Castle Biosciences (NASDAQ:CSTL) Price Target Cut to $35.00 by Analysts at Lake Street Capital

Castle Biosciences (NASDAQ:CSTL) had its price objective decreased by Lake Street Capital from $40.00 to $35.00 in a research report released on Tuesday morning,Benzinga reports. Lake Street Capital currently has a buy rating on the stock.

A number of other research firms also recently commented on CSTL. Guggenheim set a $30.00 price objective on Castle Biosciences and gave the stock a “buy” rating in a report on Friday, March 28th. Canaccord Genuity Group dropped their price target on Castle Biosciences from $42.00 to $37.00 and set a “buy” rating for the company in a research note on Tuesday. Finally, Robert W. Baird lifted their price objective on Castle Biosciences from $36.00 to $37.00 and gave the company an “outperform” rating in a research note on Friday, February 28th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $37.50.

Castle Biosciences Stock Performance

NASDAQ CSTL opened at $16.62 on Tuesday. The business’s 50-day moving average price is $20.11 and its 200 day moving average price is $25.93. The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02. Castle Biosciences has a twelve month low of $15.70 and a twelve month high of $35.84. The company has a market capitalization of $479.40 million, a PE ratio of 83.10 and a beta of 1.19.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings data on Monday, May 5th. The company reported ($0.20) earnings per share for the quarter, missing the consensus estimate of ($0.08) by ($0.12). Castle Biosciences had a return on equity of 1.47% and a net margin of 1.95%. The company had revenue of $87.99 million for the quarter, compared to analysts’ expectations of $80.40 million. On average, research analysts predict that Castle Biosciences will post 0.44 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Derek J. Maetzold sold 1,236 shares of Castle Biosciences stock in a transaction that occurred on Monday, April 21st. The shares were sold at an average price of $21.52, for a total transaction of $26,598.72. Following the sale, the insider now owns 74,627 shares in the company, valued at $1,605,973.04. This trade represents a 1.63 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In the last ninety days, insiders have sold 27,454 shares of company stock valued at $553,030. Corporate insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Covestor Ltd acquired a new stake in shares of Castle Biosciences during the fourth quarter valued at about $25,000. R Squared Ltd acquired a new stake in Castle Biosciences during the 4th quarter valued at approximately $42,000. CWM LLC increased its holdings in Castle Biosciences by 835.0% during the 1st quarter. CWM LLC now owns 4,142 shares of the company’s stock worth $83,000 after purchasing an additional 3,699 shares during the last quarter. GAMMA Investing LLC increased its holdings in Castle Biosciences by 1,865.8% during the 1st quarter. GAMMA Investing LLC now owns 4,364 shares of the company’s stock worth $87,000 after purchasing an additional 4,142 shares during the last quarter. Finally, KLP Kapitalforvaltning AS acquired a new position in shares of Castle Biosciences in the 4th quarter valued at approximately $128,000. Hedge funds and other institutional investors own 92.60% of the company’s stock.

About Castle Biosciences

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.