Castle Biosciences (NASDAQ:CSTL) Stock Price Expected to Rise, Canaccord Genuity Group Analyst Says

Castle Biosciences (NASDAQ:CSTL) had its price target raised by Canaccord Genuity Group from $37.00 to $50.00 in a report issued on Monday, Marketbeat.com reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price would indicate a potential upside of 24.38% from the company’s current price.

CSTL has been the topic of several other research reports. Zacks Research raised shares of Castle Biosciences from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 20th. Robert W. Baird raised their target price on Castle Biosciences from $39.00 to $41.00 and gave the company an “outperform” rating in a research note on Tuesday, November 4th. Weiss Ratings reaffirmed a “sell (d)” rating on shares of Castle Biosciences in a research report on Monday, December 15th. Finally, BTIG Research increased their price target on Castle Biosciences from $38.00 to $50.00 and gave the company a “buy” rating in a report on Friday, December 12th. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $41.00.

Castle Biosciences Stock Performance

Shares of NASDAQ:CSTL opened at $40.20 on Monday. The business’s 50-day simple moving average is $33.54 and its 200 day simple moving average is $25.04. The company has a market cap of $1.17 billion, a P/E ratio of -89.33 and a beta of 1.14. The company has a debt-to-equity ratio of 0.02, a quick ratio of 6.31 and a current ratio of 6.47. Castle Biosciences has a one year low of $14.59 and a one year high of $42.17.

Castle Biosciences (NASDAQ:CSTL) last released its quarterly earnings results on Monday, November 3rd. The company reported ($0.02) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.32. The firm had revenue of $80.55 million during the quarter, compared to analysts’ expectations of $71.06 million. Castle Biosciences had a positive return on equity of 1.73% and a negative net margin of 3.56%. On average, sell-side analysts forecast that Castle Biosciences will post 0.44 earnings per share for the current fiscal year.

Insider Activity at Castle Biosciences

In other Castle Biosciences news, insider Derek J. Maetzold sold 1,339 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $40.03, for a total transaction of $53,600.17. Following the sale, the insider owned 37,547 shares in the company, valued at $1,503,006.41. This represents a 3.44% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, COO Kristen M. Oelschlager sold 14,888 shares of Castle Biosciences stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $39.31, for a total value of $585,247.28. Following the completion of the transaction, the chief operating officer owned 12,323 shares of the company’s stock, valued at approximately $484,417.13. The trade was a 54.71% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 49,934 shares of company stock valued at $1,667,655 over the last three months. 7.20% of the stock is owned by insiders.

Institutional Trading of Castle Biosciences

Institutional investors have recently added to or reduced their stakes in the business. Tudor Investment Corp ET AL lifted its position in shares of Castle Biosciences by 11.7% in the 3rd quarter. Tudor Investment Corp ET AL now owns 85,435 shares of the company’s stock worth $1,945,000 after buying an additional 8,981 shares during the last quarter. Summit Partners Public Asset Management LLC acquired a new stake in Castle Biosciences during the third quarter worth about $9,108,000. Qube Research & Technologies Ltd raised its stake in Castle Biosciences by 14.8% during the third quarter. Qube Research & Technologies Ltd now owns 220,961 shares of the company’s stock worth $5,031,000 after acquiring an additional 28,408 shares during the period. Parkman Healthcare Partners LLC lifted its holdings in Castle Biosciences by 35.0% in the third quarter. Parkman Healthcare Partners LLC now owns 475,568 shares of the company’s stock worth $10,829,000 after acquiring an additional 123,306 shares during the last quarter. Finally, Millennium Management LLC boosted its stake in Castle Biosciences by 34.2% in the third quarter. Millennium Management LLC now owns 575,089 shares of the company’s stock valued at $13,095,000 after acquiring an additional 146,692 shares during the period. 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.