Castle Biosciences (NASDAQ:CSTL) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Castle Biosciences (NASDAQ:CSTL) from a hold rating to a buy rating in a research note released on Saturday,Wall Street Zen reports.

A number of other brokerages have also weighed in on CSTL. Robert W. Baird set a $36.00 price target on shares of Castle Biosciences in a report on Friday, July 31st. Roth Capital started coverage on Castle Biosciences in a report on Wednesday, June 24th. They set a “buy” rating and a $40.00 price objective on the stock. KeyCorp set a $35.00 price objective on Castle Biosciences in a research report on Friday, May 29th. BTIG Research lifted their target price on Castle Biosciences from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Finally, Weiss Ratings upgraded Castle Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $42.00.

Castle Biosciences Stock Up 0.3%

Shares of NASDAQ:CSTL opened at $35.93 on Friday. The company has a quick ratio of 5.85, a current ratio of 6.04 and a debt-to-equity ratio of 0.02. The firm has a market cap of $1.10 billion, a P/E ratio of -54.44 and a beta of 0.99. Castle Biosciences has a 12 month low of $17.72 and a 12 month high of $44.28. The company’s 50-day moving average price is $31.65 and its two-hundred day moving average price is $26.00.

Castle Biosciences (NASDAQ:CSTL) last announced its earnings results on Thursday, July 30th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.41) by $0.34. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. The company had revenue of $99.86 million during the quarter, compared to the consensus estimate of $86.23 million. As a group, research analysts forecast that Castle Biosciences will post -1.29 EPS for the current fiscal year.

Insider Buying and Selling

In related news, insider Tobin Juvenal sold 3,294 shares of the business’s stock in a transaction that occurred on Tuesday, September 15th. The shares were sold at an average price of $35.14, for a total transaction of $115,751.16. Following the completion of the sale, the insider directly owned 58,584 shares of the company’s stock, valued at $2,058,641.76. The trade was a 5.32% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kristen Oelschlager sold 12,384 shares of the stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $34.42, for a total transaction of $426,257.28. Following the completion of the transaction, the chief operating officer owned 72,649 shares in the company, valued at $2,500,578.58. This represents a 14.56% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 196,854 shares of company stock valued at $6,083,615 over the last ninety days. Insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in the stock. Tidal Investments LLC acquired a new stake in shares of Castle Biosciences during the second quarter worth $529,000. Engineers Gate Manager LP increased its holdings in Castle Biosciences by 61.5% in the second quarter. Engineers Gate Manager LP now owns 29,480 shares of the company’s stock valued at $703,000 after purchasing an additional 11,224 shares during the last quarter. Empowered Funds LLC acquired a new position in Castle Biosciences in the second quarter valued at about $3,395,000. Jefferies Financial Group Inc. acquired a new position in Castle Biosciences in the second quarter valued at about $15,440,000. Finally, Bank of America Corp DE acquired a new position in Castle Biosciences in the second quarter valued at about $2,355,000. Institutional investors and hedge funds own 92.60% of the company’s stock.

Castle Biosciences Company Profile

Castle Biosciences, Inc is a molecular diagnostics company that develops and commercializes tests designed to help physicians make more informed decisions about cancer diagnosis and treatment. Its products use genomic and molecular information to assess disease characteristics, patient risk and likely outcomes.

The company’s portfolio includes DecisionDx-Melanoma, which helps assess the risk of metastasis in patients with cutaneous melanoma; DecisionDx-SCC, which evaluates metastatic risk in certain patients with cutaneous squamous cell carcinoma; and MyPath Melanoma, which assists in distinguishing benign from malignant melanocytic lesions.