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 cut by stock analysts at Canaccord Genuity Group from $42.00 to $37.00 in a report released on Tuesday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 120.37% from the company's current price.

CSTL has been the subject of a number of other reports. Robert W. Baird increased their target price on shares of Castle Biosciences from $36.00 to $37.00 and gave the stock an "outperform" rating in a report on Friday, February 28th. Guggenheim set a $30.00 price objective on Castle Biosciences and gave the stock a "buy" rating in a report on Friday, March 28th. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of "Buy" and an average price target of $37.50.

Castle Biosciences Trading Down 2.4 %

CSTL stock traded down $0.42 during trading on Tuesday, hitting $16.79. 380,690 shares of the company traded hands, compared to its average volume of 402,443. The company has a 50-day moving average of $19.83 and a 200-day moving average of $25.61. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.64 and a current ratio of 7.78. Castle Biosciences has a 1 year low of $15.70 and a 1 year high of $35.84. The firm has a market capitalization of $484.76 million, a PE ratio of 83.95 and a beta of 1.19.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last issued its 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 during the quarter, compared to the consensus estimate of $80.40 million. Analysts predict that Castle Biosciences will post 0.44 earnings per share for the current fiscal year.

Insider Activity at Castle Biosciences

In related news, insider Derek J. Maetzold sold 1,236 shares of Castle Biosciences stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $21.52, for a total transaction of $26,598.72. Following the sale, the insider now owns 74,627 shares of the company's stock, valued at approximately $1,605,973.04. This trade represents a 1.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Over the last three months, insiders have sold 27,454 shares of company stock worth $553,030. Corporate insiders own 6.50% of the company's stock.

Institutional Trading of Castle Biosciences

Several hedge funds have recently made changes to their positions in the business. Barclays PLC raised its position in Castle Biosciences by 310.7% during the third quarter. Barclays PLC now owns 52,301 shares of the company's stock valued at $1,491,000 after purchasing an additional 39,567 shares during the period. Franklin Resources Inc. lifted its position in Castle Biosciences by 87.3% in the third quarter. Franklin Resources Inc. now owns 69,382 shares of the company's stock worth $1,979,000 after buying an additional 32,344 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Castle Biosciences by 2.7% during the third quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company's stock worth $43,879,000 after buying an additional 40,377 shares during the period. JPMorgan Chase & Co. increased 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 valued at $1,980,000 after acquiring an additional 43,241 shares during the last quarter. Finally, Green Alpha Advisors LLC purchased a new stake in shares of Castle Biosciences in the fourth quarter valued at $249,000. 92.60% of the stock is currently 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.