Castle Biosciences (NASDAQ:CSTL) Trading Down 4% - Here's What Happened

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report) were down 4% during mid-day trading on Thursday . The stock traded as low as $17.87 and last traded at $17.93. Approximately 116,817 shares were traded during mid-day trading, a decline of 72% from the average daily volume of 418,991 shares. The stock had previously closed at $18.68.

Wall Street Analyst Weigh In

Several research analysts recently commented on CSTL shares. Lake Street Capital lowered their target price 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. Canaccord Genuity Group lowered their price objective 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. Guggenheim set a $30.00 price objective on Castle Biosciences and gave the stock a "buy" rating in a research report on Friday, March 28th. Finally, Scotiabank lowered their price objective on Castle Biosciences from $44.00 to $40.00 and set a "sector outperform" rating for the company in a research report on Wednesday, May 21st. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat, Castle Biosciences presently has a consensus rating of "Buy" and an average target price of $37.00.

Castle Biosciences Trading Down 6.9%

The company has a 50 day simple moving average of $18.09 and a 200 day simple moving average of $21.59. The company has a current ratio of 9.37, a quick ratio of 9.19 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $502.05 million, a PE ratio of -91.53 and a beta of 1.10.

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 analysts' consensus estimates of ($0.08) by ($0.12). The business had revenue of $87.99 million for the quarter, compared to analysts' expectations of $80.40 million. Castle Biosciences had a positive return on equity of 3.41% and a negative net margin of 1.46%. Analysts predict that Castle Biosciences, Inc. will post 0.44 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, insider Derek J. Maetzold sold 1,236 shares of the firm's stock in a transaction that occurred on Monday, April 21st. The stock was sold at an average price of $21.52, for a total value of $26,598.72. Following the completion of the transaction, the insider directly owned 74,627 shares of the company's stock, valued at $1,605,973.04. This trade represents a 1.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 6.50% of the stock is owned by insiders.

Hedge Funds Weigh In On Castle Biosciences

Several hedge funds have recently bought and sold shares of CSTL. Wellington Management Group LLP purchased a new position in Castle Biosciences in the 4th quarter valued at approximately $19,244,000. Nuveen LLC purchased a new position in Castle Biosciences during the first quarter worth $13,450,000. Park West Asset Management LLC purchased a new position in Castle Biosciences during the first quarter worth $11,141,000. Millennium Management LLC boosted its holdings in shares of Castle Biosciences by 290.5% during the fourth quarter. Millennium Management LLC now owns 548,809 shares of the company's stock worth $14,626,000 after purchasing an additional 408,272 shares during the last quarter. Finally, Braidwell LP acquired a new stake in shares of Castle Biosciences during the first quarter worth $7,312,000. 92.60% of the stock is owned by hedge funds and other institutional investors.

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.

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