Castle Biosciences (NASDAQ:CSTL) Sets New 12-Month High After Earnings Beat

Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $35.84 and last traded at $34.37, with a volume of 33505 shares trading hands. The stock had previously closed at $33.64.

The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.14. The firm had revenue of $85.78 million during the quarter, compared to analyst estimates of $78.55 million. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. During the same quarter in the previous year, the business posted ($0.26) EPS.

Analyst Upgrades and Downgrades

CSTL has been the subject of a number of research analyst reports. Robert W. Baird increased their price target on Castle Biosciences from $37.00 to $39.00 and gave the company an "outperform" rating in a research note on Tuesday. Lake Street Capital boosted their target price on shares of Castle Biosciences from $34.00 to $40.00 and gave the stock a "buy" rating in a research report on Tuesday. BTIG Research lifted their price objective on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a "buy" rating in a research note on Monday, October 14th. Stephens restated an "overweight" rating and issued a $37.00 target price on shares of Castle Biosciences in a research note on Tuesday, August 6th. Finally, KeyCorp raised their price objective on Castle Biosciences from $28.00 to $36.00 and gave the stock an "overweight" rating in a research note on Tuesday. Eight investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average target price of $37.00.

Insider Transactions at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 986 shares of the company's stock in a transaction dated Friday, October 4th. The shares were sold at an average price of $28.73, for a total value of $28,327.78. Following the completion of the transaction, the insider now owns 94,622 shares in the company, valued at approximately $2,718,490.06. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Derek J. Maetzold sold 986 shares of the company's stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $28.73, for a total transaction of $28,327.78. Following the completion of the transaction, the insider now directly owns 94,622 shares of the company's stock, valued at $2,718,490.06. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Derek J. Maetzold sold 1,972 shares of Castle Biosciences stock in a transaction on Monday, October 14th. The shares were sold at an average price of $32.27, for a total transaction of $63,636.44. Following the completion of the sale, the insider now directly owns 91,664 shares in the company, valued at $2,957,997.28. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 29,694 shares of company stock valued at $820,497 in the last 90 days. 7.20% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. increased its position in shares of Castle Biosciences by 2.7% during the third quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company's stock worth $43,879,000 after purchasing an additional 40,377 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Castle Biosciences by 2.2% during the first quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company's stock worth $33,096,000 after buying an additional 32,695 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Castle Biosciences by 8.1% in the second quarter. Dimensional Fund Advisors LP now owns 809,934 shares of the company's stock valued at $17,631,000 after buying an additional 60,675 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Castle Biosciences by 47.3% in the second quarter. Renaissance Technologies LLC now owns 301,500 shares of the company's stock worth $6,564,000 after buying an additional 96,800 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its stake in shares of Castle Biosciences by 33.0% in the second quarter. Acadian Asset Management LLC now owns 280,497 shares of the company's stock worth $6,101,000 after buying an additional 69,673 shares in the last quarter. Institutional investors and hedge funds own 92.60% of the company's stock.

Castle Biosciences Stock Down 7.4 %

The stock has a market capitalization of $860.05 million, a price-to-earnings ratio of -222.50 and a beta of 0.99. The company has a quick ratio of 7.92, a current ratio of 8.12 and a debt-to-equity ratio of 0.02. The business's 50-day moving average is $30.70 and its two-hundred day moving average is $25.67.

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.