Castle Biosciences (NASDAQ:CSTL) Stock Price Up 4.3% – What’s Next?

Castle Biosciences, Inc. (NASDAQ:CSTL)’s stock price shot up 4.3% during mid-day trading on Tuesday . The stock traded as high as $34.93 and last traded at $34.88. Approximately 93,663 shares traded hands during trading, a decline of 76% from the average session volume of 393,875 shares. The stock had previously closed at $33.44.

Analyst Ratings Changes

A number of analysts have recently issued reports on CSTL shares. BTIG Research increased their target price on Castle Biosciences from $40.00 to $44.00 and gave the company a “buy” rating in a report on Monday, August 3rd. Robert W. Baird set a $36.00 price target on Castle Biosciences in a research report on Friday, July 31st. KeyCorp set a $35.00 price objective on Castle Biosciences in a research note on Friday, May 29th. Zacks Research lowered Castle Biosciences from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, May 26th. Finally, Wall Street Zen upgraded Castle Biosciences from a “sell” rating to a “hold” rating in a research report on Saturday, August 1st. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Castle Biosciences has an average rating of “Moderate Buy” and an average price target of $42.00.

Castle Biosciences Trading Up 5.3%

The company has a current ratio of 6.04, a quick ratio of 5.85 and a debt-to-equity ratio of 0.02. The company has a market cap of $1.08 billion, a PE ratio of -53.36 and a beta of 0.99. The business’s 50-day simple moving average is $29.32 and its 200-day simple moving average is $25.51.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings results on Thursday, July 30th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate 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 business had revenue of $99.86 million for the quarter, compared to analysts’ expectations of $86.23 million. As a group, analysts expect that Castle Biosciences, Inc. will post -1.29 EPS for the current fiscal year.

Insiders Place Their Bets

In other Castle Biosciences news, insider Tobin Juvenal sold 17,310 shares of the company’s stock in a transaction dated Friday, July 31st. The stock was sold at an average price of $29.31, for a total value of $507,356.10. Following the transaction, the insider directly owned 80,725 shares of the company’s stock, valued at $2,366,049.75. This represents a 17.66% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Derek J. Maetzold sold 20,356 shares of the firm’s stock in a transaction dated Tuesday, August 4th. The stock was sold at an average price of $31.11, for a total value of $633,275.16. Following the sale, the insider directly owned 21,479 shares of the company’s stock, valued at $668,211.69. This trade represents a 48.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 175,758 shares of company stock valued at $5,348,870 in the last three months. Insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Castle Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in CSTL. Global Retirement Partners LLC acquired a new stake in Castle Biosciences in the second quarter valued at approximately $26,000. Caitong International Asset Management Co. Ltd raised its holdings in shares of Castle Biosciences by 140.4% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 1,750 shares of the company’s stock valued at $68,000 after purchasing an additional 1,022 shares in the last quarter. Quantbot Technologies LP bought a new position in shares of Castle Biosciences during the 2nd quarter valued at $62,000. Globeflex Capital L P acquired a new stake in shares of Castle Biosciences in the 4th quarter valued at $146,000. Finally, State of Wyoming acquired a new stake in shares of Castle Biosciences in the 2nd quarter valued at $117,000. Institutional investors own 92.60% of the company’s stock.

Castle Biosciences Company Profile

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.