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

Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report) has earned a consensus rating of "Buy" from the eight ratings firms that are covering the stock, MarketBeat reports. Eight analysts have rated the stock with a buy rating. The average 1 year target price among brokers that have covered the stock in the last year is $37.00.

Several research analysts have recently weighed in on CSTL shares. Scotiabank decreased their price target on 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. Lake Street Capital decreased their price target on Castle Biosciences from $40.00 to $35.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th. Guggenheim set a $30.00 price target on Castle Biosciences and gave the stock a "buy" rating in a research note on Friday, March 28th. Finally, Canaccord Genuity Group decreased their price target on Castle Biosciences from $42.00 to $37.00 and set a "buy" rating for the company in a research note on Tuesday, May 6th.

Insider Transactions at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 1,236 shares of the firm's stock in a transaction dated Monday, April 21st. The stock was sold at an average price of $21.52, for a total value of $26,598.72. Following the transaction, the insider directly owned 74,627 shares of the company's stock, valued at approximately $1,605,973.04. This trade represents a 1.63% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 6.50% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of CSTL. Wellington Management Group LLP purchased a new position in Castle Biosciences in the fourth quarter worth about $19,244,000. Nuveen LLC bought a new stake in Castle Biosciences during the first quarter valued at about $13,450,000. Park West Asset Management LLC bought a new stake in Castle Biosciences during the first quarter valued at about $11,141,000. Millennium Management LLC grew its holdings in Castle Biosciences by 290.5% during the fourth quarter. Millennium Management LLC now owns 548,809 shares of the company's stock valued at $14,626,000 after purchasing an additional 408,272 shares during the period. Finally, Braidwell LP bought a new stake in Castle Biosciences during the first quarter valued at about $7,312,000. 92.60% of the stock is owned by hedge funds and other institutional investors.

Castle Biosciences Stock Down 1.1%

Shares of NASDAQ:CSTL traded down $0.19 on Wednesday, hitting $17.20. 33,014 shares of the company traded hands, compared to its average volume of 418,549. Castle Biosciences has a 52 week low of $15.45 and a 52 week high of $35.84. 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 50 day simple moving average of $18.09 and a 200-day simple moving average of $21.52. The company has a market cap of $496.54 million, a PE ratio of -90.63 and a beta of 1.10.

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

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.