Insider Selling: Castle Biosciences (NASDAQ:CSTL) Insider Sells 8,580 Shares of Company Stock

Key Points

• Insider Derek Maetzold sold 8,580 Castle Biosciences shares for approximately $273,788 under a pre-arranged Rule 10b5-1 plan, reducing his holdings by 40.73% to 12,484 shares.
• Castle Biosciences shares rose 3.7% to $34.37, while the company’s latest quarterly results exceeded expectations with a narrower-than-forecast loss and revenue of $99.86 million versus the $86.23 million consensus estimate.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $42.00; institutional investors own approximately 92.6% of the company’s outstanding stock.

Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report) insider Derek Maetzold sold 8,580 shares of Castle Biosciences stock in a transaction dated Monday, October 19th. The shares were sold at an average price of $31.91, for a total value of $273,787.80. Following the completion of the sale, the insider owned 12,484 shares of the company's stock, valued at $398,364.44. This trade represents a 40.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Castle Biosciences Trading Up 3.7%

Shares of NASDAQ CSTL traded up $1.22 on Wednesday, reaching $34.37. 336,585 shares of the company traded hands, compared to its average volume of 393,756. Castle Biosciences, Inc. has a fifty-two week low of $17.72 and a fifty-two week high of $44.28. The company has a 50 day moving average of $33.58 and a 200 day moving average of $26.99. 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 stock has a market capitalization of $1.05 billion, a PE ratio of -52.08 and a beta of 0.94.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported ($0.07) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.41) by $0.34. The business had revenue of $99.86 million for the quarter, compared to analysts' expectations of $86.23 million. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. On average, equities research analysts forecast that Castle Biosciences, Inc. will post -1.29 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on CSTL. Weiss Ratings raised Castle Biosciences from a "sell (e+)" rating to a "sell (d-)" rating in a research report on Friday, July 31st. Robert W. Baird set a $36.00 price target on Castle Biosciences in a research report on Friday, July 31st. Wall Street Zen raised Castle Biosciences from a "hold" rating to a "buy" rating in a research report on Saturday, September 26th. BTIG Research upped their price target on Castle Biosciences from $40.00 to $44.00 and gave the stock a "buy" rating in a research note on Monday, August 3rd. Finally, Roth Capital initiated coverage on Castle Biosciences in a report on Wednesday, June 24th. They issued a "buy" rating and a $40.00 price objective on the stock. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat, Castle Biosciences has a consensus rating of "Moderate Buy" and an average price target of $42.00.

Institutional Investors Weigh In On Castle Biosciences

Several institutional investors have recently bought and sold shares of the business. Assetmark Inc. grew its stake in shares of Castle Biosciences by 9.3% in the first quarter. Assetmark Inc. now owns 5,779 shares of the company's stock valued at $142,000 after buying an additional 492 shares in the last quarter. NFSG Corp purchased a new stake in shares of Castle Biosciences during the 3rd quarter valued at about $36,000. Global Retirement Partners LLC purchased a new stake in shares of Castle Biosciences during the 2nd quarter valued at about $26,000. Summit Global Investments lifted its position in Castle Biosciences by 10.9% during the 1st quarter. Summit Global Investments now owns 13,718 shares of the company's stock worth $337,000 after acquiring an additional 1,353 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd lifted its position in Castle Biosciences by 188.3% during the 4th quarter. Caitong International Asset Management Co. Ltd now owns 2,099 shares of the company's stock worth $82,000 after acquiring an additional 1,371 shares in the last quarter. 92.60% of the stock is currently owned by hedge funds and other institutional investors.

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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