Castle Biosciences, Inc. (NASDAQ:CSTL) Receives Consensus Recommendation of “Buy” from Brokerages

Castle Biosciences, Inc. (NASDAQ:CSTL) has been assigned an average rating of “Buy” from the eight ratings firms that are presently covering the stock, MarketBeat Ratings reports. Eight analysts have rated the stock with a buy rating. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $37.50.

CSTL has been the topic of a number of research analyst reports. Robert W. Baird upped their price target on Castle Biosciences from $36.00 to $37.00 and gave the company an “outperform” rating in a report on Friday, February 28th. Lake Street Capital dropped their price target on shares of Castle Biosciences from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Tuesday. Canaccord Genuity Group decreased their price objective on shares of Castle Biosciences from $42.00 to $37.00 and set a “buy” rating for the company in a report on Tuesday. Finally, Guggenheim set a $30.00 target price on shares of Castle Biosciences and gave the stock a “buy” rating in a report on Friday, March 28th.

Insider Activity

In related news, insider Derek J. Maetzold sold 1,236 shares of Castle Biosciences stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $20.30, for a total transaction of $25,090.80. Following the transaction, the insider now directly owns 77,099 shares in the company, valued at approximately $1,565,109.70. The trade was a 1.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders sold a total of 27,454 shares of company stock valued at $553,030 in the last 90 days. Company insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in CSTL. Vanguard Group Inc. raised its stake in Castle Biosciences by 4.8% during the 4th quarter. Vanguard Group Inc. now owns 1,832,535 shares of the company’s stock worth $48,837,000 after acquiring an additional 83,783 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Castle Biosciences by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company’s stock valued at $43,879,000 after buying an additional 40,377 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in Castle Biosciences by 15.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 999,466 shares of the company’s stock worth $26,636,000 after buying an additional 134,645 shares during the period. Wellington Management Group LLP purchased a new stake in Castle Biosciences in the 4th quarter worth $19,244,000. Finally, Renaissance Technologies LLC raised its holdings in Castle Biosciences by 39.9% during the fourth quarter. Renaissance Technologies LLC now owns 685,000 shares of the company’s stock valued at $18,255,000 after acquiring an additional 195,438 shares during the period. Institutional investors own 92.60% of the company’s stock.

Castle Biosciences Stock Performance

Castle Biosciences stock opened at $17.21 on Friday. The stock’s 50 day moving average is $19.94 and its 200 day moving average is $25.76. The company has a market capitalization of $496.42 million, a P/E ratio of 86.05 and a beta of 1.19. Castle Biosciences has a twelve month low of $15.70 and a twelve month high of $35.84. The company has a quick ratio of 7.64, a current ratio of 7.78 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings results on Monday, May 5th. The company reported ($0.20) earnings per share (EPS) 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 during the quarter, compared to analysts’ expectations of $80.40 million. On average, equities research analysts predict that Castle Biosciences will post 0.44 earnings per share for the current fiscal year.

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.