Castle Biosciences (NASDAQ:CSTL) Downgraded by Zacks Research to “Hold”

Castle Biosciences (NASDAQ:CSTL) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report released on Tuesday,Zacks.com reports.

A number of other equities research analysts have also recently commented on the company. Robert W. Baird decreased their price objective on Castle Biosciences from $44.00 to $43.00 and set an “outperform” rating for the company in a research note on Thursday, May 7th. Guggenheim lifted their price objective on Castle Biosciences from $43.00 to $47.00 and gave the stock a “buy” rating in a research note on Monday, January 26th. Morgan Stanley raised Castle Biosciences to a “buy” rating in a research note on Monday, March 2nd. Canaccord Genuity Group decreased their price objective on Castle Biosciences from $50.00 to $40.00 and set a “buy” rating for the company in a research note on Monday, April 20th. Finally, KeyCorp reaffirmed an “overweight” rating and set a $50.00 price objective on shares of Castle Biosciences in a research note on Thursday, January 29th. Seven investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Castle Biosciences currently has a consensus rating of “Moderate Buy” and an average price target of $45.33.

Castle Biosciences Stock Up 8.0%

Shares of Castle Biosciences stock opened at $21.26 on Tuesday. The company has a quick ratio of 6.53, a current ratio of 6.75 and a debt-to-equity ratio of 0.02. Castle Biosciences has a 12 month low of $14.59 and a 12 month high of $44.28. The business has a fifty day simple moving average of $23.14 and a 200 day simple moving average of $31.51. The stock has a market cap of $644.82 million, a PE ratio of -48.32 and a beta of 1.11.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings data on Wednesday, May 6th. The company reported ($0.49) EPS for the quarter, hitting analysts’ consensus estimates of ($0.49). Castle Biosciences had a negative return on equity of 2.77% and a negative net margin of 3.78%.The business had revenue of $84.23 million during the quarter, compared to analysts’ expectations of $79.23 million. Research analysts predict that Castle Biosciences will post -1.4 EPS for the current year.

Insiders Place Their Bets

In other Castle Biosciences news, insider Derek J. Maetzold sold 18,650 shares of the business’s stock in a transaction dated Tuesday, March 17th. The stock was sold at an average price of $25.93, for a total value of $483,594.50. Following the completion of the transaction, the insider directly owned 22,129 shares of the company’s stock, valued at approximately $573,804.97. The trade was a 45.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Tobin W. Juvenal sold 20,863 shares of the business’s stock in a transaction dated Thursday, March 12th. The shares were sold at an average price of $25.24, for a total value of $526,582.12. Following the completion of the transaction, the insider directly owned 86,825 shares of the company’s stock, valued at approximately $2,191,463. The trade was a 19.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 88,583 shares of company stock valued at $2,250,288 in the last three months. Insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Empowered Funds LLC boosted its position in shares of Castle Biosciences by 8.4% during the first quarter. Empowered Funds LLC now owns 132,184 shares of the company’s stock worth $3,245,000 after buying an additional 10,264 shares during the period. The Manufacturers Life Insurance Company boosted its position in shares of Castle Biosciences by 46.6% during the first quarter. The Manufacturers Life Insurance Company now owns 12,438 shares of the company’s stock worth $305,000 after buying an additional 3,951 shares during the period. Quantinno Capital Management LP boosted its position in shares of Castle Biosciences by 387.3% during the first quarter. Quantinno Capital Management LP now owns 45,476 shares of the company’s stock worth $1,116,000 after buying an additional 36,144 shares during the period. SummitTX Capital L.P. boosted its position in shares of Castle Biosciences by 285.0% during the first quarter. SummitTX Capital L.P. now owns 67,033 shares of the company’s stock worth $1,646,000 after buying an additional 49,623 shares during the period. Finally, Renaissance Technologies LLC boosted its position in shares of Castle Biosciences by 8.1% during the first quarter. Renaissance Technologies LLC now owns 532,800 shares of the company’s stock worth $13,080,000 after buying an additional 39,700 shares during the period. 92.60% of the stock is owned by institutional investors and hedge funds.

About Castle Biosciences

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.