Castle Biosciences (NASDAQ:CSTL) Stock Gets Downgrade from Wall Street Zen

Castle Biosciences (NASDAQ:CSTL) was downgraded by research analysts at Wall Street Zen from a “buy” rating to a “hold” rating in a note issued to investors on Saturday, Wall Street Zen reports.

Other research analysts have also recently issued research reports about the stock. BTIG Research lifted their price target on shares of Castle Biosciences from $40.00 to $44.00 and gave the stock a “buy” rating in a research note on Monday, August 3rd. Robert W. Baird set a $36.00 target price on shares of Castle Biosciences in a report on Friday, July 31st. Finally, Weiss Ratings raised Castle Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $42.00.

Castle Biosciences Stock Performance

Shares of CSTL opened at $33.08 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.04 and a quick ratio of 5.85. Castle Biosciences has a one year low of $17.72 and a one year high of $44.28. The firm has a market capitalization of $1.01 billion, a P/E ratio of -50.12 and a beta of 0.94. The business has a fifty day moving average of $33.76 and a 200 day moving average of $27.17.

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

Insider Activity at Castle Biosciences

In other Castle Biosciences news, insider Tobin Juvenal sold 3,288 shares of Castle Biosciences stock in a transaction on Monday, October 12th. The stock was sold at an average price of $33.64, for a total transaction of $110,608.32. Following the completion of the sale, the insider directly owned 48,719 shares of the company’s stock, valued at $1,638,907.16. The trade was a 6.32% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, COO Kristen Oelschlager sold 4,153 shares of Castle Biosciences stock in a transaction dated Thursday, October 1st. The shares were sold at an average price of $35.95, for a total value of $149,300.35. Following the completion of the sale, the chief operating officer owned 13,356 shares of the company’s stock, valued at $480,148.20. The trade was a 23.72% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders sold 211,606 shares of company stock worth $6,867,628. Company insiders own 6.10% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Several institutional investors have recently bought and sold shares of CSTL. BlackRock Inc. acquired a new stake in Castle Biosciences during the 2nd quarter worth about $78,513,000. Jefferies Financial Group Inc. acquired a new position in Castle Biosciences in the second quarter valued at approximately $15,440,000. AIGH Capital Management LLC purchased a new stake in Castle Biosciences in the 2nd quarter worth approximately $13,001,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Castle Biosciences in the 2nd quarter worth approximately $7,912,000. Finally, Advisors Capital Management LLC purchased a new stake in Castle Biosciences in the 2nd quarter worth approximately $5,681,000. 92.60% of the stock is currently owned by institutional investors and hedge funds.

Castle Biosciences Company Profile

Castle Biosciences, Inc is a molecular diagnostics company that develops and commercializes tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. The company focuses on conditions in which additional biological information can complement traditional pathology and clinical assessment.

Its portfolio includes DecisionDx-Melanoma, which helps evaluate the risk of metastatic recurrence in patients with cutaneous melanoma; DecisionDx-SCC, which assesses metastatic risk in cutaneous squamous cell carcinoma; and DecisionDx-UM, a test for determining metastatic risk in uveal melanoma.