Short Interest in Castle Biosciences, Inc. (NASDAQ:CSTL) Drops By 17.2%

Castle Biosciences, Inc. (NASDAQ:CSTL) was the target of a significant decrease in short interest in the month of May. As of May 15th, there was short interest totalling 1,250,000 shares, a decrease of 17.2% from the April 30th total of 1,510,000 shares. Based on an average trading volume of 461,300 shares, the short-interest ratio is presently 2.7 days. Currently, 4.8% of the shares of the stock are sold short.

Castle Biosciences Stock Up 2.8%

NASDAQ:CSTL traded up $0.45 during midday trading on Tuesday, hitting $16.72. 196,759 shares of the company were exchanged, compared to its average volume of 410,707. The company has a fifty day simple moving average of $18.61 and a 200 day simple moving average of $23.75. Castle Biosciences has a fifty-two week low of $15.45 and a fifty-two week high of $35.84. The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02. The company has a market capitalization of $482.86 million, a PE ratio of 83.57 and a beta of 1.04.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings results on Monday, May 5th. The company reported ($0.20) 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 for the quarter, compared to analyst estimates of $80.40 million. As a group, equities analysts anticipate that Castle Biosciences will post 0.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Derek J. Maetzold sold 2,130 shares of the company’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $19.52, for a total transaction of $41,577.60. Following the completion of the transaction, the insider now owns 78,335 shares in the company, valued at $1,529,099.20. This represents a 2.65% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders sold 27,454 shares of company stock worth $553,030. Company insiders own 6.50% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Deutsche Bank AG increased its stake in Castle Biosciences by 12.5% in the fourth quarter. Deutsche Bank AG now owns 67,667 shares of the company’s stock valued at $1,803,000 after purchasing an additional 7,495 shares during the period. D. E. Shaw & Co. Inc. acquired a new position in Castle Biosciences in the fourth quarter valued at $2,414,000. Truist Financial Corp increased its stake in Castle Biosciences by 4.6% in the fourth quarter. Truist Financial Corp now owns 21,303 shares of the company’s stock valued at $568,000 after purchasing an additional 928 shares during the period. Dimensional Fund Advisors LP increased its stake in Castle Biosciences by 15.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 999,466 shares of the company’s stock valued at $26,636,000 after purchasing an additional 134,645 shares during the period. Finally, Man Group plc acquired a new position in Castle Biosciences in the fourth quarter valued at $354,000. 92.60% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have recently weighed in on CSTL. Lake Street Capital dropped their price target on shares of Castle Biosciences from $40.00 to $35.00 and set a “buy” rating for the company in a research note on Tuesday, May 6th. Scotiabank reduced their target price on shares of Castle Biosciences from $44.00 to $40.00 and set a “sector outperform” rating on the stock in a report on Wednesday, May 21st. 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. Robert W. Baird increased their target price on shares of Castle Biosciences from $36.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. Finally, Canaccord Genuity Group reduced their target price on shares of Castle Biosciences from $42.00 to $37.00 and set a “buy” rating on the stock in a report on Tuesday, May 6th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus price target of $37.00.

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.