Castle Biosciences (NASDAQ:CSTL) Shares Gap Down - Here's Why

Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report) gapped down prior to trading on Friday . The stock had previously closed at $32.72, but opened at $31.02. Castle Biosciences shares last traded at $29.44, with a volume of 69,246 shares trading hands.

Analysts Set New Price Targets

Several equities research analysts have recently commented on the company. Scotiabank boosted their price target on Castle Biosciences from $37.00 to $44.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, November 6th. KeyCorp lifted their price target on shares of Castle Biosciences from $28.00 to $36.00 and gave the stock an "overweight" rating in a report on Tuesday, November 5th. Canaccord Genuity Group lifted their price objective on Castle Biosciences from $35.00 to $42.00 and gave the company a "buy" rating in a research report on Tuesday, October 29th. Robert W. Baird lifted their price target on Castle Biosciences from $37.00 to $39.00 and gave the company an "outperform" rating in a report on Tuesday, November 5th. Finally, Lake Street Capital increased their price objective on shares of Castle Biosciences from $34.00 to $40.00 and gave the stock a "buy" rating in a report on Tuesday, November 5th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, Castle Biosciences presently has an average rating of "Buy" and a consensus price target of $40.29.

Castle Biosciences Stock Down 7.5 %

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 firm has a market capitalization of $847.21 million, a price-to-earnings ratio of 151.26 and a beta of 0.92. The firm has a 50 day moving average price of $29.81 and a two-hundred day moving average price of $27.87.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.14. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. The company had revenue of $85.78 million during the quarter, compared to the consensus estimate of $78.55 million. During the same period in the previous year, the firm earned ($0.26) earnings per share. On average, equities analysts expect that Castle Biosciences, Inc. will post 0.34 earnings per share for the current fiscal year.

Insider Buying and Selling at Castle Biosciences

In other news, insider Tobin W. Juvenal sold 3,507 shares of the business's stock in a transaction on Tuesday, November 5th. The shares were sold at an average price of $35.56, for a total transaction of $124,708.92. Following the transaction, the insider now directly owns 54,178 shares of the company's stock, valued at approximately $1,926,569.68. The trade was a 6.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction of $265,375.76. Following the sale, the insider now directly owns 84,762 shares of the company's stock, valued at approximately $2,402,155.08. The trade was a 9.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 36,292 shares of company stock valued at $1,099,755 over the last three months. 7.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. Quest Partners LLC grew its holdings in Castle Biosciences by 54.4% during the 3rd quarter. Quest Partners LLC now owns 4,318 shares of the company's stock worth $123,000 after acquiring an additional 1,522 shares in the last quarter. US Bancorp DE raised its stake in 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 buying an additional 4,383 shares in the last quarter. Point72 DIFC Ltd bought a new position in Castle Biosciences during the 3rd quarter worth approximately $140,000. Assetmark Inc. grew its position in shares of 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 acquiring an additional 748 shares in the last quarter. Finally, China Universal Asset Management Co. Ltd. increased its holdings in shares of Castle Biosciences by 64.6% in the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 5,335 shares of the company's stock valued at $152,000 after acquiring an additional 2,093 shares during the last quarter. 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.