Castle Biosciences (NASDAQ:CSTL) Raised to "Hold" at Wall Street Zen

Key Points

• Castle Biosciences has been upgraded from a "sell" to a "hold" rating by Wall Street Zen, indicating a more stable outlook for the company's stock.
• The company's recent earnings report showed a significant beat with earnings per share of $0.15, outperforming analysts' expectations by $0.66, alongside a revenue of $86.18 million.
• Currently, Castle Biosciences has a consensus rating of "Moderate Buy" from analysts, with an average target price set at $37.00.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) was upgraded by equities research analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a research report issued to clients and investors on Sunday.

A number of other equities research analysts have also issued reports on the company. Canaccord Genuity Group dropped their price target on 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 decreased their price objective on Castle Biosciences from $40.00 to $35.00 and set a "buy" rating on the stock in a report on Tuesday, May 6th. Finally, Scotiabank decreased their price objective on Castle Biosciences from $44.00 to $40.00 and set a "sector outperform" rating on the stock in a report on Wednesday, May 21st. One equities research analyst has rated the stock with a hold rating and eight have given a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $37.00.

Castle Biosciences Price Performance

CSTL stock opened at $19.36 on Friday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.85 and a quick ratio of 9.19. The business has a 50 day simple moving average of $18.30 and a 200-day simple moving average of $20.28. The firm has a market capitalization of $561.63 million, a PE ratio of -55.31 and a beta of 1.09. Castle Biosciences has a 1 year low of $14.59 and a 1 year high of $35.84.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last posted its quarterly earnings results on Monday, August 4th. The company reported $0.15 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.51) by $0.66. The business had revenue of $86.18 million during the quarter, compared to analyst estimates of $71.53 million. Castle Biosciences had a positive return on equity of 2.37% and a negative net margin of 2.73%. Equities research analysts anticipate that Castle Biosciences will post 0.44 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in CSTL. Covestor Ltd acquired a new position in Castle Biosciences during the fourth quarter worth $25,000. Harbour Investments Inc. acquired a new position in Castle Biosciences during the first quarter worth $50,000. Jones Financial Companies Lllp lifted its stake in Castle Biosciences by 10,592.0% during the first quarter. Jones Financial Companies Lllp now owns 2,673 shares of the company's stock worth $54,000 after purchasing an additional 2,648 shares in the last quarter. Amundi lifted its stake in Castle Biosciences by 15,811.5% during the first quarter. Amundi now owns 4,137 shares of the company's stock worth $79,000 after purchasing an additional 4,111 shares in the last quarter. Finally, CWM LLC lifted its stake in Castle Biosciences by 835.0% during the first quarter. CWM LLC now owns 4,142 shares of the company's stock worth $83,000 after purchasing an additional 3,699 shares in the last quarter. 92.60% of the stock is currently owned by institutional investors and hedge funds.

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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