisors LLC now owns 2,861 shares of the company’s stock valued at $63,000 after acquiring an additional 2,242 shares during the period. Finally, GSA Capital Partners LLP increased its holdings in shares of Castle Biosciences by 9.0% in the 1st quarter. GSA Capital Partners LLP now owns 52,448 shares of the company’s stock valued at $1,162,000 after acquiring an additional 4,352 shares during the period. 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.