Castle Biosciences (NASDAQ:CSTL) Stock Price Down 4.2%

Castle Biosciences, Inc. (NASDAQ:CSTL)’s stock price traded down 4.2% on Thursday . The stock traded as low as $26.60 and last traded at $26.67. 128,042 shares traded hands during mid-day trading, a decline of 57% from the average session volume of 299,654 shares. The stock had previously closed at $27.85.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on CSTL shares. Robert W. Baird raised their price objective on Castle Biosciences from $34.00 to $37.00 and gave the company an “outperform” rating in a research note on Tuesday, August 6th. Stephens reiterated an “overweight” rating and set a $37.00 price target on shares of Castle Biosciences in a report on Tuesday, August 6th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Castle Biosciences currently has an average rating of “Buy” and an average price target of $32.80.

Castle Biosciences Stock Down 1.4 %

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 has a 50 day moving average price of $22.29 and a 200-day moving average price of $22.31. The stock has a market capitalization of $758.36 million, a P/E ratio of -24.22 and a beta of 0.93.

Castle Biosciences (NASDAQ:CSTL) last issued its quarterly earnings results 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. Castle Biosciences had a negative net margin of 12.28% and a negative return on equity of 7.91%. The business had revenue of $87.00 million for the quarter, compared to analysts’ expectations of $69.95 million. During the same quarter last year, the company posted ($0.70) EPS. As a group, research analysts expect that Castle Biosciences, Inc. will post -1.66 EPS for the current fiscal year.

Insider Transactions at Castle Biosciences

In other Castle Biosciences news, Director Daniel Bradbury sold 7,883 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $26.65, for a total value of $210,081.95. Following the sale, the director now owns 8,550 shares in the company, valued at $227,857.50. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Castle Biosciences news, Director Daniel Bradbury sold 7,883 shares of Castle Biosciences stock in a transaction on Monday, August 12th. The shares were sold at an average price of $26.65, for a total value of $210,081.95. Following the transaction, the director now directly owns 8,550 shares of the company’s stock, valued at $227,857.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Kristen M. Oelschlager sold 12,989 shares of the business’s stock in a transaction that occurred on Thursday, August 1st. The stock was sold at an average price of $23.06, for a total transaction of $299,526.34. Following the sale, the chief operating officer now directly owns 132,836 shares in the company, valued at approximately $3,063,198.16. The disclosure for this sale can be found here. Insiders have sold a total of 36,033 shares of company stock worth $883,633 in the last three months. Insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Truist Financial Corp grew its stake in shares of Castle Biosciences by 20.5% in the second quarter. Truist Financial Corp now owns 14,217 shares of the company’s stock worth $310,000 after acquiring an additional 2,420 shares in the last quarter. Point72 Asset Management L.P. purchased a new position in shares of Castle Biosciences during the second quarter worth about $1,171,000. The Manufacturers Life Insurance Company lifted its stake in Castle Biosciences by 7.1% in the second quarter. The Manufacturers Life Insurance Company now owns 10,122 shares of the company’s stock valued at $220,000 after buying an additional 675 shares during the last quarter. Cubist Systematic Strategies LLC raised its holdings in shares of Castle Biosciences by 13.1% in the second quarter. Cubist Systematic Strategies LLC now owns 92,475 shares of the company’s stock valued at $2,013,000 after buying an additional 10,731 shares during the last quarter. Finally, Marshall Wace LLP lifted its holdings in shares of Castle Biosciences by 116.5% during the second quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock worth $4,616,000 after purchasing an additional 114,104 shares during the period. Hedge funds and other institutional investors own 92.60% of the company’s stock.

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.