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

Castle Biosciences (NASDAQ:CSTL - Get Free Report) released its quarterly earnings data on Monday. The company reported $0.08 earnings per share for the quarter, topping analysts' consensus estimates of ($0.06) by $0.14, Zacks reports. The company 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 last year, the company earned ($0.26) earnings per share. Castle Biosciences updated its FY 2024 guidance to EPS.

Castle Biosciences Stock Performance

Shares of NASDAQ:CSTL traded down $2.49 during midday trading on Tuesday, hitting $31.15. The stock had a trading volume of 1,057,620 shares, compared to its average volume of 322,814. The company has a market capitalization of $860.05 million, a PE ratio of -222.50 and a beta of 0.99. Castle Biosciences has a 1 year low of $16.20 and a 1 year high of $35.84. The stock has a 50 day moving average price of $30.66 and a two-hundred day moving average price of $25.59. The company has a current ratio of 8.12, a quick ratio of 7.92 and a debt-to-equity ratio of 0.02.

Insider Activity at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of the business's stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $28.73, for a total transaction 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 position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In other news, insider Derek J. Maetzold sold 1,972 shares of the company's stock in a transaction on Monday, October 14th. The stock was sold at an average price of $32.27, for a total value of $63,636.44. Following the sale, the insider now directly owns 91,664 shares in the company, valued at $2,957,997.28. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Derek J. Maetzold sold 986 shares of the company's stock in a transaction dated 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 transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 29,694 shares of company stock worth $820,497 over the last 90 days. Company insiders own 7.20% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on CSTL shares. Canaccord Genuity Group boosted their price target on shares of Castle Biosciences from $35.00 to $42.00 and gave the company a "buy" rating in a research report on Tuesday, October 29th. BTIG Research boosted their target price on Castle Biosciences from $35.00 to $40.00 and gave the company a "buy" rating in a report on Monday, October 14th. KeyCorp raised their price objective on shares of Castle Biosciences from $28.00 to $36.00 and gave the stock an "overweight" rating in a research report on Tuesday. Stephens reaffirmed an "overweight" rating and issued a $37.00 target price on shares of Castle Biosciences in a report on Tuesday, August 6th. Finally, Robert W. Baird raised their price target on Castle Biosciences from $37.00 to $39.00 and gave the stock an "outperform" rating in a report on Tuesday. Seven investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Castle Biosciences currently has a consensus rating of "Buy" and a consensus target price of $36.57.

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.