Castle Biosciences (NASDAQ:CSTL) Rating Increased to Hold at Zacks Research

Key Points

• Zacks Research upgraded Castle Biosciences from a "strong sell" to a "hold" rating, indicating a shift in analyst sentiment toward the stock.
• Castle Biosciences reported earnings of $0.15 per share, significantly beating the consensus estimate of ($0.51), along with quarterly revenues of $86.18 million.
• Institutional investors control 92.60% of Castle Biosciences' stock, reflecting strong institutional interest and investment in the company.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) was upgraded by equities researchers at Zacks Research from a "strong sell" rating to a "hold" rating in a note issued to investors on Wednesday, August 27th,Zacks.com reports.

Other research analysts have also issued reports about the stock. Scotiabank decreased their price objective on shares of Castle Biosciences from $44.00 to $40.00 and set a "sector outperform" rating for the company in a report on Wednesday, May 21st. Canaccord Genuity Group decreased their price objective on shares of Castle Biosciences from $42.00 to $37.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Wall Street Zen raised shares of Castle Biosciences from a "sell" rating to a "hold" rating in a report on Sunday, August 10th. Finally, Lake Street Capital decreased their price target on shares of Castle Biosciences from $40.00 to $35.00 and set a "buy" rating for the company in a report on Tuesday, May 6th. Eight investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $37.00.

Castle Biosciences Stock Down 3.3%

Castle Biosciences stock traded down $0.81 during midday trading on Wednesday, hitting $23.40. 153,570 shares of the stock were exchanged, compared to its average volume of 478,199. Castle Biosciences has a 1 year low of $14.59 and a 1 year high of $35.84. The firm has a market cap of $678.86 million, a P/E ratio of -66.98 and a beta of 1.07. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.85 and a quick ratio of 6.69. The company has a 50 day moving average price of $19.29 and a two-hundred day moving average price of $19.51.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last released its quarterly earnings results 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 negative net margin of 2.73% and a positive return on equity of 2.37%. 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. On average, sell-side analysts predict that Castle Biosciences will post 0.44 earnings per share for the current fiscal year.

Institutional Trading of Castle Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in CSTL. Wellington Management Group LLP bought a new stake in shares of Castle Biosciences during the 4th quarter worth about $19,244,000. Nuveen LLC bought a new stake in shares of Castle Biosciences in the 1st quarter worth approximately $13,450,000. Park West Asset Management LLC bought a new stake in shares of Castle Biosciences in the 1st quarter worth approximately $11,141,000. Braidwell LP raised its holdings in shares of Castle Biosciences by 125.3% in the 2nd quarter. Braidwell LP now owns 822,735 shares of the company's stock worth $16,800,000 after purchasing an additional 457,488 shares in the last quarter. Finally, Millennium Management LLC raised its holdings in shares of Castle Biosciences by 290.5% in the 4th 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 in the last quarter. 92.60% of the stock is currently owned by 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.