Castle Biosciences (NASDAQ:CSTL) Shares Gap Up After Analyst Upgrade

Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report)'s stock price gapped up before the market opened on Friday after Robert W. Baird raised their price target on the stock from $36.00 to $37.00. The stock had previously closed at $25.28, but opened at $26.00. Robert W. Baird currently has an outperform rating on the stock. Castle Biosciences shares last traded at $23.26, with a volume of 66,192 shares.

Several other equities research analysts also recently issued reports on the stock. Scotiabank boosted their price objective on shares of Castle Biosciences from $37.00 to $44.00 and gave the stock a "sector outperform" rating in a research note on Wednesday, November 6th. Stephens reiterated an "overweight" rating and issued a $41.00 price target on shares of Castle Biosciences in a report on Thursday, January 2nd. Lake Street Capital raised their price objective on Castle Biosciences from $34.00 to $40.00 and gave the company a "buy" rating in a research report on Tuesday, November 5th. Finally, KeyCorp upped 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, November 5th. Seven analysts have rated the stock with a buy rating, According to MarketBeat, Castle Biosciences presently has an average rating of "Buy" and an average target price of $40.00.

Insider Activity at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 9,364 shares of the company's stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $28.34, for a total value of $265,375.76. Following the completion of the transaction, the insider now directly owns 84,762 shares of the company's stock, valued at $2,402,155.08. This represents a 9.95 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Daniel Bradbury sold 7,867 shares of the firm's stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $28.17, for a total value of $221,613.39. The disclosure for this sale can be found here. In the last three months, insiders sold 30,771 shares of company stock valued at $886,112. Corporate insiders own 7.20% of the company's stock.

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Hedge Funds Weigh In On Castle Biosciences

Institutional investors have recently made changes to their positions in the business. Algert Global LLC increased its stake in shares of Castle Biosciences by 0.4% in the third quarter. Algert Global LLC now owns 134,321 shares of the company's stock worth $3,831,000 after buying an additional 599 shares during the last quarter. China Universal Asset Management Co. Ltd. grew its holdings in Castle Biosciences by 11.3% during the 4th quarter. China Universal Asset Management Co. Ltd. now owns 5,939 shares of the company's stock worth $158,000 after acquiring an additional 604 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in Castle Biosciences by 4.3% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,786 shares of the company's stock worth $394,000 after acquiring an additional 608 shares in the last quarter. Invesco Ltd. increased its position in shares of Castle Biosciences by 2.3% in the 4th quarter. Invesco Ltd. now owns 27,534 shares of the company's stock worth $734,000 after purchasing an additional 616 shares during the last quarter. Finally, Assetmark Inc. raised its stake in shares of Castle Biosciences by 16.8% in the 3rd quarter. Assetmark Inc. now owns 5,212 shares of the company's stock valued at $149,000 after purchasing an additional 748 shares in the last quarter. 92.60% of the stock is owned by institutional investors and hedge funds.

Castle Biosciences Stock Up 4.5 %

The firm has a market cap of $622.60 million, a P/E ratio of 111.16 and a beta of 0.91. The firm's 50-day moving average price is $27.11 and its 200 day moving average price is $29.14. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64.

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.