BidaskClub Downgrades Castle Biosciences (NASDAQ:CSTL) to Hold

BidaskClub downgraded shares of Castle Biosciences (NASDAQ:CSTL) from a buy rating to a hold rating in a report issued on Saturday, BidAskClub reports.

A number of other analysts have also recently issued reports on CSTL. SVB Leerink boosted their target price on Castle Biosciences from $50.00 to $57.00 and gave the stock an outperform rating in a report on Friday, September 25th. Canaccord Genuity boosted their price target on Castle Biosciences from $52.00 to $61.00 and gave the stock a buy rating in a research report on Tuesday, October 13th. Finally, Zacks Investment Research raised Castle Biosciences from a hold rating to a buy rating and set a $61.00 price target on the stock in a research report on Monday, October 12th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. Castle Biosciences has an average rating of Buy and an average target price of $51.00.

CSTL opened at $49.18 on Friday. The company has a debt-to-equity ratio of 0.09, a current ratio of 6.93 and a quick ratio of 6.87. The stock has a market capitalization of $967.96 million, a price-to-earnings ratio of 447.13 and a beta of 0.39. The business has a 50-day moving average of $50.39 and a two-hundred day moving average of $40.55. Castle Biosciences has a 12 month low of $15.26 and a 12 month high of $55.31.

Castle Biosciences (NASDAQ:CSTL) last issued its earnings results on Monday, August 10th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.41) by $0.33. Castle Biosciences had a return on equity of 1.83% and a net margin of 11.35%. The business had revenue of $12.72 million during the quarter, compared to analysts’ expectations of $9.15 million. Equities research analysts anticipate that Castle Biosciences will post -0.11 earnings per share for the current year.

In other Castle Biosciences news, insider Derek J. Maetzold sold 13,500 shares of the company’s stock in a transaction that occurred on Thursday, August 13th. The stock was sold at an average price of $41.23, for a total value of $556,605.00. Also, Director Mara G. Aspinall sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, October 2nd. The shares were sold at an average price of $52.48, for a total value of $131,200.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 559,191 shares of company stock worth $27,370,984. 39.70% of the stock is currently owned by corporate insiders.

Several institutional investors and hedge funds have recently made changes to their positions in the business. State Street Corp raised its position in shares of Castle Biosciences by 193.4% during the 1st quarter. State Street Corp now owns 149,979 shares of the company’s stock valued at $4,471,000 after acquiring an additional 98,866 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Castle Biosciences by 643.4% during the 1st quarter. JPMorgan Chase & Co. now owns 12,542 shares of the company’s stock valued at $374,000 after acquiring an additional 10,855 shares in the last quarter. Victory Capital Management Inc. raised its position in shares of Castle Biosciences by 1,024.6% during the 1st quarter. Victory Capital Management Inc. now owns 22,491 shares of the company’s stock valued at $670,000 after acquiring an additional 20,491 shares in the last quarter. Citigroup Inc. raised its position in shares of Castle Biosciences by 82.1% during the 1st quarter. Citigroup Inc. now owns 3,785 shares of the company’s stock valued at $113,000 after acquiring an additional 1,707 shares in the last quarter. Finally, Parametric Portfolio Associates LLC raised its position in shares of Castle Biosciences by 364.9% during the 1st quarter. Parametric Portfolio Associates LLC now owns 51,635 shares of the company’s stock valued at $1,539,000 after acquiring an additional 40,529 shares in the last quarter. 59.99% of the stock is currently owned by institutional investors.

About Castle Biosciences

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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