Castle Biosciences (NASDAQ:CSTL) Receives "Buy" Rating from Canaccord Genuity Group

Key Points

• Castle Biosciences received a "Buy" rating from Canaccord Genuity Group with a target price of $37.00, suggesting a potential upside of 53.85% from its previous close.
• The company demonstrated strong quarterly earnings, reporting $0.15 EPS which significantly exceeded estimates, along with revenues of $86.18 million, surpassing consensus expectations.
• Institutional investors hold a significant majority of Castle Biosciences' stock, owning 92.60%, indicating robust institutional confidence in the company's potential.

Castle Biosciences (NASDAQ:CSTL - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Canaccord Genuity Group in a research report issued to clients and investors on Tuesday,Benzinga reports. They presently have a $37.00 price objective on the stock. Canaccord Genuity Group's target price would indicate a potential upside of 53.85% from the stock's previous close.

A number of other brokerages have also issued reports on CSTL. Zacks Research upgraded shares of Castle Biosciences from a "strong sell" rating to a "hold" rating in a report on Wednesday, August 27th. Wall Street Zen raised Castle Biosciences from a "sell" rating to a "hold" rating in a research report on Sunday, August 10th. Finally, Scotiabank dropped their target price on Castle Biosciences from $44.00 to $40.00 and set a "sector outperform" rating on the stock in a research report on Wednesday, May 21st. Eight analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $37.00.

Castle Biosciences Trading Up 2.1%

Shares of NASDAQ CSTL opened at $24.05 on Tuesday. The company has a quick ratio of 6.69, a current ratio of 6.85 and a debt-to-equity ratio of 0.02. Castle Biosciences has a 12 month low of $14.59 and a 12 month high of $35.84. The company has a market cap of $697.69 million, a price-to-earnings ratio of -68.70 and a beta of 1.07. The business has a fifty day simple moving average of $19.57 and a 200-day simple moving average of $19.37.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last posted its quarterly earnings data on Monday, August 4th. The company reported $0.15 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.66. Castle Biosciences had a positive return on equity of 2.37% and a negative net margin of 2.73%.The firm had revenue of $86.18 million for the quarter, compared to the consensus estimate of $71.53 million. Castle Biosciences has set its FY 2025 guidance at EPS. Sell-side analysts predict that Castle Biosciences will post 0.44 EPS for the current year.

Institutional Investors Weigh In On Castle Biosciences

A number of large investors have recently added to or reduced their stakes in the stock. Harbour Investments Inc. bought a new position in shares of Castle Biosciences in the first quarter valued at approximately $50,000. Jones Financial Companies Lllp lifted its position in Castle Biosciences by 10,592.0% during the 1st quarter. Jones Financial Companies Lllp now owns 2,673 shares of the company's stock worth $54,000 after acquiring an additional 2,648 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Castle Biosciences by 256.9% during the second quarter. Tower Research Capital LLC TRC now owns 2,791 shares of the company's stock valued at $57,000 after acquiring an additional 2,009 shares during the period. Amundi grew its position in shares of Castle Biosciences by 15,811.5% in the first quarter. Amundi now owns 4,137 shares of the company's stock valued at $79,000 after purchasing an additional 4,111 shares during the last quarter. Finally, CWM LLC grew its position in shares of Castle Biosciences by 835.0% in the first quarter. CWM LLC now owns 4,142 shares of the company's stock valued at $83,000 after purchasing an additional 3,699 shares during the last quarter. Institutional investors own 92.60% of the company's stock.

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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