Castle Biosciences (NASDAQ:CSTL) Stock Price Up 6.2% - Here's Why

Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report) shot up 6.2% during trading on Tuesday . The company traded as high as $31.19 and last traded at $31.19. 185,272 shares changed hands during trading, a decline of 32% from the average session volume of 272,965 shares. The stock had previously closed at $29.36.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on CSTL. KeyCorp raised their price objective on Castle Biosciences from $28.00 to $36.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 5th. BTIG Research raised their price objective on Castle Biosciences from $35.00 to $40.00 and gave the stock a "buy" rating in a research report on Monday, October 14th. Canaccord Genuity Group raised their price objective on Castle Biosciences from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Tuesday, October 29th. Robert W. Baird raised their price objective on Castle Biosciences from $37.00 to $39.00 and gave the stock an "outperform" rating in a research report on Tuesday, November 5th. Finally, Scotiabank raised their price objective on Castle Biosciences from $37.00 to $44.00 and gave the stock a "sector outperform" rating in a research report on Wednesday, November 6th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $40.29.

Castle Biosciences Trading Up 9.6 %

The firm has a market capitalization of $900.99 million, a price-to-earnings ratio of 160.86 and a beta of 0.92. 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 company has a fifty day moving average price of $29.98 and a 200-day moving average price of $27.67.

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

Insider Activity at Castle Biosciences

In other news, insider Derek J. Maetzold sold 9,364 shares of the business's stock in a transaction dated Tuesday, December 17th. The shares were sold at an average price of $28.34, for a total transaction of $265,375.76. Following the transaction, the insider now owns 84,762 shares in the company, valued at approximately $2,402,155.08. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Frank Stokes sold 6,923 shares of the company's stock in a transaction dated Friday, November 15th. The shares were sold at an average price of $29.93, for a total transaction of $207,205.39. Following the transaction, the chief financial officer now directly owns 30,823 shares of the company's stock, valued at $922,532.39. This represents a 18.34 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 25,710 shares of company stock valued at $790,093. Corporate insiders own 7.20% of the company's stock.

Hedge Funds Weigh In On Castle Biosciences

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. raised its holdings in Castle Biosciences by 165.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 69,409 shares of the company's stock valued at $1,980,000 after acquiring an additional 43,241 shares in the last quarter. Principal Financial Group Inc. raised its stake in shares of Castle Biosciences by 2.7% in the third quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company's stock valued at $43,879,000 after purchasing an additional 40,377 shares in the last quarter. Franklin Resources Inc. lifted its position in Castle Biosciences by 87.3% in the third quarter. Franklin Resources Inc. now owns 69,382 shares of the company's stock worth $1,979,000 after purchasing an additional 32,344 shares during the period. Barclays PLC lifted its position in Castle Biosciences by 310.7% in the third quarter. Barclays PLC now owns 52,301 shares of the company's stock worth $1,491,000 after purchasing an additional 39,567 shares during the period. Finally, Geode Capital Management LLC lifted its position in Castle Biosciences by 1.1% in the third quarter. Geode Capital Management LLC now owns 624,683 shares of the company's stock worth $17,820,000 after purchasing an additional 7,004 shares during the period. 92.60% of the stock is currently owned by institutional investors.

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.