Castle Biosciences (NASDAQ:CSTL) Sets New 1-Year High – Time to Buy?

Castle Biosciences, Inc. (NASDAQ:CSTL) shares reached a new 52-week high on Thursday . The company traded as high as $36.29 and last traded at $36.44, with a volume of 72593 shares traded. The stock had previously closed at $34.65.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on CSTL. Robert W. Baird boosted their target price on shares of Castle Biosciences from $39.00 to $41.00 and gave the company an “outperform” rating in a research report on Tuesday, November 4th. BTIG Research lifted their price objective on shares of Castle Biosciences from $32.00 to $38.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Zacks Research upgraded shares of Castle Biosciences from a “hold” rating to a “strong-buy” rating in a research report on Monday, October 20th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Castle Biosciences in a report on Thursday, October 30th. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $37.00 price target on shares of Castle Biosciences in a research note on Tuesday, September 9th. One analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Castle Biosciences presently has an average rating of “Moderate Buy” and a consensus target price of $37.43.

Castle Biosciences Stock Up 5.6%

The firm’s 50-day moving average price is $25.75 and its 200 day moving average price is $21.21. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of -80.15 and a beta of 1.12. The company has a current ratio of 6.47, a quick ratio of 6.31 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last posted its quarterly earnings results on Monday, November 3rd. The company reported ($0.02) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.34) by $0.32. The business had revenue of $80.55 million for the quarter, compared to analyst estimates of $71.06 million. Castle Biosciences had a negative net margin of 3.56% and a positive return on equity of 1.73%. Castle Biosciences has set its FY 2025 guidance at EPS. On average, sell-side analysts forecast that Castle Biosciences, Inc. will post 0.44 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Kristen M. Oelschlager sold 12,678 shares of the firm’s stock in a transaction dated Friday, October 31st. The stock was sold at an average price of $25.04, for a total value of $317,457.12. Following the sale, the chief operating officer directly owned 27,569 shares of the company’s stock, valued at $690,327.76. This trade represents a 31.50% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Derek J. Maetzold sold 2,678 shares of Castle Biosciences stock in a transaction dated Wednesday, November 5th. The shares were sold at an average price of $31.85, for a total value of $85,294.30. Following the completion of the transaction, the insider owned 53,615 shares in the company, valued at approximately $1,707,637.75. This represents a 4.76% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 24,729 shares of company stock worth $666,012. Company insiders own 6.50% of the company’s stock.

Institutional Investors Weigh In On Castle Biosciences

Several hedge funds and other institutional investors have recently made changes to their positions in CSTL. Farther Finance Advisors LLC lifted its stake in Castle Biosciences by 139,100.0% in the 3rd quarter. Farther Finance Advisors LLC now owns 1,392 shares of the company’s stock valued at $32,000 after purchasing an additional 1,391 shares during the last quarter. State of Alaska Department of Revenue bought a new stake in shares of Castle Biosciences during the third quarter worth $35,000. CWM LLC increased its holdings in shares of Castle Biosciences by 80.6% during the third quarter. CWM LLC now owns 1,911 shares of the company’s stock worth $44,000 after buying an additional 853 shares in the last quarter. Harbour Investments Inc. bought a new position in shares of Castle Biosciences in the 1st quarter valued at $50,000. Finally, Jones Financial Companies Lllp lifted its stake in shares of Castle Biosciences by 10,592.0% in the 1st quarter. Jones Financial Companies Lllp now owns 2,673 shares of the company’s stock valued at $54,000 after acquiring an additional 2,648 shares during the last quarter. 92.60% of the stock is owned by institutional investors.

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.