Castle Biosciences, Inc. (NASDAQ:CSTL) Receives Average Recommendation of "Buy" from Brokerages

Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report) has received a consensus recommendation of "Buy" from the eight brokerages that are covering the stock, MarketBeat reports. Eight investment analysts have rated the stock with a buy recommendation. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $37.50.

A number of analysts have recently weighed in on the stock. Lake Street Capital lowered their price target on shares of Castle Biosciences from $40.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday. Robert W. Baird raised their price objective on Castle Biosciences from $36.00 to $37.00 and gave the stock an "outperform" rating in a research note on Friday, February 28th. Canaccord Genuity Group lowered their price target on shares of Castle Biosciences from $42.00 to $37.00 and set a "buy" rating on the stock in a report on Tuesday. Finally, Guggenheim set a $30.00 target price on shares of Castle Biosciences and gave the company a "buy" rating in a report on Friday, March 28th.

Castle Biosciences Price Performance

NASDAQ:CSTL traded up $0.43 during trading hours on Friday, hitting $17.05. 792,696 shares of the stock traded hands, compared to its average volume of 400,767. The company has a market cap of $491.81 million, a price-to-earnings ratio of 85.25 and a beta of 1.19. The company has a quick ratio of 7.64, a current ratio of 7.78 and a debt-to-equity ratio of 0.02. The stock has a 50 day moving average price of $20.02 and a 200 day moving average price of $25.86. Castle Biosciences has a 1 year low of $15.70 and a 1 year high of $35.84.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The company reported ($0.20) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.12). The business had revenue of $87.99 million for the quarter, compared to analysts' expectations of $80.40 million. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. Sell-side analysts forecast that Castle Biosciences will post 0.44 EPS for the current fiscal year.

Insider Activity at Castle Biosciences

In related news, insider Derek J. Maetzold sold 22,639 shares of Castle Biosciences stock in a transaction that occurred on Friday, March 7th. The stock was sold at an average price of $20.12, for a total transaction of $455,496.68. Following the completion of the transaction, the insider now directly owns 80,465 shares in the company, valued at $1,618,955.80. The trade was a 21.96 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold 27,454 shares of company stock worth $553,030 in the last quarter. Company insiders own 7.20% of the company's stock.

Institutional Investors Weigh In On Castle Biosciences

A number of institutional investors have recently bought and sold shares of CSTL. Wellington Management Group LLP acquired a new position in Castle Biosciences during the 4th quarter worth approximately $19,244,000. Millennium Management LLC boosted its holdings in shares of Castle Biosciences by 290.5% in the 4th quarter. Millennium Management LLC now owns 548,809 shares of the company's stock valued at $14,626,000 after buying an additional 408,272 shares during the period. Allianz Asset Management GmbH grew its holdings in shares of Castle Biosciences by 98.4% during the first quarter. Allianz Asset Management GmbH now owns 639,477 shares of the company's stock valued at $12,802,000 after purchasing an additional 317,103 shares during the last quarter. BNP Paribas Financial Markets acquired a new stake in Castle Biosciences in the fourth quarter worth $6,639,000. Finally, Allspring Global Investments Holdings LLC increased its holdings in shares of Castle Biosciences by 2,070.8% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 217,794 shares of the company's stock worth $4,360,000 after acquiring an additional 207,761 shares during the period. 92.60% of the stock is currently owned by hedge funds and other institutional investors.

Castle Biosciences Company Profile

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.