Castle Biosciences (NASDAQ:CSTL) Stock Price Down 14% – Should You Sell?

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

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. KeyCorp increased their target price on Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday, November 5th. Lake Street Capital increased their price objective on Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, November 5th. BTIG Research boosted their target price on Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. Robert W. Baird upped their price target on Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a report on Tuesday, November 5th. Finally, Scotiabank raised their price objective on shares of Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a report on Wednesday, November 6th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Castle Biosciences currently has an average rating of “Buy” and a consensus target price of $40.29.

Castle Biosciences Stock Performance

The company has a market cap of $713.13 million, a PE ratio of 127.31 and a beta of 0.92. The stock has a 50 day simple moving average of $29.55 and a two-hundred day simple moving average of $28.02. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64.

Castle Biosciences (NASDAQ:CSTL) last released its quarterly earnings results on Monday, November 4th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.14. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. The firm had revenue of $85.78 million during the quarter, compared to the consensus estimate of $78.55 million. During the same quarter in the prior year, the firm earned ($0.26) EPS. Equities analysts predict that Castle Biosciences, Inc. will post 0.34 EPS for the current year.

Insider Transactions at Castle Biosciences

In other news, insider Derek J. Maetzold sold 1,972 shares of the business’s stock in a transaction that occurred on Tuesday, November 12th. The stock was sold at an average price of $34.15, for a total value of $67,343.80. Following the transaction, the insider now owns 87,720 shares of the company’s stock, valued at approximately $2,995,638. The trade was a 2.20 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Tobin W. Juvenal sold 3,507 shares of the stock in a transaction on Tuesday, November 5th. The stock was sold at an average price of $35.56, for a total value of $124,708.92. Following the sale, the insider now directly owns 54,178 shares of the company’s stock, valued at approximately $1,926,569.68. This represents a 6.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 34,320 shares of company stock worth $1,036,119. Company insiders own 7.20% of the company’s stock.

Hedge Funds Weigh In On Castle Biosciences

Large investors have recently bought and sold shares of the company. Bank of New York Mellon Corp increased its stake in shares of Castle Biosciences by 15.0% during the second quarter. Bank of New York Mellon Corp now owns 96,688 shares of the company’s stock worth $2,105,000 after acquiring an additional 12,583 shares during the period. Rhumbline Advisers boosted its holdings in Castle Biosciences by 7.7% in the 2nd quarter. Rhumbline Advisers now owns 41,896 shares of the company’s stock valued at $912,000 after purchasing an additional 2,988 shares in the last quarter. American Century Companies Inc. increased its position in Castle Biosciences by 12.9% during the 2nd quarter. American Century Companies Inc. now owns 42,818 shares of the company’s stock worth $932,000 after purchasing an additional 4,898 shares during the period. Dimensional Fund Advisors LP raised its stake in shares of Castle Biosciences by 8.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 809,934 shares of the company’s stock worth $17,631,000 after buying an additional 60,675 shares in the last quarter. Finally, Renaissance Technologies LLC lifted its holdings in shares of Castle Biosciences by 47.3% in the 2nd quarter. Renaissance Technologies LLC now owns 301,500 shares of the company’s stock valued at $6,564,000 after buying an additional 96,800 shares during the period. Hedge funds and other institutional investors own 92.60% of the company’s stock.

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.