Castle Biosciences (NASDAQ:CSTL) Stock Price Crosses Above 50-Day Moving Average - Time to Sell?

Key Points

• Castle Biosciences shares moved above their 50-day moving average, trading at $34.38 versus the average of $34.27.
• Analyst sentiment is broadly positive: the consensus rating is Moderate Buy with an average price target of $45.50, following several rating or target increases.
• The company beat quarterly expectations, reporting a loss of $0.13 per share versus an expected loss of $0.35 and revenue of $101.95 million versus estimates of $92.76 million. Insiders, however, sold 126,184 shares over the past 90 days.

Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report)'s stock price passed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $34.27 and traded as high as $34.46. Castle Biosciences shares last traded at $34.38, with a volume of 563,377 shares trading hands.

Analyst Ratings Changes

CSTL has been the topic of several analyst reports. KeyCorp raised their price target on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock an "overweight" rating in a research note on Friday. Wall Street Zen raised shares of Castle Biosciences from a "hold" rating to a "buy" rating in a research report on Sunday, November 1st. Robert W. Baird boosted their price objective on shares of Castle Biosciences from $39.00 to $41.00 and gave the company an "outperform" rating in a research report on Monday. BTIG Research upped their price objective on shares of Castle Biosciences from $40.00 to $44.00 and gave the company a "buy" rating in a research note on Monday, August 3rd. Finally, Mizuho began coverage on shares of Castle Biosciences in a research report on Thursday, October 29th. They set an "outperform" rating and a $60.00 target price on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $45.50.

Castle Biosciences Stock Performance

The company has a market cap of $1.05 billion, a PE ratio of -44.65 and a beta of 1.00. The stock's 50 day simple moving average is $34.27 and its two-hundred day simple moving average is $28.50. The company has a quick ratio of 5.85, a current ratio of 6.04 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last announced its quarterly earnings data on Thursday, November 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.22. The company had revenue of $101.95 million during the quarter, compared to analysts' expectations of $92.76 million. Castle Biosciences had a negative net margin of 5.43% and a negative return on equity of 4.15%. As a group, research analysts anticipate that Castle Biosciences, Inc. will post -1.29 earnings per share for the current year.

Insider Buying and Selling at Castle Biosciences

In other Castle Biosciences news, COO Kristen Oelschlager sold 4,153 shares of the company's stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $35.95, for a total transaction of $149,300.35. Following the completion of the sale, the chief operating officer directly owned 13,356 shares in the company, valued at $480,148.20. This represents a 23.72% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Tobin Juvenal sold 6,578 shares of the firm's stock in a transaction dated Wednesday, October 28th. The stock was sold at an average price of $36.42, for a total value of $239,570.76. Following the completion of the transaction, the insider owned 38,853 shares in the company, valued at approximately $1,415,026.26. This trade represents a 14.48% 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. Over the last 90 days, insiders sold 126,184 shares of company stock valued at $4,324,506. Company insiders own 6.10% of the company's stock.

Institutional Trading of Castle Biosciences

A number of institutional investors and hedge funds have recently bought and sold shares of the business. BlackRock Inc. acquired a new position in Castle Biosciences during the second quarter valued at approximately $78,513,000. Jefferies Financial Group Inc. purchased a new stake in Castle Biosciences during the second quarter worth approximately $15,440,000. AIGH Capital Management LLC purchased a new stake in Castle Biosciences during the second quarter worth approximately $13,001,000. Renaissance Technologies LLC increased its position 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 worth $13,080,000 after acquiring an additional 39,700 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new stake in shares of Castle Biosciences in the second quarter worth $7,912,000. Institutional investors and hedge funds own 92.60% of the company's stock.

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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