Castle Biosciences (NASDAQ:CSTL) Reaches New 52-Week High After Earnings Beat

Castle Biosciences, Inc. (NASDAQ:CSTL) shares reached a new 52-week high on Tuesday following a stronger than expected earnings report. The stock traded as high as $35.84 and last traded at $34.37, with a volume of 33505 shares traded. The stock had previously closed at $33.64.

The company reported $0.08 EPS for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.14. The business had revenue of $85.78 million for the quarter, compared to analysts’ expectations of $78.55 million. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. During the same quarter in the prior year, the firm posted ($0.26) earnings per share.

Wall Street Analyst Weigh In

CSTL has been the topic of a number of research analyst reports. Canaccord Genuity Group increased their price objective on shares of Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a research report on Tuesday, October 29th. Stephens reissued an “overweight” rating and set a $37.00 price objective on shares of Castle Biosciences in a research report on Tuesday, August 6th. BTIG Research increased their price objective on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Robert W. Baird raised 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. Finally, KeyCorp raised their price target on shares of Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday. Seven research analysts have rated the stock with a buy rating, According to MarketBeat, Castle Biosciences currently has an average rating of “Buy” and an average price target of $36.57.

Insider Buying and Selling at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of the business’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $28.73, for a total value of $28,327.78. Following the transaction, the insider now owns 94,622 shares in the company, valued at approximately $2,718,490.06. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of the firm’s stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $28.73, for a total value 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 trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Frank Stokes sold 10,000 shares of the firm’s stock in a transaction dated Wednesday, August 7th. The stock was sold at an average price of $25.70, for a total transaction of $257,000.00. Following the completion of the sale, the chief financial officer now owns 30,823 shares of the company’s stock, valued at $792,151.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 29,694 shares of company stock worth $820,497. 7.20% of the stock is currently owned by company insiders.

Institutional Trading of Castle Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of CSTL. Vanguard Group Inc. raised its holdings in Castle Biosciences by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company’s stock worth $33,096,000 after acquiring an additional 32,695 shares during the last quarter. Acadian Asset Management LLC grew its position in shares of Castle Biosciences by 130.7% during the 1st quarter. Acadian Asset Management LLC now owns 210,824 shares of the company’s stock valued at $4,669,000 after acquiring an additional 119,443 shares during the period. Harbor Capital Advisors Inc. grew its position in shares of Castle Biosciences by 249.3% during the 2nd quarter. Harbor Capital Advisors Inc. now owns 138,707 shares of the company’s stock valued at $3,020,000 after acquiring an additional 99,001 shares during the period. Summit Global Investments purchased a new position in shares of Castle Biosciences during the 2nd quarter valued at $518,000. Finally, SG Americas Securities LLC purchased a new position in shares of Castle Biosciences during the 2nd quarter valued at $588,000. 92.60% of the stock is currently owned by hedge funds and other institutional investors.

Castle Biosciences Stock Performance

The company has a market cap of $929.08 million, a PE ratio of -240.29 and a beta of 0.99. The company has a current ratio of 8.12, a quick ratio of 7.92 and a debt-to-equity ratio of 0.02. The business’s 50 day moving average is $30.66 and its two-hundred day moving average is $25.59.

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.