Castle Biosciences (NASDAQ:CSTL) Trading Down 3.8% – What’s Next?

Castle Biosciences, Inc. (NASDAQ:CSTL) shares traded down 3.8% during trading on Wednesday . The company traded as low as $21.05 and last traded at $21.40. 208,288 shares were traded during trading, a decline of 55% from the average session volume of 459,306 shares. The stock had previously closed at $22.23.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on CSTL. Robert W. Baird increased their price target on Castle Biosciences from $36.00 to $37.00 and gave the stock an “outperform” rating in a report on Friday, February 28th. Stephens reiterated an “overweight” rating and issued a $41.00 target price on shares of Castle Biosciences in a research note on Thursday, January 2nd. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $40.00.

Castle Biosciences Stock Down 1.8 %

The firm has a market cap of $566.02 million, a P/E ratio of 101.06 and a beta of 0.98. The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02. The business has a 50-day moving average price of $26.61 and a 200-day moving average price of $28.94.

Insider Activity

In related news, Director Daniel Bradbury sold 7,867 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $28.17, for a total transaction of $221,613.39. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Derek J. Maetzold sold 9,364 shares of the firm’s stock in a transaction that occurred on Tuesday, December 17th. The shares were 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 owns 84,762 shares of the company’s stock, valued at approximately $2,402,155.08. This trade represents a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,799 shares of company stock worth $824,289. Corporate insiders own 7.20% of the company’s stock.

Institutional Trading of Castle Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Covestor Ltd purchased a new position in Castle Biosciences during the 4th quarter worth $25,000. R Squared Ltd acquired a new stake in Castle Biosciences in the fourth quarter worth about $42,000. Quest Partners LLC grew its stake in shares of Castle Biosciences by 54.4% during the third quarter. Quest Partners LLC now owns 4,318 shares of the company’s stock worth $123,000 after acquiring an additional 1,522 shares during the last quarter. US Bancorp DE increased its holdings 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 valued at $132,000 after acquiring an additional 4,383 shares in the last quarter. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of Castle Biosciences in the 4th quarter valued at approximately $128,000. Hedge funds and other institutional investors own 92.60% of the company’s stock.

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.