Castle Biosciences (NASDAQ:CSTL) Stock Price Crosses Above 50-Day Moving Average – Time to Sell?

Castle Biosciences, Inc. (NASDAQ:CSTL)’s share price crossed above its 50-day moving average during trading on Monday. The stock has a 50-day moving average of $34.27 and traded as high as $34.46. Castle Biosciences shares last traded at $34.38, with a volume of 563,377 shares.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on CSTL. Weiss Ratings reiterated a “sell (d-)” rating on shares of Castle Biosciences in a report on Thursday, October 29th. Mizuho initiated coverage on Castle Biosciences in a research note on Thursday, October 29th. They set an “outperform” rating and a $60.00 price objective on the stock. Robert W. Baird boosted their price objective on Castle Biosciences from $39.00 to $41.00 and gave the stock an “outperform” rating in a research note on Monday. Wall Street Zen raised Castle Biosciences from a “hold” rating to a “buy” rating in a research report on Sunday, November 1st. Finally, KeyCorp increased their target price on Castle Biosciences from $35.00 to $40.00 and gave the company an “overweight” rating in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $45.50.

Castle Biosciences Stock Performance

The firm has a market cap of $1.05 billion, a price-to-earnings ratio of -44.65 and a beta of 1.00. The company has a quick ratio of 5.85, a current ratio of 6.04 and a debt-to-equity ratio of 0.02. The company has a 50 day moving average of $34.27 and a 200 day moving average of $28.50.

Castle Biosciences (NASDAQ:CSTL) last issued its quarterly earnings data on Thursday, November 5th. The company reported ($0.13) earnings per share for the quarter, beating analysts’ consensus estimates 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 firm had revenue of $101.95 million during the quarter, compared to analyst estimates of $92.76 million. As a group, equities research analysts expect that Castle Biosciences, Inc. will post -1.29 EPS for the current fiscal year.

Insider Activity

In other news, COO Kristen Oelschlager sold 12,384 shares of the stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $34.42, for a total transaction of $426,257.28. Following the completion of the transaction, the chief operating officer directly owned 72,649 shares in the company, valued at approximately $2,500,578.58. This represents a 14.56% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Tobin Juvenal sold 9,050 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The stock was sold at an average price of $35.04, for a total transaction of $317,112.00. Following the sale, the insider directly owned 66,914 shares of the company’s stock, valued at $2,344,666.56. The trade was a 11.91% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders sold 126,184 shares of company stock worth $4,324,506. 6.10% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Allworth Financial LP grew its holdings in Castle Biosciences by 255.3% during the 3rd quarter. Allworth Financial LP now owns 938 shares of the company’s stock worth $33,000 after acquiring an additional 674 shares in the last quarter. NFSG Corp acquired a new stake in shares of Castle Biosciences in the 3rd quarter valued at about $36,000. Global Retirement Partners LLC acquired a new stake in shares of Castle Biosciences in the 2nd quarter valued at about $26,000. Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Castle Biosciences during the third quarter worth about $55,000. Finally, Quantbot Technologies LP bought a new position in shares of Castle Biosciences during the second quarter worth about $62,000. 92.60% of the stock is owned by institutional investors and hedge funds.

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.