Castle Biosciences (NASDAQ:CSTL) Trading Down 3.8% - Here's Why

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

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on CSTL. Robert W. Baird boosted their price target on shares of Castle Biosciences from $36.00 to $37.00 and gave the company an "outperform" rating in a report on Friday, February 28th. Stephens reissued an "overweight" rating and set a $41.00 target price on shares of Castle Biosciences in a research note on Thursday, January 2nd. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and a consensus target price of $40.00.

Castle Biosciences Trading Down 1.8 %

The company has a fifty day moving average price of $26.61 and a 200-day moving average price of $28.94. The firm has a market capitalization of $566.02 million, a price-to-earnings 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.

Insider Activity

In related news, insider Derek J. Maetzold sold 9,364 shares of the firm's stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $28.34, for a total value of $265,375.76. Following the transaction, the insider now directly owns 84,762 shares in the company, valued at approximately $2,402,155.08. This trade represents a 9.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Daniel Bradbury sold 7,867 shares of the company's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $28.17, for a total transaction of $221,613.39. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 28,799 shares of company stock worth $824,289. 7.20% of the stock is owned by corporate insiders.

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Institutional Trading of Castle Biosciences

A number of hedge funds have recently bought and sold shares of CSTL. Covestor Ltd bought a new stake in shares of Castle Biosciences in the 4th quarter worth approximately $25,000. R Squared Ltd acquired a new stake in shares of Castle Biosciences during the 4th quarter valued at about $42,000. Quest Partners LLC increased its stake in Castle Biosciences by 54.4% in the third quarter. Quest Partners LLC now owns 4,318 shares of the company's stock valued at $123,000 after acquiring an additional 1,522 shares during the period. US Bancorp DE raised its position in Castle Biosciences by 1,889.2% in the third quarter. US Bancorp DE now owns 4,615 shares of the company's stock worth $132,000 after purchasing an additional 4,383 shares in the last quarter. Finally, KLP Kapitalforvaltning AS bought a new position in Castle Biosciences during the fourth quarter worth about $128,000. 92.60% of the stock is 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.