Castle Biosciences (NASDAQ:CSTL) Sees Significant Decrease in Short Interest

Castle Biosciences (NASDAQ:CSTL) was the target of a significant decrease in short interest during the month of October. As of October 31st, there was short interest totalling 273,300 shares, a decrease of 5.6% from the September 30th total of 289,500 shares. Based on an average trading volume of 127,700 shares, the short-interest ratio is currently 2.1 days. Currently, 3.0% of the company’s shares are sold short.

Several brokerages recently commented on CSTL. Leerink Swann set a $33.00 target price on Castle Biosciences and gave the company a “buy” rating in a report on Wednesday, September 4th. Robert W. Baird upped their target price on Castle Biosciences from $27.00 to $31.00 and gave the company an “outperform” rating in a report on Wednesday, September 4th. Svb Leerink began coverage on Castle Biosciences in a report on Monday, August 19th. They issued an “outperform” rating and a $28.00 target price on the stock. Zacks Investment Research upgraded Castle Biosciences from a “sell” rating to a “buy” rating and set a $32.00 target price on the stock in a report on Monday. Finally, BTIG Research upped their target price on Castle Biosciences to $32.00 and gave the company a “buy” rating in a report on Wednesday, September 4th. Six analysts have rated the stock with a buy rating, Castle Biosciences presently has an average rating of “Buy” and an average target price of $31.67.

Castle Biosciences stock opened at $28.81 on Tuesday. Castle Biosciences has a 52-week low of $15.26 and a 52-week high of $30.27. The stock’s 50 day simple moving average is $20.71. The company has a current ratio of 11.89, a quick ratio of 11.80 and a debt-to-equity ratio of 0.26.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings results on Monday, November 11th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.33. The business had revenue of $14.78 million for the quarter, compared to the consensus estimate of $10.28 million. As a group, sell-side analysts forecast that Castle Biosciences will post -1.19 EPS for the current year.

Several institutional investors have recently bought and sold shares of the business. Essex Investment Management Co. LLC bought a new position in shares of Castle Biosciences during the 3rd quarter worth approximately $963,000. Chartwell Investment Partners LLC bought a new position in shares of Castle Biosciences during the 3rd quarter worth approximately $672,000. Dean Capital Investments Management LLC bought a new position in shares of Castle Biosciences during the 3rd quarter worth approximately $507,000. Perkins Capital Management Inc. bought a new position in shares of Castle Biosciences during the 3rd quarter worth approximately $505,000. Finally, Russell Investments Group Ltd. bought a new position in shares of Castle Biosciences in the 3rd quarter worth $313,000. Hedge funds and other institutional investors own 3.80% of the company’s stock.

Castle Biosciences Company Profile

Castle Biosciences, Inc, a commercial-stage dermatological cancer, develops and commercializes diagnostic and prognostic tests for cancers. Its lead product is DecisionDx-Melanoma, a multi-gene expression profile (GEP) test to identify stage I and II patients at high risk of metastasis based on biological information from 31 genes within their tumor tissue.

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