Scotiabank Issues Positive Forecast for Castle Biosciences (NASDAQ:CSTL) Stock Price

Castle Biosciences (NASDAQ:CSTL) had its price objective hoisted by equities researchers at Scotiabank from $37.00 to $44.00 in a report released on Wednesday,Benzinga reports. The brokerage presently has a “sector outperform” rating on the stock. Scotiabank’s target price would suggest a potential upside of 32.09% from the company’s current price.

Several other equities research analysts have also issued reports on the company. Canaccord Genuity Group lifted their price target on Castle Biosciences from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, October 29th. KeyCorp boosted their target price on Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday. Robert W. Baird increased 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. Stephens restated an “overweight” rating and issued a $37.00 price objective on shares of Castle Biosciences in a report on Tuesday, August 6th. Finally, Lake Street Capital upped their price objective on shares of Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $37.88.

Castle Biosciences Trading Up 2.0 %

Shares of CSTL opened at $33.31 on Wednesday. Castle Biosciences has a 1-year low of $16.20 and a 1-year high of $35.84. The company has a market capitalization of $919.69 million, a P/E ratio of 166.56 and a beta of 0.99. The company has a debt-to-equity ratio of 0.02, a current ratio of 8.12 and a quick ratio of 7.92. The firm’s 50 day simple moving average is $30.78 and its 200 day simple moving average is $25.72.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.14. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.50%. The firm had revenue of $85.78 million for the quarter, compared to analysts’ expectations of $78.55 million. During the same quarter last year, the company posted ($0.26) EPS. Sell-side analysts forecast that Castle Biosciences will post -0.58 earnings per share for the current fiscal year.

Insider Transactions at Castle Biosciences

In related news, Director Daniel Bradbury sold 7,883 shares of the company’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $26.65, for a total transaction of $210,081.95. Following the completion of the sale, the director now directly owns 8,550 shares in the company, valued at $227,857.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider Derek J. Maetzold sold 986 shares of the firm’s stock in a transaction dated Tuesday, October 8th. The stock was sold at an average price of $30.27, for a total value of $29,846.22. Following the sale, the insider now directly owns 93,636 shares of the company’s stock, valued at $2,834,361.72. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Daniel Bradbury sold 7,883 shares of the business’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $26.65, for a total value of $210,081.95. Following the transaction, the director now owns 8,550 shares in the company, valued at approximately $227,857.50. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 23,201 shares of company stock worth $688,206. Insiders own 7.20% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

A number of large investors have recently made changes to their positions in the business. The Manufacturers Life Insurance Company raised its holdings in shares of Castle Biosciences by 7.1% during the second quarter. The Manufacturers Life Insurance Company now owns 10,122 shares of the company’s stock valued at $220,000 after acquiring an additional 675 shares in the last quarter. Assetmark Inc. raised its holdings in Castle Biosciences by 16.8% in the 3rd quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock worth $149,000 after purchasing an additional 748 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in Castle Biosciences by 10.7% in the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,882 shares of the company’s stock worth $215,000 after purchasing an additional 952 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Castle Biosciences by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,034 shares of the company’s stock worth $400,000 after purchasing an additional 1,131 shares during the period. Finally, Quest Partners LLC boosted its stake in shares of Castle Biosciences by 54.4% during the 3rd quarter. Quest Partners LLC now owns 4,318 shares of the company’s stock valued at $123,000 after purchasing an additional 1,522 shares in the last quarter. 92.60% of the stock is currently owned by institutional investors.

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.