BTIG Research Forecasts Strong Price Appreciation for Castle Biosciences (NASDAQ:CSTL) Stock

Castle Biosciences (NASDAQ:CSTL) had its price target raised by research analysts at BTIG Research from $44.00 to $52.00 in a note issued to investors on Monday, Benzinga reports. The firm currently has a “buy” rating on the stock. BTIG Research‘s price objective indicates a potential upside of 51.25% from the stock’s current price.

A number of other equities analysts have also issued reports on the company. Wall Street Zen raised Castle Biosciences from a “hold” rating to a “buy” rating in a report on Sunday, November 1st. KeyCorp increased their price target on Castle Biosciences from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday. Robert W. Baird lifted their price target on Castle Biosciences from $39.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Castle Biosciences in a research note on Thursday, October 29th. Finally, Mizuho initiated coverage on shares of Castle Biosciences in a report on Thursday, October 29th. They set an “outperform” rating and a $60.00 price target on the stock. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $46.50.

Castle Biosciences Stock Performance

Shares of CSTL stock opened at $34.38 on Monday. The company has a market cap of $1.05 billion, a P/E ratio of -44.65 and a beta of 1.00. The business has a 50 day moving average of $34.27 and a two-hundred day moving average of $28.50. Castle Biosciences has a 52 week low of $17.72 and a 52 week high of $44.28. The company has a quick ratio of 5.85, a current ratio of 6.04 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.35) by $0.22. Castle Biosciences had a negative return on equity of 4.15% and a negative net margin of 5.43%. The business had revenue of $101.95 million for the quarter, compared to the consensus estimate of $92.76 million. As a group, analysts anticipate that Castle Biosciences will post -1.29 EPS for the current year.

Insider Buying and Selling

In related news, insider Derek J. Maetzold sold 8,580 shares of the stock in a transaction on Monday, October 19th. The stock was sold at an average price of $31.91, for a total transaction of $273,787.80. Following the completion of the sale, the insider directly owned 12,484 shares in the company, valued at approximately $398,364.44. This trade represents a 40.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Tobin Juvenal sold 6,578 shares of the business’s stock in a transaction dated Wednesday, October 28th. The shares were sold at an average price of $36.42, for a total value of $239,570.76. Following the completion of the transaction, the insider owned 38,853 shares in the company, valued at $1,415,026.26. This trade represents a 14.48% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders sold 126,184 shares of company stock worth $4,324,506. Corporate insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Castle Biosciences

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Royce & Associates LP acquired a new stake in shares of Castle Biosciences in the 3rd quarter valued at $2,114,000. Diversified Trust Co acquired a new position in Castle Biosciences during the third quarter worth $339,000. Allworth Financial LP increased its position in Castle Biosciences by 255.3% during the third quarter. Allworth Financial LP now owns 938 shares of the company’s stock worth $33,000 after buying an additional 674 shares during the last quarter. Pictet Asset Management Holding SA acquired a new position in Castle Biosciences during the third quarter worth $210,000. Finally, Commonwealth Equity Services LLC bought a new position in Castle Biosciences during the third quarter valued at about $238,000. Institutional investors own 92.60% of the company’s stock.

Castle Biosciences Company Profile

Castle Biosciences, Inc is a molecular diagnostics company that develops and commercializes tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. The company focuses on conditions in which additional biological information can complement traditional pathology and clinical assessment.

Its portfolio includes DecisionDx-Melanoma, which helps evaluate the risk of metastatic recurrence in patients with cutaneous melanoma; DecisionDx-SCC, which assesses metastatic risk in cutaneous squamous cell carcinoma; and DecisionDx-UM, a test for determining metastatic risk in uveal melanoma.