Castle Biosciences (NASDAQ:CSTL) Lowered to Hold Rating by Zacks Research

Zacks Research cut shares of Castle Biosciences (NASDAQ:CSTL) from a strong-buy rating to a hold rating in a research note released on Tuesday morning,Zacks.com reports.

A number of other brokerages have also commented on CSTL. Morgan Stanley upgraded Castle Biosciences to a “buy” rating in a report on Monday, March 2nd. KeyCorp restated an “overweight” rating and issued a $50.00 price target on shares of Castle Biosciences in a report on Thursday, January 29th. BTIG Research cut their price target on Castle Biosciences from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Wednesday, May 13th. Guggenheim boosted their price target on Castle Biosciences from $43.00 to $47.00 and gave the company a “buy” rating in a report on Monday, January 26th. Finally, Wall Street Zen lowered Castle Biosciences from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Seven investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $45.33.

Castle Biosciences Stock Performance

Shares of Castle Biosciences stock opened at $21.26 on Tuesday. The firm has a market cap of $644.82 million, a price-to-earnings ratio of -48.32 and a beta of 1.11. The stock’s 50-day moving average is $23.14 and its 200-day moving average is $31.51. Castle Biosciences has a one year low of $14.59 and a one year high of $44.28. The company has a debt-to-equity ratio of 0.02, a current ratio of 6.75 and a quick ratio of 6.53.

Castle Biosciences (NASDAQ:CSTL) last issued its quarterly earnings results on Wednesday, May 6th. The company reported ($0.49) EPS for the quarter, meeting analysts’ consensus estimates of ($0.49). The company had revenue of $84.23 million for the quarter, compared to analyst estimates of $79.23 million. Castle Biosciences had a negative return on equity of 2.77% and a negative net margin of 3.78%. Equities analysts predict that Castle Biosciences will post -1.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Derek J. Maetzold sold 2,763 shares of the company’s stock in a transaction dated Thursday, May 21st. The stock was sold at an average price of $20.20, for a total transaction of $55,812.60. Following the sale, the insider owned 1,946 shares in the company, valued at approximately $39,309.20. This represents a 58.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Frank Stokes sold 6,001 shares of the company’s stock in a transaction dated Thursday, March 5th. The stock was sold at an average price of $27.98, for a total value of $167,907.98. Following the sale, the chief financial officer owned 60,085 shares in the company, valued at $1,681,178.30. The trade was a 9.08% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders have sold 88,583 shares of company stock worth $2,250,288. Insiders own 6.10% of the company’s stock.

Institutional Trading of Castle Biosciences

Institutional investors and hedge funds have recently bought and sold shares of the stock. Portolan Capital Management LLC increased its position in Castle Biosciences by 1.7% during the third quarter. Portolan Capital Management LLC now owns 1,515,111 shares of the company’s stock worth $34,499,000 after buying an additional 25,539 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Castle Biosciences during the third quarter worth approximately $667,000. Harbor Capital Advisors Inc. increased its position in Castle Biosciences by 2.0% during the fourth quarter. Harbor Capital Advisors Inc. now owns 13,432 shares of the company’s stock worth $523,000 after buying an additional 261 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in Castle Biosciences by 1.7% during the fourth quarter. Allspring Global Investments Holdings LLC now owns 159,171 shares of the company’s stock worth $6,134,000 after buying an additional 2,658 shares during the last quarter. Finally, SG Americas Securities LLC increased its position in Castle Biosciences by 62.8% during the fourth quarter. SG Americas Securities LLC now owns 21,262 shares of the company’s stock worth $827,000 after buying an additional 8,201 shares during the last quarter. Institutional investors own 92.60% of the company’s stock.

Castle Biosciences Company Profile

Castle Biosciences, Inc is a molecular diagnostics company specializing in the development and commercialization of prognostic and diagnostic tests for patients with dermatologic conditions. The company’s proprietary portfolio of genomic assays is designed to improve risk assessment and guide clinical decision-making for individuals with skin cancers and other skin-related diseases. By combining genomic data with advanced statistical algorithms, Castle Biosciences seeks to provide actionable insights that help physicians tailor treatment plans and monitoring strategies.

The company’s flagship test, DecisionDx-Melanoma, evaluates the probability of metastasis in patients diagnosed with cutaneous melanoma, supporting more personalized surveillance and therapeutic approaches.