Castle Biosciences (NASDAQ:CSTL) Trading Up 4.7% – Should You Buy?

Shares of Castle Biosciences, Inc. (NASDAQ:CSTL) were up 4.7% during mid-day trading on Tuesday . The company traded as high as $20.65 and last traded at $20.83. Approximately 190,397 shares were traded during mid-day trading, a decline of 49% from the average daily volume of 376,418 shares. The stock had previously closed at $19.89.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on CSTL. Robert W. Baird boosted their price objective on Castle Biosciences from $36.00 to $37.00 and gave the stock an “outperform” rating in a research report on Friday, February 28th. Stephens reiterated an “overweight” rating and set a $41.00 price target on shares of Castle Biosciences in a report on Thursday, January 2nd. Finally, Guggenheim set a $30.00 price objective on shares of Castle Biosciences and gave the company a “buy” rating in a report on Friday, March 28th. Eight investment analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Castle Biosciences currently has an average rating of “Buy” and an average price target of $38.75.

Castle Biosciences Trading Up 5.8 %

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 firm has a market capitalization of $607.06 million, a PE ratio of 105.26 and a beta of 1.11. The business’s 50-day moving average price is $22.18 and its 200-day moving average price is $27.03.

Insider Transactions at Castle Biosciences

In other news, insider Derek J. Maetzold sold 1,236 shares of the firm’s stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $20.30, for a total value of $25,090.80. Following the completion of the transaction, the insider now owns 77,099 shares in the company, valued at $1,565,109.70. This trade represents a 1.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Daniel Bradbury sold 7,867 shares of the company’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 quarter, insiders sold 34,085 shares of company stock worth $748,045. Company insiders own 7.20% of the company’s stock.

Institutional Trading of Castle Biosciences

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Janus Henderson Group PLC acquired a new stake in shares of Castle Biosciences during the 3rd quarter worth about $261,000. State Street Corp increased its stake in 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 during the last quarter. Barclays PLC grew its stake in Castle Biosciences by 310.7% during the third quarter. Barclays PLC now owns 52,301 shares of the company’s stock worth $1,491,000 after buying an additional 39,567 shares during the period. Geode Capital Management LLC increased its position in shares of Castle Biosciences by 1.1% during the third quarter. Geode Capital Management LLC now owns 624,683 shares of the company’s stock worth $17,820,000 after acquiring an additional 7,004 shares during the last quarter. Finally, Franklin Resources Inc. grew its stake in Castle Biosciences by 87.3% during the 3rd quarter. Franklin Resources Inc. now owns 69,382 shares of the company’s stock valued at $1,979,000 after purchasing an additional 32,344 shares in the last quarter. 92.60% of the stock is currently owned by hedge funds and other institutional investors.

About Castle Biosciences

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.