Castle Biosciences (NASDAQ:CSTL) Trading Up 4.7% - Here's Why

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report) traded up 4.7% during trading on Tuesday . The company traded as high as $20.65 and last traded at $20.83. 190,397 shares changed hands during trading, a decline of 49% from the average session volume of 376,418 shares. The stock had previously closed at $19.89.

Analysts Set New Price Targets

Several research analysts recently weighed in on CSTL shares. Stephens reaffirmed an "overweight" rating and set a $41.00 target price on shares of Castle Biosciences in a research note on Thursday, January 2nd. Guggenheim set a $30.00 price objective on shares of Castle Biosciences and gave the stock a "buy" rating in a research note on Friday, March 28th. Finally, Robert W. Baird raised their price target on shares of Castle Biosciences from $36.00 to $37.00 and gave the stock an "outperform" rating in a research note on Friday, February 28th. Eight analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $38.75.

Castle Biosciences Price Performance

The stock has a market cap of $620.33 million, a price-to-earnings ratio of 107.56 and a beta of 1.11. The company has a 50 day simple moving average of $21.79 and a 200-day simple moving average of $26.90. 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 other Castle Biosciences news, insider Derek J. Maetzold sold 22,639 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $20.12, for a total transaction of $455,496.68. Following the completion of the sale, the insider now directly owns 80,465 shares in the company, valued at approximately $1,618,955.80. This trade represents a 21.96 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Daniel Bradbury sold 7,867 shares of the business's stock in a transaction that occurred on 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. Over the last quarter, insiders have sold 34,085 shares of company stock valued at $748,045. 7.20% of the stock is owned by insiders.

Institutional Trading of Castle Biosciences

A number of institutional investors and hedge funds have recently modified their holdings of the business. Barclays PLC increased its position in shares of Castle Biosciences by 310.7% during the 3rd quarter. Barclays PLC now owns 52,301 shares of the company's stock valued at $1,491,000 after purchasing an additional 39,567 shares during the last quarter. JPMorgan Chase & Co. grew its position in shares of Castle Biosciences by 165.2% during 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 during the period. Geode Capital Management LLC increased its stake in shares of Castle Biosciences by 1.1% during the 3rd 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 last quarter. Principal Financial Group Inc. lifted its stake in 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 during the last quarter. Finally, State Street Corp increased its position in Castle Biosciences by 9.8% in the third quarter. State Street Corp now owns 680,001 shares of the company's stock worth $19,394,000 after buying an additional 60,924 shares during the last quarter. 92.60% of the stock is owned by hedge funds and other 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.