Castle Biosciences (NASDAQ:CSTL) Sees Large Drop in Short Interest

Castle Biosciences (NASDAQ:CSTL) saw a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 273,300 shares, a decline of 5.6% from the September 30th total of 289,500 shares. Based on an average daily trading volume, of 127,700 shares, the days-to-cover ratio is presently 2.1 days. Approximately 3.0% of the shares of the company are sold short.

Shares of NASDAQ CSTL traded down $0.41 during trading hours on Monday, reaching $28.35. The stock had a trading volume of 1,215 shares, compared to its average volume of 144,982. The stock has a fifty day moving average price of $20.10. The company has a current ratio of 11.89, a quick ratio of 2.38 and a debt-to-equity ratio of 0.26. Castle Biosciences has a twelve month low of $15.26 and a twelve month high of $30.27.

Castle Biosciences (NASDAQ:CSTL) last issued its earnings results on Monday, November 11th. The company reported $0.02 EPS for the quarter, beating analysts’ consensus estimates of ($0.31) by $0.33. The firm had revenue of $14.78 million during the quarter, compared to analyst estimates of $10.28 million. On average, research analysts anticipate that Castle Biosciences will post -1.19 earnings per share for the current fiscal year.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Monarch Partners Asset Management LLC bought a new stake in Castle Biosciences in the third quarter valued at $300,000. Russell Investments Group Ltd. bought a new stake in Castle Biosciences in the third quarter valued at $313,000. Perkins Capital Management Inc. bought a new stake in Castle Biosciences in the third quarter valued at $505,000. Dean Capital Investments Management LLC bought a new stake in Castle Biosciences in the third quarter valued at $507,000. Finally, Chartwell Investment Partners LLC bought a new stake in Castle Biosciences in the third quarter valued at $672,000. Institutional investors and hedge funds own 3.80% of the company’s stock.

A number of brokerages have recently commented on CSTL. Svb Leerink began coverage on Castle Biosciences in a report on Monday, August 19th. They set an “outperform” rating and a $28.00 price target for the company. Zacks Investment Research lowered Castle Biosciences from a “hold” rating to a “sell” rating in a report on Thursday. Leerink Swann set a $33.00 price target on Castle Biosciences and gave the stock a “buy” rating in a report on Wednesday, September 4th. BTIG Research upped their price target on Castle Biosciences to $32.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. Finally, Canaccord Genuity upped their price target on Castle Biosciences from $26.00 to $34.00 and gave the stock a “buy” rating in a report on Wednesday, September 4th. One research analyst has rated the stock with a sell rating and five have assigned a buy rating to the company. Castle Biosciences has a consensus rating of “Buy” and a consensus price target of $31.60.

Castle Biosciences Company Profile

Castle Biosciences, Inc, a commercial-stage dermatological cancer, develops and commercializes diagnostic and prognostic tests for cancers. Its lead product is DecisionDx-Melanoma, a multi-gene expression profile (GEP) test to identify stage I and II patients at high risk of metastasis based on biological information from 31 genes within their tumor tissue.

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