Castle Biosciences (NASDAQ:CSTL) Shares Up 9.3% – Still a Buy?

Castle Biosciences, Inc. (NASDAQ:CSTL)’s stock price rose 9.3% during mid-day trading on Wednesday . The stock traded as high as $21.81 and last traded at $21.5150. Approximately 174,559 shares were traded during trading, a decline of 57% from the average daily volume of 403,417 shares. The stock had previously closed at $19.69.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CSTL shares. BTIG Research reduced their price target on Castle Biosciences from $50.00 to $40.00 and set a “buy” rating for the company in a report on Wednesday, May 13th. Wall Street Zen lowered Castle Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Zacks Research upgraded Castle Biosciences from a “hold” rating to a “strong-buy” rating in a report on Monday, April 27th. Morgan Stanley raised shares of Castle Biosciences to a “buy” rating in a research report on Monday, March 2nd. Finally, KeyCorp restated an “overweight” rating and set a $50.00 target price on shares of Castle Biosciences in a report on Thursday, January 29th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $45.33.

Castle Biosciences Trading Up 6.8%

The company has a market capitalization of $637.78 million, a price-to-earnings ratio of -47.85 and a beta of 1.11. The company has a 50-day moving average price of $23.23 and a 200-day moving average price of $31.59. The company has a quick ratio of 6.53, a current ratio of 6.75 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.49) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.49). The company had revenue of $84.23 million for the quarter, compared to the consensus estimate of $79.23 million. Castle Biosciences had a negative return on equity of 2.77% and a negative net margin of 3.78%. Research analysts predict that Castle Biosciences, Inc. will post -1.4 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director G Bradley Cole sold 7,403 shares of Castle Biosciences stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $28.47, for a total transaction of $210,763.41. Following the sale, the director directly owned 19,309 shares of the company’s stock, valued at $549,727.23. This trade represents a 27.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Frank Stokes sold 6,001 shares of the firm’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $27.98, for a total transaction of $167,907.98. Following the transaction, the chief financial officer owned 60,085 shares of the company’s stock, valued at approximately $1,681,178.30. This represents a 9.08% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 88,583 shares of company stock valued at $2,250,288. 6.10% of the stock is owned by company insiders.

Hedge Funds Weigh In On Castle Biosciences

Institutional investors have recently bought and sold shares of the business. Federated Hermes Inc. bought a new position in Castle Biosciences in the 4th quarter valued at $26,000. Kemnay Advisory Services Inc. bought a new position in Castle Biosciences in the 4th quarter valued at $35,000. Jones Financial Companies Lllp raised its position in Castle Biosciences by 10,592.0% in the 1st quarter. Jones Financial Companies Lllp now owns 2,673 shares of the company’s stock valued at $54,000 after purchasing an additional 2,648 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Castle Biosciences by 26.5% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,418 shares of the company’s stock valued at $55,000 after purchasing an additional 297 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in Castle Biosciences by 63.7% in the 3rd quarter. Russell Investments Group Ltd. now owns 2,508 shares of the company’s stock valued at $57,000 after purchasing an additional 976 shares during the last quarter. Institutional investors own 92.60% of the company’s stock.

Castle Biosciences Company Profile

Castle Biosciences, Inc is a molecular diagnostics company specializing in the development and commercialization of prognostic and diagnostic tests for patients with dermatologic conditions. The company’s proprietary portfolio of genomic assays is designed to improve risk assessment and guide clinical decision-making for individuals with skin cancers and other skin-related diseases. By combining genomic data with advanced statistical algorithms, Castle Biosciences seeks to provide actionable insights that help physicians tailor treatment plans and monitoring strategies.

The company’s flagship test, DecisionDx-Melanoma, evaluates the probability of metastasis in patients diagnosed with cutaneous melanoma, supporting more personalized surveillance and therapeutic approaches.