Castle Biosciences (NASDAQ:CSTL) Shares Gap Up Following Analyst Upgrade

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL) gapped up before the market opened on Friday after Robert W. Baird raised their price target on the stock from $36.00 to $37.00. The stock had previously closed at $25.28, but opened at $26.00. Robert W. Baird currently has an outperform rating on the stock. Castle Biosciences shares last traded at $23.26, with a volume of 66,192 shares traded.

A number of other brokerages have also recently commented on CSTL. Lake Street Capital raised their price objective on Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. KeyCorp lifted their price target on shares of Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Scotiabank raised their price objective on shares of Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 6th. Finally, Stephens reissued an “overweight” rating and set a $41.00 target price on shares of Castle Biosciences in a research report on Thursday, January 2nd. Seven investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Castle Biosciences presently has a consensus rating of “Buy” and a consensus target price of $40.00.

Insiders Place Their Bets

In other news, insider Derek J. Maetzold sold 986 shares of Castle Biosciences stock in a transaction on Monday, January 13th. The stock was sold at an average price of $28.03, for a total transaction of $27,637.58. Following the sale, the insider now directly owns 80,818 shares in the company, valued at $2,265,328.54. The trade was a 1.21 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Daniel Bradbury sold 7,867 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $28.17, for a total transaction of $221,613.39. The disclosure for this sale can be found here. In the last ninety days, insiders sold 30,771 shares of company stock valued at $886,112. Corporate insiders own 7.20% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Mackenzie Financial Corp purchased a new stake in shares of Castle Biosciences during the 4th quarter valued at approximately $560,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Castle Biosciences by 18.9% during the 4th quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 66,018 shares of the company’s stock valued at $1,759,000 after acquiring an additional 10,486 shares during the last quarter. Two Sigma Advisers LP purchased a new stake in shares of Castle Biosciences during the 4th quarter valued at $306,000. Point72 Asset Management L.P. lifted its holdings in shares of Castle Biosciences by 9.6% during the 4th quarter. Point72 Asset Management L.P. now owns 547,104 shares of the company’s stock worth $14,580,000 after acquiring an additional 47,912 shares during the last quarter. Finally, ProShare Advisors LLC bought a new position in shares of Castle Biosciences during the 4th quarter valued at about $230,000. Institutional investors own 92.60% of the company’s stock.

Castle Biosciences Price Performance

The business’s 50-day simple moving average is $27.35 and its 200 day simple moving average is $29.19. The firm has a market capitalization of $651.69 million, a P/E ratio of 115.77 and a beta of 0.91. The company has a quick ratio of 7.64, a current ratio of 7.78 and a debt-to-equity ratio of 0.02.

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.