Castle Biosciences (NASDAQ:CSTL) Given New $37.00 Price Target at Canaccord Genuity Group

Castle Biosciences (NASDAQ:CSTL - Get Free Report) had its target price lowered by stock analysts at Canaccord Genuity Group from $42.00 to $37.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 120.37% from the stock's previous close.

Several other analysts have also issued reports on the company. Robert W. Baird upped their price objective on Castle Biosciences from $36.00 to $37.00 and gave the company an "outperform" rating in a research note on Friday, February 28th. Guggenheim set a $30.00 price target on shares of Castle Biosciences and gave the company a "buy" rating in a research note on Friday, March 28th. Eight research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Castle Biosciences currently has a consensus rating of "Buy" and a consensus price target of $37.50.

Castle Biosciences Stock Down 2.4 %

Shares of Castle Biosciences stock traded down $0.42 on Tuesday, reaching $16.79. 380,690 shares of the company were exchanged, compared to its average volume of 402,264. The company has a market capitalization of $484.76 million, a price-to-earnings ratio of 83.95 and a beta of 1.19. The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02. Castle Biosciences has a one year low of $15.70 and a one year high of $35.84. The company has a 50-day moving average of $19.83 and a 200 day moving average of $25.66.

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

Insider Transactions at Castle Biosciences

In related news, insider Derek J. Maetzold sold 2,130 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $19.52, for a total transaction of $41,577.60. Following the sale, the insider now owns 78,335 shares of the company's stock, valued at $1,529,099.20. This represents a 2.65 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Over the last ninety days, insiders have sold 27,454 shares of company stock valued at $553,030. 6.50% of the stock is currently owned by company insiders.

Institutional Trading of Castle Biosciences

A number of institutional investors have recently modified their holdings of CSTL. JPMorgan Chase & Co. lifted its position in Castle Biosciences by 165.2% during the third quarter. JPMorgan Chase & Co. now owns 69,409 shares of the company's stock worth $1,980,000 after purchasing an additional 43,241 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of Castle Biosciences by 2.7% during the 3rd quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company's stock worth $43,879,000 after acquiring an additional 40,377 shares during the period. Barclays PLC lifted its holdings in shares of Castle Biosciences by 310.7% during the 3rd quarter. Barclays PLC now owns 52,301 shares of the company's stock worth $1,491,000 after acquiring an additional 39,567 shares during the period. Truist Financial Corp boosted its position in shares of Castle Biosciences by 4.6% during the 4th quarter. Truist Financial Corp now owns 21,303 shares of the company's stock worth $568,000 after acquiring an additional 928 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Castle Biosciences by 15.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 999,466 shares of the company's stock valued at $26,636,000 after acquiring an additional 134,645 shares during the last quarter. 92.60% of the stock is currently owned by 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.