Robert W. Baird Issues Positive Forecast for Castle Biosciences (NASDAQ:CSTL) Stock Price

Castle Biosciences (NASDAQ:CSTL) had its price target raised by analysts at Robert W. Baird from $39.00 to $41.00 in a report issued on Monday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird‘s target price would indicate a potential upside of 26.08% from the stock’s current price.

Other analysts have also issued reports about the stock. KeyCorp lifted their target price on shares of Castle Biosciences from $35.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday. BTIG Research increased their price target on shares of Castle Biosciences from $40.00 to $44.00 and gave the stock a “buy” rating in a research report on Monday, August 3rd. Wall Street Zen upgraded shares of Castle Biosciences from a “hold” rating to a “buy” rating in a research note on Sunday, November 1st. Mizuho assumed coverage on shares of Castle Biosciences in a research note on Thursday, October 29th. They set an “outperform” rating and a $60.00 price target for the company. Finally, Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Castle Biosciences in a report on Thursday, October 29th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $45.50.

Castle Biosciences Price Performance

CSTL opened at $32.52 on Monday. Castle Biosciences has a fifty-two week low of $17.72 and a fifty-two week high of $44.28. The company has a debt-to-equity ratio of 0.01, a current ratio of 5.28 and a quick ratio of 5.12. The firm’s fifty day moving average price is $34.25 and its two-hundred day moving average price is $28.53. The company has a market capitalization of $993.49 million, a P/E ratio of -42.23 and a beta of 1.00.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings results on Thursday, November 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.35) by $0.22. Castle Biosciences had a negative net margin of 6.10% and a negative return on equity of 4.89%. The firm had revenue of $101.95 million for the quarter, compared to analyst estimates of $92.77 million. On average, analysts anticipate that Castle Biosciences will post -1.29 EPS for the current year.

Insiders Place Their Bets

In related news, COO Kristen M. Oelschlager sold 12,384 shares of the firm’s stock in a transaction that occurred on Tuesday, August 25th. The shares were sold at an average price of $34.42, for a total value of $426,257.28. Following the completion of the sale, the chief operating officer owned 72,649 shares of the company’s stock, valued at $2,500,578.58. This trade represents a 14.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Derek Maetzold sold 12,428 shares of the business’s stock in a transaction that occurred on Friday, August 28th. The stock was sold at an average price of $33.20, for a total transaction of $412,609.60. Following the completion of the transaction, the insider owned 21,479 shares of the company’s stock, valued at $713,102.80. This trade represents a 36.65% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 126,184 shares of company stock valued at $4,324,506. Insiders own 6.10% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of CSTL. Global Retirement Partners LLC bought a new stake in shares of Castle Biosciences during the second quarter worth approximately $26,000. Allworth Financial LP lifted its holdings in Castle Biosciences by 255.3% in the third quarter. Allworth Financial LP now owns 938 shares of the company’s stock valued at $33,000 after buying an additional 674 shares during the period. NFSG Corp acquired a new position in Castle Biosciences in the third quarter valued at approximately $36,000. Mirae Asset Global Investments Co. Ltd. acquired a new position in Castle Biosciences in the third quarter valued at approximately $55,000. Finally, Quantbot Technologies LP bought a new position in Castle Biosciences in the second quarter valued at approximately $62,000. 92.60% of the stock is currently owned by institutional investors.

Castle Biosciences Company Profile

Castle Biosciences, Inc is a molecular diagnostics company that develops and commercializes tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. The company focuses on conditions in which additional biological information can complement traditional pathology and clinical assessment.

Its portfolio includes DecisionDx-Melanoma, which helps evaluate the risk of metastatic recurrence in patients with cutaneous melanoma; DecisionDx-SCC, which assesses metastatic risk in cutaneous squamous cell carcinoma; and DecisionDx-UM, a test for determining metastatic risk in uveal melanoma.