Castle Biosciences (NASDAQ:CSTL) Releases Earnings Results, Beats Expectations By $0.14 EPS

Castle Biosciences (NASDAQ:CSTL) posted its quarterly earnings results on Monday. The company reported $0.08 EPS for the quarter, topping the consensus estimate of ($0.06) by $0.14, Zacks reports. Castle Biosciences had a negative return on equity of 0.77% and a negative net margin of 1.08%. The business had revenue of $85.78 million for the quarter, compared to analyst estimates of $78.55 million. During the same quarter in the previous year, the firm earned ($0.26) EPS. Castle Biosciences updated its FY 2024 guidance to EPS.

Castle Biosciences Price Performance

Shares of NASDAQ CSTL traded down $0.08 during midday trading on Tuesday, hitting $33.56. The company had a trading volume of 410,570 shares, compared to its average volume of 319,790. The company has a quick ratio of 7.92, a current ratio of 8.12 and a debt-to-equity ratio of 0.02. The business has a 50-day simple moving average of $30.66 and a two-hundred day simple moving average of $25.59. Castle Biosciences has a twelve month low of $16.20 and a twelve month high of $35.84. The firm has a market capitalization of $926.59 million, a price-to-earnings ratio of -248.86 and a beta of 0.99.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. BTIG Research increased their price objective on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, October 14th. Stephens reaffirmed an “overweight” rating and set a $37.00 price objective on shares of Castle Biosciences in a research report on Tuesday, August 6th. KeyCorp upped their target price on shares of Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a report on Tuesday. Robert W. Baird lifted their target price on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, Canaccord Genuity Group boosted their price objective on Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Seven investment analysts have rated the stock with a buy rating, According to MarketBeat, Castle Biosciences presently has an average rating of “Buy” and an average price target of $36.57.

Insider Buying and Selling at Castle Biosciences

In related news, CFO Frank Stokes sold 10,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $25.70, for a total value of $257,000.00. Following the sale, the chief financial officer now owns 30,823 shares in the company, valued at $792,151.10. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other news, insider Derek J. Maetzold sold 1,972 shares of the stock in a transaction that occurred on Monday, October 14th. The shares were sold at an average price of $32.27, for a total value of $63,636.44. Following the sale, the insider now directly owns 91,664 shares in the company, valued at $2,957,997.28. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Frank Stokes sold 10,000 shares of Castle Biosciences stock in a transaction that occurred on Wednesday, August 7th. The stock was sold at an average price of $25.70, for a total value of $257,000.00. Following the transaction, the chief financial officer now owns 30,823 shares of the company’s stock, valued at $792,151.10. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 29,694 shares of company stock valued at $820,497. Corporate insiders own 7.20% of the company’s stock.

About Castle Biosciences

Castle Biosciences, Inc, a molecular diagnostics company, provides testing solutions for the diagnosis and treatment of dermatologic cancers, Barrett's esophagus, uveal melanoma, and mental health conditions. It offers DecisionDx-Melanoma, a risk stratification gene expression profile (GEP) test to identify the risk of metastasis for patients diagnosed with invasive cutaneous melanoma; DecisionDx-SCC, a proprietary risk stratification GEP test for patients with cutaneous squamous cell carcinoma; MyPath Melanoma, a test used for patients with difficult-to-diagnose melanocytic lesions; and TissueCypher, a spatial omics test to predict future development of high-grade dysplasia and/or esophageal cancer in patients with non-dysplastic, indefinite dysplasia, or low-grade dysplasia Barrett's esophagus.