Castle Biosciences (NASDAQ:CSTL) Stock Price Breaks Above 50 Day Moving Average – Here’s Why

Castle Biosciences, Inc. (NASDAQ:CSTL) shares crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $33.86 and traded as high as $34.66. Castle Biosciences shares last traded at $34.51, with a volume of 295,208 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on CSTL. Wall Street Zen downgraded Castle Biosciences from a “buy” rating to a “hold” rating in a research report on Saturday. Weiss Ratings raised Castle Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. Robert W. Baird set a $36.00 price objective on Castle Biosciences in a research note on Friday, July 31st. Finally, BTIG Research raised their target price on shares of Castle Biosciences from $40.00 to $44.00 and gave the stock a “buy” rating in a report on Monday, August 3rd. One research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $42.00.

Castle Biosciences Stock Performance

The business’s 50 day moving average price is $33.86 and its two-hundred day moving average price is $28.71.

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, beating the consensus estimate of ($0.41) by $0.34. The company had revenue of $99.86 million for the quarter, compared to analysts’ expectations of $86.23 million. On average, sell-side analysts forecast that Castle Biosciences, Inc. will post -1.29 earnings per share for the current fiscal year.

Insider Transactions at Castle Biosciences

In other news, insider Derek Maetzold sold 20,356 shares of the company’s stock in a transaction on Tuesday, August 4th. The stock was sold at an average price of $31.11, for a total transaction of $633,275.16. Following the transaction, the insider directly owned 21,479 shares of the company’s stock, valued at $668,211.69. This represents a 48.66% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kristen M. Oelschlager sold 12,384 shares of the company’s stock in a transaction 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 transaction, the chief operating officer directly owned 72,649 shares in the company, valued at approximately $2,500,578.58. The trade was a 14.56% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 211,606 shares of company stock worth $6,867,628. Corporate insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Global Retirement Partners LLC purchased a new position in shares of Castle Biosciences in the second quarter worth approximately $26,000. NFSG Corp purchased a new stake in Castle Biosciences during the third quarter valued at approximately $36,000. Quantbot Technologies LP purchased a new stake in Castle Biosciences during the second quarter valued at approximately $62,000. State of Wyoming purchased a new stake in Castle Biosciences during the second quarter valued at approximately $117,000. Finally, Assetmark Inc. increased its holdings in Castle Biosciences by 9.3% during the first quarter. Assetmark Inc. now owns 5,779 shares of the company’s stock valued at $142,000 after buying an additional 492 shares during the last quarter. 92.60% of the stock is owned by hedge funds and other institutional investors.

About Castle Biosciences

Castle Biosciences, Inc is a molecular diagnostics company that develops and commercializes tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. The company focuses on conditions in which additional biological information can complement traditional pathology and clinical assessment.

Its portfolio includes DecisionDx-Melanoma, which helps evaluate the risk of metastatic recurrence in patients with cutaneous melanoma; DecisionDx-SCC, which assesses metastatic risk in cutaneous squamous cell carcinoma; and DecisionDx-UM, a test for determining metastatic risk in uveal melanoma.