Castle Biosciences (NASDAQ:CSTL) Reaches New 1-Year High After Strong Earnings

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL) reached a new 52-week high on Tuesday after the company announced better than expected quarterly earnings. The company traded as high as $35.84 and last traded at $34.37, with a volume of 33505 shares trading hands. The stock had previously closed at $33.64.

The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.14. The business had revenue of $85.78 million for the quarter, compared to analysts’ expectations of $78.55 million. Castle Biosciences had a negative net margin of 1.08% and a negative return on equity of 0.77%. During the same quarter in the previous year, the company earned ($0.26) EPS.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Stephens reiterated an “overweight” rating and set a $37.00 price target on shares of Castle Biosciences in a report on Tuesday, August 6th. Robert W. Baird upped their price target on shares of Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday. BTIG Research upped their target price on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. KeyCorp increased their price objective on shares of Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday. Finally, Canaccord Genuity Group increased their target price on shares of Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, Castle Biosciences presently has an average rating of “Buy” and a consensus price target of $36.57.

Insider Transactions at Castle Biosciences

In other Castle Biosciences news, CFO Frank Stokes sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $25.70, for a total value of $257,000.00. Following the sale, the chief financial officer now owns 30,823 shares of the company’s stock, valued at approximately $792,151.10. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Daniel Bradbury sold 7,883 shares of Castle Biosciences stock in a transaction that occurred 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 completion of the transaction, the director now owns 8,550 shares in the company, valued at approximately $227,857.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Frank Stokes sold 10,000 shares of the company’s stock in a transaction on Wednesday, August 7th. The stock was sold at an average price of $25.70, for a total value of $257,000.00. Following the transaction, the chief financial officer now owns 30,823 shares of the company’s stock, valued at approximately $792,151.10. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,694 shares of company stock worth $820,497 over the last 90 days. 7.20% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. GSA Capital Partners LLP bought a new stake in shares of Castle Biosciences in the 3rd quarter worth approximately $1,478,000. Lisanti Capital Growth LLC boosted its position in Castle Biosciences by 60.2% in the 3rd quarter. Lisanti Capital Growth LLC now owns 154,710 shares of the company’s stock valued at $4,412,000 after buying an additional 58,160 shares during the last quarter. Assetmark Inc. boosted its position in Castle Biosciences by 16.8% in the 3rd quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock valued at $149,000 after buying an additional 748 shares during the last quarter. Summit Global Investments boosted its position in Castle Biosciences by 27.8% in the 3rd quarter. Summit Global Investments now owns 30,441 shares of the company’s stock valued at $868,000 after buying an additional 6,629 shares during the last quarter. Finally, Principal Financial Group Inc. boosted its position in shares of Castle Biosciences by 2.7% in the 3rd quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company’s stock worth $43,879,000 after purchasing an additional 40,377 shares during the last quarter. 92.60% of the stock is owned by institutional investors and hedge funds.

Castle Biosciences Price Performance

The company has a 50-day moving average price of $30.66 and a 200-day moving average price of $25.59. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.92 and a current ratio of 8.12. The firm has a market capitalization of $929.08 million, a P/E ratio of -240.29 and a beta of 0.99.

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.