Castle Biosciences (NASDAQ:CSTL) Price Target Cut to $40.00 by Analysts at BTIG Research

Castle Biosciences (NASDAQ:CSTL) had its target price lowered by BTIG Research from $50.00 to $40.00 in a research note issued to investors on Wednesday morning,Benzinga reports. BTIG Research currently has a buy rating on the stock.

A number of other research firms also recently commented on CSTL. Canaccord Genuity Group dropped their target price on shares of Castle Biosciences from $50.00 to $40.00 and set a “buy” rating on the stock in a research report on Monday, April 20th. Guggenheim raised their price objective on shares of Castle Biosciences from $43.00 to $47.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. KeyCorp reissued an “overweight” rating and set a $50.00 price objective on shares of Castle Biosciences in a research report on Thursday, January 29th. Wall Street Zen downgraded shares of Castle Biosciences from a “hold” rating to a “sell” rating in a research report on Saturday, May 9th. Finally, Zacks Research raised shares of Castle Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 27th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $44.57.

Castle Biosciences Trading Down 2.6%

NASDAQ CSTL opened at $18.15 on Wednesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.75 and a quick ratio of 6.53. The firm’s fifty day moving average price is $24.52 and its 200 day moving average price is $32.02. The company has a market capitalization of $550.49 million, a price-to-earnings ratio of -41.25 and a beta of 1.11. Castle Biosciences has a 12 month low of $14.59 and a 12 month high of $44.28.

Castle Biosciences (NASDAQ:CSTL) last posted its earnings results on Wednesday, May 6th. The company reported ($0.49) EPS for the quarter, meeting analysts’ consensus estimates of ($0.49). The firm had revenue of $84.23 million for the quarter, compared to the consensus estimate of $79.23 million. Castle Biosciences had a negative net margin of 3.78% and a negative return on equity of 2.77%. On average, sell-side analysts expect that Castle Biosciences will post -1.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Castle Biosciences

In other news, CFO Frank Stokes sold 7,000 shares of Castle Biosciences stock in a transaction dated Tuesday, March 3rd. The shares were sold at an average price of $27.44, for a total value of $192,080.00. Following the sale, the chief financial officer owned 52,483 shares of the company’s stock, valued at $1,440,133.52. The trade was a 11.77% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Tobin W. Juvenal sold 20,863 shares of Castle Biosciences stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $25.24, for a total transaction of $526,582.12. Following the completion of the sale, the insider directly owned 86,825 shares in the company, valued at approximately $2,191,463. The trade was a 19.37% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 84,411 shares of company stock valued at $2,166,211. Company insiders own 6.10% of the company’s stock.

Institutional Trading of Castle Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in CSTL. RTW Investments LP purchased a new stake in shares of Castle Biosciences in the fourth quarter valued at about $82,283,000. AIGH Capital Management LLC purchased a new stake in shares of Castle Biosciences in the third quarter valued at about $16,105,000. Summit Partners Public Asset Management LLC boosted its holdings in shares of Castle Biosciences by 164.7% in the fourth quarter. Summit Partners Public Asset Management LLC now owns 1,058,725 shares of the company’s stock valued at $41,184,000 after acquiring an additional 658,725 shares in the last quarter. Eventide Asset Management LLC purchased a new stake in shares of Castle Biosciences in the fourth quarter valued at about $11,864,000. Finally, SG Americas Securities LLC boosted its holdings in shares of Castle Biosciences by 1,051.8% in the first quarter. SG Americas Securities LLC now owns 244,886 shares of the company’s stock valued at $6,012,000 after acquiring an additional 223,624 shares in the last quarter. Hedge funds and other institutional investors own 92.60% of the company’s stock.

Castle Biosciences Company Profile

Castle Biosciences, Inc is a molecular diagnostics company specializing in the development and commercialization of prognostic and diagnostic tests for patients with dermatologic conditions. The company’s proprietary portfolio of genomic assays is designed to improve risk assessment and guide clinical decision-making for individuals with skin cancers and other skin-related diseases. By combining genomic data with advanced statistical algorithms, Castle Biosciences seeks to provide actionable insights that help physicians tailor treatment plans and monitoring strategies.

The company’s flagship test, DecisionDx-Melanoma, evaluates the probability of metastasis in patients diagnosed with cutaneous melanoma, supporting more personalized surveillance and therapeutic approaches.