Castle Biosciences (NASDAQ:CSTL) Price Target Raised to $34.00

Castle Biosciences (NASDAQ:CSTL) had its price target hoisted by Robert W. Baird from $33.00 to $34.00 in a research note issued to investors on Friday, Benzinga reports. Robert W. Baird currently has an outperform rating on the stock.

Several other brokerages also recently weighed in on CSTL. Scotiabank lifted their target price on Castle Biosciences from $33.00 to $37.00 and gave the company a sector outperform rating in a research note on Friday, March 1st. KeyCorp lifted their target price on Castle Biosciences from $25.00 to $28.00 and gave the company an overweight rating in a research note on Friday, March 1st.

Castle Biosciences Stock Performance

Shares of NASDAQ CSTL opened at $24.33 on Friday. Castle Biosciences has a 12-month low of $9.26 and a 12-month high of $26.70. The company has a debt-to-equity ratio of 0.02, a current ratio of 9.25 and a quick ratio of 9.02. The stock’s 50 day simple moving average is $20.86 and its 200 day simple moving average is $20.43.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings results on Wednesday, February 28th. The company reported ($0.10) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.84) by $0.74. The business had revenue of $66.12 million for the quarter, compared to the consensus estimate of $51.32 million. Castle Biosciences had a negative return on equity of 7.91% and a negative net margin of 12.28%. Research analysts expect that Castle Biosciences will post -2.41 earnings per share for the current year.

Insider Activity

In other news, Director Daniel Bradbury sold 2,074 shares of Castle Biosciences stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $23.20, for a total transaction of $48,116.80. Following the transaction, the director now directly owns 33,870 shares in the company, valued at approximately $785,784. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, insider Derek J. Maetzold sold 2,372 shares of Castle Biosciences stock in a transaction on Thursday, March 7th. The stock was sold at an average price of $20.77, for a total value of $49,266.44. Following the transaction, the insider now directly owns 72,101 shares in the company, valued at approximately $1,497,537.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Daniel Bradbury sold 2,074 shares of Castle Biosciences stock in a transaction on Wednesday, February 7th. The stock was sold at an average price of $23.20, for a total value of $48,116.80. Following the completion of the transaction, the director now owns 33,870 shares in the company, valued at $785,784. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,483 shares of company stock worth $1,059,531. 7.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Castle Biosciences

A number of hedge funds have recently modified their holdings of CSTL. Bank of New York Mellon Corp grew its holdings in shares of Castle Biosciences by 1.3% in the 3rd quarter. Bank of New York Mellon Corp now owns 81,141 shares of the company’s stock worth $1,370,000 after acquiring an additional 1,058 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its position in shares of Castle Biosciences by 74.8% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,797 shares of the company’s stock worth $115,000 after buying an additional 2,909 shares during the period. BluePath Capital Management LLC acquired a new stake in shares of Castle Biosciences in the third quarter worth $31,000. Assetmark Inc. boosted its position in shares of Castle Biosciences by 34.2% in the third quarter. Assetmark Inc. now owns 3,904 shares of the company’s stock worth $66,000 after buying an additional 994 shares during the period. Finally, Knights of Columbus Asset Advisors LLC boosted its position in shares of Castle Biosciences by 106.2% in the third quarter. Knights of Columbus Asset Advisors LLC now owns 53,341 shares of the company’s stock worth $901,000 after buying an additional 27,470 shares during the period. 92.60% of the stock is currently owned by institutional investors and hedge funds.

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.