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

Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report) has earned a consensus rating of "Buy" from the eight ratings firms that are currently covering the firm, MarketBeat Ratings reports. Eight equities research analysts have rated the stock with a buy recommendation. The average 12 month price target among brokerages that have issued a report on the stock in the last year is $37.00.

CSTL has been the subject of a number of research reports. Scotiabank cut their price objective on shares of Castle Biosciences from $44.00 to $40.00 and set a "sector outperform" rating for the company in a research note on Wednesday, May 21st. Canaccord Genuity Group dropped their price target on shares of Castle Biosciences from $42.00 to $37.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Lake Street Capital dropped their target price on shares of Castle Biosciences from $40.00 to $35.00 and set a "buy" rating for the company in a research report on Tuesday, May 6th. Robert W. Baird raised their target price on shares of Castle Biosciences from $36.00 to $37.00 and gave the stock an "outperform" rating in a research report on Friday, February 28th. Finally, Guggenheim set a $30.00 price target on shares of Castle Biosciences and gave the stock a "buy" rating in a research note on Friday, March 28th.

Castle Biosciences Stock Down 2.1%

CSTL opened at $18.52 on Friday. The company has a quick ratio of 9.19, a current ratio of 9.37 and a debt-to-equity ratio of 0.02. The stock has a market cap of $534.67 million, a price-to-earnings ratio of -97.47 and a beta of 1.03. Castle Biosciences has a twelve month low of $15.45 and a twelve month high of $35.84. The company's 50-day moving average price is $18.24 and its two-hundred day moving average price is $22.71.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported ($0.20) earnings per share for the quarter, missing analysts' consensus estimates of ($0.08) by ($0.12). The firm had revenue of $87.99 million for the quarter, compared to the consensus estimate of $80.40 million. Castle Biosciences had a positive return on equity of 3.41% and a negative net margin of 1.46%. As a group, equities analysts expect that Castle Biosciences will post 0.44 earnings per share for the current year.

Insider Buying and Selling at Castle Biosciences

In other news, insider Derek J. Maetzold sold 1,236 shares of the business's stock in a transaction on Monday, April 21st. The shares were sold at an average price of $21.52, for a total transaction of $26,598.72. Following the completion of the sale, the insider now directly owns 74,627 shares of the company's stock, valued at approximately $1,605,973.04. The trade was a 1.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold 2,685 shares of company stock worth $55,956 over the last quarter. Insiders own 6.50% of the company's stock.

Institutional Trading of Castle Biosciences

Hedge funds have recently added to or reduced their stakes in the business. Wellington Management Group LLP acquired a new position in shares of Castle Biosciences during the fourth quarter valued at about $19,244,000. Nuveen LLC purchased a new position in shares of Castle Biosciences during the 1st quarter valued at approximately $13,450,000. Park West Asset Management LLC purchased a new position in shares of Castle Biosciences during the 1st quarter valued at approximately $11,141,000. Millennium Management LLC lifted its position in shares of Castle Biosciences by 290.5% during 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 in the last quarter. Finally, Braidwell LP purchased a new position in Castle Biosciences in the 1st quarter valued at $7,312,000. 92.60% of the stock is owned by hedge funds and other institutional investors.

About Castle Biosciences

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.

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