Castle Biosciences, Inc. (NASDAQ:CSTL) Stock Has Consensus Target Price of $42.00 According to Brokerages

Key Points

• Analysts maintain a Moderate Buy consensus on Castle Biosciences, with seven buy ratings, one strong buy, one hold and one sell. The average 12-month price target is $42.00, compared with the stock’s reported price of $33.71.
• Castle Biosciences exceeded quarterly expectations, reporting a loss of $0.07 per share versus the $0.41 consensus loss and revenue of $99.86 million versus estimates of $86.23 million.
• Institutional ownership stands at 92.6%, with BlackRock and Jefferies among firms initiating sizable positions. Meanwhile, insiders sold 203,658 shares worth approximately $6.53 million over the past three months.

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report) have received a consensus recommendation of "Moderate Buy" from the ten analysts that are presently covering the firm, Marketbeat Ratings reports. One research analyst has rated the stock with a sell recommendation, one has issued a hold recommendation, seven have given a buy recommendation and one has issued a strong buy recommendation on the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $42.00.

Several equities research analysts recently weighed in on CSTL shares. Wall Street Zen raised Castle Biosciences from a "hold" rating to a "buy" rating in a report on Saturday, September 26th. Weiss Ratings upgraded Castle Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a report on Friday, July 31st. Robert W. Baird set a $36.00 price objective on shares of Castle Biosciences in a report on Friday, July 31st. Roth Capital initiated coverage on shares of Castle Biosciences in a report on Wednesday, June 24th. They set a "buy" rating and a $40.00 target price on the stock. Finally, BTIG Research lifted their price target on shares of Castle Biosciences from $40.00 to $44.00 and gave the stock a "buy" rating in a report on Monday, August 3rd.

Insiders Place Their Bets

In other news, COO Kristen M. Oelschlager sold 12,384 shares of the firm's stock in a transaction dated Tuesday, August 25th. The stock was sold at an average price of $34.42, for a total transaction of $426,257.28. Following the completion of the transaction, the chief operating officer directly owned 72,649 shares in the company, valued at $2,500,578.58. This trade represents a 14.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Derek Maetzold sold 20,356 shares of Castle Biosciences stock in a transaction that occurred on Tuesday, August 4th. The stock was sold at an average price of $31.11, for a total value of $633,275.16. Following the completion of the transaction, the insider directly owned 21,479 shares in the company, valued at approximately $668,211.69. This represents a 48.66% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 203,658 shares of company stock valued at $6,532,090. 6.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in CSTL. BlackRock Inc. bought a new stake in shares of Castle Biosciences in the 2nd quarter valued at $78,513,000. Summit Partners Public Asset Management LLC lifted its holdings in Castle Biosciences by 164.7% in the fourth quarter. Summit Partners Public Asset Management LLC now owns 1,058,725 shares of the company's stock valued at $41,184,000 after buying an additional 658,725 shares during the period. Jefferies Financial Group Inc. bought a new stake in Castle Biosciences during the second quarter valued at $15,440,000. Renaissance Technologies LLC grew its holdings in Castle Biosciences by 8.1% during the 1st quarter. Renaissance Technologies LLC now owns 532,800 shares of the company's stock worth $13,080,000 after acquiring an additional 39,700 shares during the period. Finally, AIGH Capital Management LLC bought a new position in shares of Castle Biosciences in the 2nd quarter worth about $13,001,000. Institutional investors own 92.60% of the company's stock.

Castle Biosciences Stock Up 2.2%

Shares of NASDAQ CSTL opened at $33.71 on Friday. The stock has a 50-day moving average price of $33.23 and a two-hundred day moving average price of $26.52. Castle Biosciences has a 12 month low of $17.72 and a 12 month high of $44.28. The company has a current ratio of 6.04, a quick ratio of 5.85 and a debt-to-equity ratio of 0.02. The company has a market cap of $1.03 billion, a price-to-earnings ratio of -51.08 and a beta of 0.94.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last announced its quarterly earnings results on Thursday, July 30th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.41) by $0.34. The company had revenue of $99.86 million for the quarter, compared to analyst estimates of $86.23 million. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. As a group, analysts forecast that Castle Biosciences will post -1.29 earnings per share for the current fiscal year.

Castle Biosciences Company Profile

Castle Biosciences, Inc is a molecular diagnostics company that develops and commercializes tests designed to provide personalized information for patients with cancer and other serious diseases. Its products analyze biological characteristics in tissue samples to help physicians assess disease risk, guide treatment decisions and support patient management.

The company's portfolio includes diagnostic tests for skin cancers, such as DecisionDx-Melanoma for assessing metastatic risk in patients with cutaneous melanoma and DecisionDx-SCC for evaluating metastatic risk in certain cases of cutaneous squamous cell carcinoma.

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