Castle Biosciences (NASDAQ:CSTL) Posts Quarterly Earnings Results, Beats Expectations By $0.14 EPS

Castle Biosciences (NASDAQ:CSTL) announced its quarterly earnings results on Monday. The company reported $0.08 earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.14, Zacks reports. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. The firm had revenue of $85.78 million during the quarter, compared to analysts’ expectations of $78.55 million. During the same quarter in the prior year, the company earned ($0.26) EPS. Castle Biosciences updated its FY 2024 guidance to EPS.

Castle Biosciences Stock Performance

NASDAQ:CSTL traded up $0.09 during trading hours on Tuesday, reaching $33.73. The company had a trading volume of 398,468 shares, compared to its average volume of 319,734. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.12 and a quick ratio of 7.92. Castle Biosciences has a 1-year low of $16.20 and a 1-year high of $35.84. The business’s 50 day moving average price is $30.66 and its 200-day moving average price is $25.59. The firm has a market cap of $931.29 million, a PE ratio of -248.86 and a beta of 0.99.

Insider Transactions at Castle Biosciences

In related news, insider Derek J. Maetzold sold 986 shares of the firm’s stock in a transaction on Friday, October 4th. The shares were sold at an average price of $28.73, for a total transaction of $28,327.78. Following the sale, the insider now owns 94,622 shares in the company, valued at approximately $2,718,490.06. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, insider Derek J. Maetzold sold 1,972 shares of the stock in a transaction that occurred on Monday, October 14th. The stock was sold at an average price of $32.27, for a total transaction of $63,636.44. Following the transaction, the insider now owns 91,664 shares in the company, valued at $2,957,997.28. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Derek J. Maetzold sold 986 shares of Castle Biosciences stock in a transaction on Friday, October 4th. The shares were sold at an average price of $28.73, for a total transaction of $28,327.78. Following the completion of the sale, the insider now directly owns 94,622 shares in the company, valued at $2,718,490.06. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,694 shares of company stock valued at $820,497 in the last 90 days. 7.20% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on CSTL shares. BTIG Research boosted their price objective on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Canaccord Genuity Group raised their price objective on Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. KeyCorp increased their price target on Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday. Stephens restated an “overweight” rating and set a $37.00 price target on shares of Castle Biosciences in a research note on Tuesday, August 6th. Finally, Robert W. Baird lifted their target price on shares of Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday. Seven research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has a consensus rating of “Buy” and an average price target of $36.57.

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.