Castle Biosciences (NASDAQ:CSTL) Downgraded by Zacks Investment Research

Zacks Investment Research downgraded shares of Castle Biosciences (NASDAQ:CSTL) from a buy rating to a hold rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Castle Biosciences Inc. is a commercial-stage dermatological cancer company. It is focused on providing physicians and patients, clinically actionable genomic information. Castle Biosciences Inc. is based in Texas, United States. “

Separately, Canaccord Genuity upped their target price on shares of Castle Biosciences from $34.00 to $35.00 and gave the stock a buy rating in a research note on Friday, December 27th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Castle Biosciences presently has an average rating of Buy and an average price target of $32.83.

Shares of CSTL traded down $2.58 on Tuesday, reaching $31.60. 4,041 shares of the stock traded hands, compared to its average volume of 98,609. The stock’s 50-day moving average is $30.67. The company has a current ratio of 11.89, a quick ratio of 11.80 and a debt-to-equity ratio of 0.26. Castle Biosciences has a 12 month low of $15.26 and a 12 month high of $39.77.

Castle Biosciences (NASDAQ:CSTL) last announced its earnings results on Monday, November 11th. The company reported $0.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.31) by $0.33. The firm had revenue of $14.78 million for the quarter, compared to analyst estimates of $10.28 million. Equities analysts forecast that Castle Biosciences will post -1.18 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the stock. Calamos Advisors LLC increased its stake in shares of Castle Biosciences by 223.9% in the 4th quarter. Calamos Advisors LLC now owns 102,493 shares of the company’s stock valued at $3,522,000 after purchasing an additional 70,845 shares during the last quarter. Mesirow Financial Investment Management Inc. acquired a new stake in shares of Castle Biosciences during the fourth quarter worth about $531,000. Millennium Management LLC acquired a new stake in shares of Castle Biosciences during the third quarter worth about $2,813,000. Zimmer Partners LP acquired a new stake in shares of Castle Biosciences during the third quarter worth about $923,000. Finally, California State Teachers Retirement System acquired a new stake in shares of Castle Biosciences during the third quarter worth about $104,000. 28.52% of the stock is currently owned by institutional investors and hedge funds.

About Castle Biosciences

Castle Biosciences, Inc, a commercial-stage dermatological cancer, develops and commercializes diagnostic and prognostic tests for cancers. Its lead product is DecisionDx-Melanoma, a multi-gene expression profile (GEP) test to identify stage I and II patients at high risk of metastasis based on biological information from 31 genes within their tumor tissue.

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