Castle Biosciences (NASDAQ:CSTL) Stock Price Expected to Rise, Robert W. Baird Analyst Says

Castle Biosciences (NASDAQ:CSTL) had its price target hoisted by research analysts at Robert W. Baird from $36.00 to $37.00 in a research note issued to investors on Friday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Robert W. Baird’s price objective suggests a potential upside of 46.71% from the company’s previous close.

Several other research firms have also commented on CSTL. Stephens restated an “overweight” rating and issued a $41.00 price target on shares of Castle Biosciences in a report on Thursday, January 2nd. KeyCorp raised their target price on shares of Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Lake Street Capital lifted their target price on shares of Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. Finally, Scotiabank increased their price target on Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a report on Wednesday, November 6th. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Castle Biosciences has an average rating of “Buy” and a consensus price target of $40.00.

Castle Biosciences Stock Performance

Castle Biosciences stock opened at $25.22 on Friday. The company has a market cap of $706.34 million, a price-to-earnings ratio of 126.11 and a beta of 0.91. Castle Biosciences has a 12 month low of $16.97 and a 12 month high of $35.84. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64. The stock’s 50-day moving average is $27.35 and its 200-day moving average is $29.19.

Insider Buying and Selling

In other news, insider Derek J. Maetzold sold 9,364 shares of the firm’s stock in a transaction dated Tuesday, December 17th. The stock was sold at an average price of $28.34, for a total transaction of $265,375.76. Following the completion of the sale, the insider now directly owns 84,762 shares in the company, valued at $2,402,155.08. This trade represents a 9.95 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Daniel Bradbury sold 7,867 shares of Castle Biosciences stock in a transaction dated Monday, January 6th. The stock was sold at an average price of $29.14, for a total value of $229,244.38. Following the sale, the director now directly owns 1,425 shares in the company, valued at approximately $41,524.50. The trade was a 84.66 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,771 shares of company stock valued at $886,112 in the last quarter. Company insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Castle Biosciences

Institutional investors and hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP bought a new position in Castle Biosciences during the 4th quarter valued at $19,244,000. Point72 Asset Management L.P. raised its stake in shares of Castle Biosciences by 828.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 499,192 shares of the company’s stock valued at $14,237,000 after purchasing an additional 445,415 shares in the last quarter. Millennium Management LLC raised its stake in shares of Castle Biosciences by 290.5% in the 4th quarter. Millennium Management LLC now owns 548,809 shares of the company’s stock valued at $14,626,000 after purchasing an additional 408,272 shares in the last quarter. BNP Paribas Financial Markets bought a new position in shares of Castle Biosciences during the fourth quarter worth about $6,639,000. Finally, Captrust Financial Advisors grew its stake in Castle Biosciences by 2,567.5% in the fourth quarter. Captrust Financial Advisors now owns 215,322 shares of the company’s stock worth $5,738,000 after purchasing an additional 207,250 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, 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.