Insider Selling: Castle Biosciences (NASDAQ:CSTL) Insider Sells $239,570.76 in Stock

Key Points

• Insider sale: Castle Biosciences insider Tobin Juvenal sold 6,578 shares for approximately $239,571 under a pre-arranged Rule 10b5-1 trading plan, reducing their ownership by 14.48% to 38,853 shares.
• Financial performance: The company reported quarterly revenue of $99.86 million and an adjusted EPS loss of $0.07, exceeding analysts’ expectations for revenue and EPS, though it remains unprofitable.
• Market outlook: Institutional investors own 92.6% of the stock, while analysts maintain a consensus “Moderate Buy” rating with a $44.25 price target versus the reported share price of $37.16.

Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report) insider Tobin Juvenal sold 6,578 shares of the firm's stock in a transaction on Wednesday, October 28th. The shares were sold at an average price of $36.42, for a total value of $239,570.76. Following the completion of the sale, the insider owned 38,853 shares in the company, valued at $1,415,026.26. The trade was a 14.48% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Castle Biosciences Stock Performance

Shares of NASDAQ CSTL traded down $1.35 during midday trading on Friday, hitting $37.16. 334,259 shares of the company's stock were exchanged, compared to its average volume of 392,810. Castle Biosciences, Inc. has a twelve month low of $17.72 and a twelve month high of $44.28. The firm has a market cap of $1.14 billion, a P/E ratio of -56.30 and a beta of 0.94. The stock's 50 day moving average price is $34.13 and its 200-day moving average price is $28.69. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.04 and a quick ratio of 5.85.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The company reported ($0.07) EPS for the quarter, beating analysts' consensus estimates of ($0.41) by $0.34. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. The business had revenue of $99.86 million for the quarter, compared to analyst estimates of $86.23 million. Equities research analysts anticipate that Castle Biosciences, Inc. will post -1.29 EPS for the current year.

Hedge Funds Weigh In On Castle Biosciences

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new stake in Castle Biosciences during the 2nd quarter worth about $78,513,000. Jefferies Financial Group Inc. bought a new stake in shares of Castle Biosciences during the second quarter valued at approximately $15,440,000. AIGH Capital Management LLC bought a new stake in shares of Castle Biosciences during the second quarter valued at approximately $13,001,000. Renaissance Technologies LLC increased its holdings in shares of Castle Biosciences by 8.1% in the first quarter. Renaissance Technologies LLC now owns 532,800 shares of the company's stock valued at $13,080,000 after purchasing an additional 39,700 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. bought a new position in Castle Biosciences in the 2nd quarter worth approximately $7,912,000. Institutional investors and hedge funds own 92.60% of the company's stock.

Analyst Ratings Changes

Several research firms have weighed in on CSTL. Weiss Ratings reiterated a "sell (d-)" rating on shares of Castle Biosciences in a research report on Thursday. Mizuho began coverage on Castle Biosciences in a report on Thursday. They issued an "outperform" rating and a $60.00 target price for the company. BTIG Research raised their target price on Castle Biosciences from $40.00 to $44.00 and gave the stock a "buy" rating in a research report on Monday, August 3rd. Wall Street Zen downgraded Castle Biosciences from a "buy" rating to a "hold" rating in a research note on Saturday, October 24th. Finally, Robert W. Baird set a $36.00 price objective on Castle Biosciences in a research report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $44.25.

About Castle Biosciences

Castle Biosciences, Inc is a molecular diagnostics company that develops and commercializes tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. The company focuses on conditions in which additional biological information can complement traditional pathology and clinical assessment.

Its portfolio includes DecisionDx-Melanoma, which helps evaluate the risk of metastatic recurrence in patients with cutaneous melanoma; DecisionDx-SCC, which assesses metastatic risk in cutaneous squamous cell carcinoma; and DecisionDx-UM, a test for determining metastatic risk in uveal melanoma.

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