Castle Biosciences (NASDAQ:CSTL) Shares Gap Down – Time to Sell?

Castle Biosciences, Inc. (NASDAQ:CSTL) gapped down before the market opened on Friday . The stock had previously closed at $32.72, but opened at $31.02. Castle Biosciences shares last traded at $29.44, with a volume of 69,246 shares traded.

Analyst Upgrades and Downgrades

CSTL has been the topic of several analyst reports. Lake Street Capital lifted their price target on shares of Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. BTIG Research raised their target price on Castle Biosciences from $35.00 to $40.00 and gave the company a “buy” rating in a research note on Monday, October 14th. KeyCorp boosted their price target on Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Canaccord Genuity Group raised their price objective on Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Finally, Robert W. Baird upped their target price on Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Tuesday, November 5th. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $40.29.

Castle Biosciences Price Performance

The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64. The stock has a market capitalization of $775.79 million, a price-to-earnings ratio of 138.51 and a beta of 0.92. The company has a 50-day simple moving average of $29.87 and a two-hundred day simple moving average of $27.81.

Castle Biosciences (NASDAQ:CSTL) last posted its earnings results on Monday, November 4th. The company reported $0.08 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.06) by $0.14. The firm had revenue of $85.78 million during the quarter, compared to analyst estimates of $78.55 million. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. During the same period in the previous year, the business posted ($0.26) EPS. On average, equities research analysts predict that Castle Biosciences, Inc. will post 0.34 earnings per share for the current year.

Insider Activity

In other news, insider Derek J. Maetzold sold 1,972 shares of Castle Biosciences stock in a transaction on Monday, October 14th. The stock was sold at an average price of $32.27, for a total transaction of $63,636.44. Following the transaction, the insider now directly owns 91,664 shares in the company, valued at approximately $2,957,997.28. This trade represents a 2.11 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Daniel Bradbury sold 7,867 shares of the company’s stock in a transaction on Monday, January 6th. The shares were sold at an average price of $29.14, for a total value of $229,244.38. Following the completion of the sale, the director now owns 1,425 shares of the company’s stock, valued at approximately $41,524.50. This trade represents a 84.66 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 36,292 shares of company stock valued at $1,099,755. Company insiders own 7.20% of the company’s stock.

Institutional Trading of Castle Biosciences

Hedge funds and other institutional investors have recently made changes to their positions in the business. Principal Financial Group Inc. increased its position in shares of Castle Biosciences by 2.7% in the third quarter. Principal Financial Group Inc. now owns 1,538,520 shares of the company’s stock worth $43,879,000 after acquiring an additional 40,377 shares in the last quarter. Bellevue Group AG grew its holdings in shares of Castle Biosciences by 3.7% during the third quarter. Bellevue Group AG now owns 1,262,030 shares of the company’s stock valued at $35,993,000 after buying an additional 44,929 shares in the last quarter. Portolan Capital Management LLC increased its holdings in shares of Castle Biosciences by 3.7% in the 3rd quarter. Portolan Capital Management LLC now owns 1,255,628 shares of the company’s stock valued at $35,811,000 after purchasing an additional 44,676 shares during the period. Dimensional Fund Advisors LP lifted its position in Castle Biosciences by 8.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 809,934 shares of the company’s stock worth $17,631,000 after buying an additional 60,675 shares in the last quarter. Finally, State Street Corp raised its holdings in shares of Castle Biosciences by 9.8% during the third quarter. State Street Corp now owns 680,001 shares of the company’s stock worth $19,394,000 after acquiring an additional 60,924 shares in the last quarter. 92.60% of the stock is currently 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.