Castle Biosciences (NASDAQ:CSTL) Trading 5.4% Higher

Castle Biosciences, Inc. (NASDAQ:CSTL) shot up 5.4% during mid-day trading on Tuesday . The company traded as high as $21.96 and last traded at $21.94. 62,724 shares were traded during trading, a decline of 76% from the average session volume of 256,089 shares. The stock had previously closed at $20.82.

Analyst Upgrades and Downgrades

CSTL has been the subject of several analyst reports. KeyCorp upped their price objective on Castle Biosciences from $25.00 to $28.00 and gave the company an “overweight” rating in a research note on Friday, March 1st. Guggenheim initiated coverage on Castle Biosciences in a report on Thursday, December 14th. They issued a “buy” rating and a $25.00 target price for the company. Finally, Scotiabank upped their price target on shares of Castle Biosciences from $33.00 to $37.00 and gave the stock a “sector outperform” rating in a research note on Friday, March 1st.

Castle Biosciences Trading Up 4.1 %

The firm has a 50 day moving average of $22.05 and a two-hundred day moving average of $19.44. The stock has a market capitalization of $608.02 million, a PE ratio of -10.37 and a beta of 0.90.

Castle Biosciences (NASDAQ:CSTL) last released its quarterly earnings data on Wednesday, February 28th. The company reported ($0.10) 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 analyst estimates of $51.32 million. Castle Biosciences had a negative net margin of 26.15% and a negative return on equity of 14.92%. Equities research analysts forecast that Castle Biosciences, Inc. will post -3.01 EPS for the current year.

Insider Buying and Selling

In other Castle Biosciences news, Director Daniel Bradbury sold 2,074 shares of the 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 sale, the director now owns 33,870 shares in the company, valued at approximately $785,784. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Derek J. Maetzold sold 2,372 shares of the company’s stock in a transaction that occurred on Thursday, March 7th. The shares were sold at an average price of $20.77, for a total transaction of $49,266.44. Following the transaction, the insider now owns 72,101 shares of the company’s stock, valued at $1,497,537.77. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Daniel Bradbury sold 2,074 shares of Castle Biosciences stock in a transaction on Wednesday, February 7th. The shares were sold at an average price of $23.20, for a total value of $48,116.80. Following the completion of the sale, the director now directly owns 33,870 shares of the company’s stock, valued at approximately $785,784. The disclosure for this sale can be found here. Insiders sold 52,418 shares of company stock worth $1,086,416 in the last ninety days. Insiders own 7.70% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Granahan Investment Management LLC boosted its holdings in shares of Castle Biosciences by 110.8% in the 2nd quarter. Granahan Investment Management LLC now owns 2,529,431 shares of the company’s stock valued at $34,704,000 after purchasing an additional 1,329,382 shares during the last quarter. Deerfield Management Company L.P. Series C acquired a new position in shares of Castle Biosciences in the 3rd quarter valued at about $15,988,000. Millennium Management LLC grew its holdings in shares of Castle Biosciences by 230.9% during the 2nd quarter. Millennium Management LLC now owns 902,089 shares of the company’s stock worth $19,801,000 after purchasing an additional 629,448 shares during the period. Bellevue Group AG acquired a new stake in Castle Biosciences during the 1st quarter worth approximately $27,258,000. Finally, Citadel Advisors LLC lifted its position in Castle Biosciences by 237.2% during the second quarter. Citadel Advisors LLC now owns 630,596 shares of the company’s stock valued at $13,841,000 after buying an additional 443,589 shares in the last quarter. 92.60% of the stock is currently owned by hedge funds and other 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.