Castle Biosciences (NASDAQ:CSTL) Trading Down 3.8% - Here's Why

Castle Biosciences, Inc. (NASDAQ:CSTL - Get Free Report)'s stock price was down 3.8% on Friday . The stock traded as low as $33.21 and last traded at $33.35. Approximately 147,315 shares were traded during mid-day trading, a decline of 53% from the average daily volume of 314,184 shares. The stock had previously closed at $34.67.

Analyst Ratings Changes

Several analysts recently weighed in on CSTL shares. Robert W. Baird raised their target price on shares of Castle Biosciences from $34.00 to $37.00 and gave the company an "outperform" rating in a report on Tuesday, August 6th. Canaccord Genuity Group raised their target price on shares of Castle Biosciences from $35.00 to $42.00 and gave the company a "buy" rating in a report on Tuesday. Stephens reissued an "overweight" rating and set a $37.00 price objective on shares of Castle Biosciences in a report on Tuesday, August 6th. Finally, BTIG Research raised their price objective on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a "buy" rating in a report on Monday, October 14th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat.com, Castle Biosciences presently has an average rating of "Buy" and a consensus target price of $35.14.

Castle Biosciences Trading Down 4.4 %

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 company has a market cap of $915.27 million, a price-to-earnings ratio of -247.64 and a beta of 1.03. The business's fifty day simple moving average is $30.50 and its two-hundred day simple moving average is $25.30.

Castle Biosciences (NASDAQ:CSTL - Get Free Report) last announced its earnings results on Monday, August 5th. The company reported $0.31 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 last year, the firm posted ($0.70) earnings per share. On average, equities analysts predict that Castle Biosciences, Inc. will post -0.58 EPS for the current year.

Insider Transactions at Castle Biosciences

In other news, CFO Frank Stokes sold 10,000 shares of the firm's stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 30,823 shares in the company, valued at approximately $792,151.10. This trade 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 Castle Biosciences news, CFO Frank Stokes sold 10,000 shares of the business's stock in a transaction on Wednesday, August 7th. The shares were sold at an average price of $25.70, for a total value of $257,000.00. Following the transaction, the chief financial officer now directly owns 30,823 shares of the company's stock, valued at approximately $792,151.10. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Derek J. Maetzold sold 986 shares of the business's stock in a transaction on Friday, October 4th. The shares were 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 in the company, valued at $2,718,490.06. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 29,694 shares of company stock worth $820,497. Insiders own 7.20% of the company's stock.

Hedge Funds Weigh In On Castle Biosciences

Several institutional investors have recently bought and sold shares of CSTL. Allspring Global Investments Holdings LLC increased its stake in Castle Biosciences by 89.3% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 10,862 shares of the company's stock valued at $241,000 after buying an additional 5,123 shares during the period. Norden Group LLC acquired a new position in shares of Castle Biosciences during the 1st quarter worth $547,000. Diversify Advisory Services LLC acquired a new position in shares of Castle Biosciences during the 1st quarter worth $278,000. RiverPark Advisors LLC grew its stake 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 purchasing an additional 2,242 shares during the period. Finally, GSA Capital Partners LLP grew its stake in shares of Castle Biosciences by 9.0% during the 1st quarter. GSA Capital Partners LLP now owns 52,448 shares of the company's stock worth $1,162,000 after purchasing an additional 4,352 shares during the period. 92.60% of the stock is owned by institutional investors and hedge funds.

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.