Castle Biosciences (NASDAQ:CSTL) Stock Rating Raised to Buy at Wall Street Zen

Key Points

• Wall Street Zen upgraded Castle Biosciences from “hold” to “buy.” The stock has a consensus “Moderate Buy” rating and an average analyst price target of $44.25, with Mizuho setting a $60 target.
• Castle Biosciences reported quarterly revenue of $99.86 million and adjusted earnings per share of $(0.07), beating analysts’ estimates of $86.23 million in revenue and $(0.41) EPS.
• The stock opened at $37.16, while insiders sold a combined 194,009 shares worth $6.4 million over the past 90 days; institutional investors and hedge funds own 92.6% of the company.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) was upgraded by investment analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Sunday, Wall Street Zen reports.

Other analysts have also issued reports about the company. Mizuho began coverage on Castle Biosciences in a report on Thursday. They issued an "outperform" rating and a $60.00 price target on the stock. BTIG Research increased their price objective on Castle Biosciences from $40.00 to $44.00 and gave the stock a "buy" rating in a report on Monday, August 3rd. Robert W. Baird set a $36.00 price objective on Castle Biosciences in a report on Friday, July 31st. Finally, Weiss Ratings reissued a "sell (d-)" rating on shares of Castle Biosciences in a research report on Thursday. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Castle Biosciences presently has a consensus rating of "Moderate Buy" and an average price target of $44.25.

Castle Biosciences Trading Down 3.5%

CSTL opened at $37.16 on Friday. The stock has a market capitalization of $1.14 billion, a P/E ratio of -56.30 and a beta of 0.94. Castle Biosciences has a 12 month low of $17.72 and a 12 month high of $44.28. The firm's fifty day simple moving average is $34.22 and its 200 day simple moving average is $28.68. The company has a current ratio of 6.04, a quick ratio of 5.85 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) 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. The firm had revenue of $99.86 million during the quarter, compared to analyst estimates of $86.23 million. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. As a group, research analysts anticipate that Castle Biosciences will post -1.29 EPS for the current fiscal year.

Insider Transactions at Castle Biosciences

In other Castle Biosciences news, insider Derek Maetzold sold 8,580 shares of the company's stock in a transaction on Monday, October 19th. The shares were sold at an average price of $31.91, for a total transaction of $273,787.80. Following the sale, the insider directly owned 12,484 shares of the company's stock, valued at approximately $398,364.44. This represents a 40.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Tobin W. Juvenal sold 6,578 shares of the stock in a transaction on Wednesday, October 28th. The shares were sold at an average price of $36.42, for a total transaction of $239,570.76. Following the completion of the sale, the insider owned 38,853 shares of the company's stock, valued at approximately $1,415,026.26. This represents a 14.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 194,009 shares of company stock worth $6,402,497 in the last 90 days. Corporate insiders own 6.10% of the company's stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Castle Biosciences during the 3rd quarter worth about $55,000. China Universal Asset Management Co. Ltd. boosted its holdings in shares of Castle Biosciences by 15.5% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 5,574 shares of the company's stock worth $194,000 after buying an additional 747 shares during the period. NFSG Corp bought a new stake in shares of Castle Biosciences during the 3rd quarter worth about $36,000. Green Alpha Advisors LLC grew its stake in Castle Biosciences by 39.1% in the 3rd quarter. Green Alpha Advisors LLC now owns 13,828 shares of the company's stock valued at $491,000 after buying an additional 3,887 shares during the last quarter. Finally, Tidal Investments LLC acquired a new position in Castle Biosciences in the 2nd quarter valued at about $529,000. 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.

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