Castle Biosciences (NASDAQ:CSTL) Trading Down 14% – Here’s Why

Castle Biosciences, Inc. (NASDAQ:CSTL)’s stock price fell 14% on Monday . The company traded as low as $26.00 and last traded at $26.01. 200,691 shares were traded during trading, a decline of 53% from the average session volume of 431,023 shares. The stock had previously closed at $30.25.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Stephens reaffirmed an “overweight” rating and issued a $41.00 price target on shares of Castle Biosciences in a research note on Thursday, January 2nd. Robert W. Baird upped their target price on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Canaccord Genuity Group lifted their price target on Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. KeyCorp upped their price objective on Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 5th. Finally, Scotiabank lifted their target price on Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 6th. Seven equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and a consensus target price of $40.29.

Castle Biosciences Stock Down 16.4 %

The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.64 and a current ratio of 7.78. The stock’s fifty day simple moving average is $29.81 and its two-hundred day simple moving average is $27.96. The stock has a market capitalization of $708.30 million, a P/E ratio of 126.46 and a beta of 0.92.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings data on Monday, November 4th. The company reported $0.08 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.14. The business had revenue of $85.78 million during the quarter, compared to the consensus estimate of $78.55 million. Castle Biosciences had a return on equity of 1.47% and a net margin of 1.95%. During the same period in the prior year, the business posted ($0.26) earnings per share. As a group, research analysts expect that Castle Biosciences, Inc. will post 0.34 EPS for the current fiscal year.

Insider Buying and Selling

In other Castle Biosciences news, Director Daniel Bradbury sold 7,867 shares of Castle Biosciences stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $29.14, for a total value of $229,244.38. Following the completion of the sale, the director now directly owns 1,425 shares in the company, valued at approximately $41,524.50. The trade was a 84.66 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Derek J. Maetzold sold 1,972 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The shares were sold at an average price of $34.15, for a total value of $67,343.80. Following the completion of the transaction, the insider now directly owns 87,720 shares in the company, valued at approximately $2,995,638. This trade represents a 2.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 34,320 shares of company stock valued at $1,036,119 over the last ninety days. 7.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of the stock. Point72 Asset Management L.P. raised its holdings in shares of Castle Biosciences by 828.3% during the third quarter. Point72 Asset Management L.P. now owns 499,192 shares of the company’s stock valued at $14,237,000 after purchasing an additional 445,415 shares during the period. Marshall Wace LLP boosted its holdings in Castle Biosciences by 116.5% in the second quarter. Marshall Wace LLP now owns 212,036 shares of the company’s stock worth $4,616,000 after acquiring an additional 114,104 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. grew its stake in Castle Biosciences by 147.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 165,458 shares of the company’s stock valued at $4,719,000 after acquiring an additional 98,571 shares during the period. Renaissance Technologies LLC increased its holdings in shares of Castle Biosciences by 47.3% during the second quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock valued at $6,564,000 after acquiring an additional 96,800 shares in the last quarter. Finally, State Street Corp raised its position in shares of Castle Biosciences by 9.8% during the third quarter. State Street Corp now owns 680,001 shares of the company’s stock worth $19,394,000 after purchasing an additional 60,924 shares during the period. Institutional investors and hedge funds 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.