Castle Biosciences (NASDAQ:CSTL) Price Target Raised to $42.00

Castle Biosciences (NASDAQ:CSTL - Get Free Report) had its price objective raised by investment analysts at Canaccord Genuity Group from $35.00 to $42.00 in a report released on Tuesday, Benzinga reports. The firm currently has a "buy" rating on the stock. Canaccord Genuity Group's target price suggests a potential upside of 24.33% from the stock's current price.

Other equities analysts also recently issued research reports about the stock. Robert W. Baird increased their price target on shares of Castle Biosciences from $34.00 to $37.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 6th. BTIG Research raised their price target on shares of Castle Biosciences from $35.00 to $40.00 and gave the company a "buy" rating in a report on Monday, October 14th. Finally, Stephens reaffirmed an "overweight" rating and set a $37.00 price target on shares of Castle Biosciences in a report on Tuesday, August 6th. Seven analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock presently has an average rating of "Buy" and a consensus target price of $35.14.

Castle Biosciences Trading Up 4.3 %

Castle Biosciences stock traded up $1.38 during trading on Tuesday, hitting $33.78. The company's stock had a trading volume of 401,520 shares, compared to its average volume of 314,697. The stock's fifty day moving average is $30.08 and its 200 day moving average is $25.07. Castle Biosciences has a 1-year low of $12.95 and a 1-year high of $34.50. The stock has a market capitalization of $932.56 million, a price-to-earnings ratio of -238.57 and a beta of 1.03. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.92 and a current ratio of 8.12.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last announced its quarterly earnings data on Monday, August 5th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of ($0.16) by $0.47. The business had revenue of $87.00 million for the quarter, compared to analyst estimates of $69.95 million. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. During the same period in the prior year, the firm posted ($0.70) EPS. As a group, equities research analysts predict that Castle Biosciences will post -0.58 EPS for the current year.

Insiders Place Their Bets

In other Castle Biosciences news, CFO Frank Stokes sold 10,000 shares of the firm's stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $25.70, for a total transaction of $257,000.00. Following the completion of the transaction, the chief financial officer now directly owns 30,823 shares of the company's stock, valued at $792,151.10. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, COO Kristen M. Oelschlager sold 12,989 shares of Castle Biosciences stock in a transaction dated Thursday, August 1st. The shares were sold at an average price of $23.06, for a total value of $299,526.34. Following the completion of the transaction, the chief operating officer now directly owns 132,836 shares of the company's stock, valued at approximately $3,063,198.16. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO Frank Stokes sold 10,000 shares of Castle Biosciences stock in a transaction dated Wednesday, August 7th. The shares were sold at an average price of $25.70, for a total transaction of $257,000.00. Following the completion of the transaction, the chief financial officer now directly owns 30,823 shares of the company's stock, valued at $792,151.10. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,683 shares of company stock valued at $1,120,023 in the last ninety days. Corporate insiders own 7.20% of the company's stock.

Institutional Trading of Castle Biosciences

Several hedge funds have recently bought and sold shares of the company. RiverPark Advisors LLC raised its position in shares of Castle Biosciences by 362.2% during the 1st quarter. RiverPark Advisors LLC now owns 2,861 shares of the company's stock worth $63,000 after buying an additional 2,242 shares in the last quarter. US Bancorp DE raised its position in shares of Castle Biosciences by 1,889.2% during the 3rd quarter. US Bancorp DE now owns 4,615 shares of the company's stock worth $132,000 after buying an additional 4,383 shares in the last quarter. China Universal Asset Management Co. Ltd. raised its position in shares of Castle Biosciences by 64.6% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 5,335 shares of the company's stock worth $152,000 after buying an additional 2,093 shares in the last quarter. Denali Advisors LLC bought a new stake in shares of Castle Biosciences during the 1st quarter worth about $186,000. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in shares of Castle Biosciences by 10.7% during the 2nd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,882 shares of the company's stock worth $215,000 after buying an additional 952 shares in the last quarter. 92.60% of the stock is currently owned by 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.