Castle Biosciences (NASDAQ:CSTL) Trading Down 14% – What’s Next?

Castle Biosciences, Inc. (NASDAQ:CSTL)’s stock price dropped 14% during trading on Monday . The stock traded as low as $26.00 and last traded at $26.01. Approximately 200,691 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 431,023 shares. The stock had previously closed at $30.25.

Analyst Ratings Changes

CSTL has been the topic of a number of recent research reports. KeyCorp boosted their price objective on Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Robert W. Baird boosted their price target on shares of Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Scotiabank raised their price objective on shares of Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 6th. Stephens reaffirmed an “overweight” rating and set a $41.00 target price on shares of Castle Biosciences in a research note on Thursday, January 2nd. Finally, Lake Street Capital raised their price target on shares of Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a report on Tuesday, November 5th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $40.29.

Castle Biosciences Stock Down 2.6 %

The business’s 50 day moving average price is $29.55 and its 200-day moving average price is $28.02. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.64 and a current ratio of 7.78. The firm has a market capitalization of $713.13 million, a PE ratio of 127.31 and a beta of 0.92.

Castle Biosciences (NASDAQ:CSTL) last announced its earnings results on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.14. Castle Biosciences had a return on equity of 1.47% and a net margin of 1.95%. The company had revenue of $85.78 million for the quarter, compared to analyst estimates of $78.55 million. During the same quarter in the previous year, the company earned ($0.26) earnings per share. As a group, equities research analysts forecast that Castle Biosciences, Inc. will post 0.34 earnings per share for the current year.

Insider Activity at Castle Biosciences

In other news, insider Derek J. Maetzold sold 9,364 shares of the stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $28.34, for a total transaction of $265,375.76. Following the sale, the insider now owns 84,762 shares of the company’s stock, valued at approximately $2,402,155.08. This represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Tobin W. Juvenal sold 3,507 shares of Castle Biosciences stock in a transaction that occurred on Tuesday, November 5th. The shares were sold at an average price of $35.56, for a total transaction of $124,708.92. Following the completion of the transaction, the insider now owns 54,178 shares of the company’s stock, valued at $1,926,569.68. This trade represents a 6.08 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,320 shares of company stock worth $1,036,119 in the last three months. 7.20% of the stock is owned by company insiders.

Institutional Trading of Castle Biosciences

Several hedge funds have recently modified their holdings of CSTL. Quest Partners LLC increased its holdings in Castle Biosciences by 54.4% during the 3rd quarter. Quest Partners LLC now owns 4,318 shares of the company’s stock worth $123,000 after purchasing an additional 1,522 shares during the period. US Bancorp DE grew its position in shares of Castle Biosciences by 1,889.2% during the third quarter. US Bancorp DE now owns 4,615 shares of the company’s stock worth $132,000 after buying an additional 4,383 shares in the last quarter. Point72 DIFC Ltd acquired a new position in shares of Castle Biosciences during the third quarter worth about $140,000. Assetmark Inc. increased its stake in shares of Castle Biosciences by 16.8% during the third quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock worth $149,000 after buying an additional 748 shares during the period. Finally, China Universal Asset Management Co. Ltd. raised its holdings in Castle Biosciences by 64.6% in the third quarter. China Universal Asset Management Co. Ltd. now owns 5,335 shares of the company’s stock valued at $152,000 after acquiring an additional 2,093 shares in the last quarter. 92.60% of the stock is currently owned by institutional investors and hedge funds.

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.