Castle Biosciences, Inc. (NASDAQ:CSTL) Short Interest Update

Castle Biosciences, Inc. (NASDAQ:CSTL) was the target of a large increase in short interest in the month of November. As of November 15th, there was short interest totalling 1,710,000 shares, an increase of 6.2% from the October 31st total of 1,610,000 shares. Based on an average daily trading volume, of 387,600 shares, the days-to-cover ratio is currently 4.4 days.

Analyst Upgrades and Downgrades

Several analysts have recently commented on CSTL shares. BTIG Research increased their price objective on Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a research note on Monday, October 14th. KeyCorp increased their price objective on Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 5th. Lake Street Capital increased their price objective on Castle Biosciences from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, November 5th. Canaccord Genuity Group increased their price target on Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, October 29th. Finally, Scotiabank increased their price target on Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research report on Wednesday, November 6th. Eight equities research analysts have rated the stock with a buy rating, According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $37.88.

Castle Biosciences Price Performance

Shares of NASDAQ CSTL opened at $31.88 on Thursday. The stock has a fifty day simple moving average of $31.04 and a two-hundred day simple moving average of $26.84. Castle Biosciences has a 1-year low of $16.97 and a 1-year high of $35.84. The firm has a market cap of $892.96 million, a price-to-earnings ratio of 159.41 and a beta of 0.92. The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02.

Castle Biosciences (NASDAQ:CSTL) last announced its quarterly earnings data on Monday, November 4th. The company reported $0.08 earnings per share for the quarter, beating the consensus estimate of ($0.06) by $0.14. Castle Biosciences had a return on equity of 1.47% and a net margin of 1.95%. The business had revenue of $85.78 million during the quarter, compared to analyst estimates of $78.55 million. During the same period in the prior year, the company earned ($0.26) earnings per share. Analysts anticipate that Castle Biosciences will post -0.08 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Frank Stokes sold 6,923 shares of the company’s stock in a transaction that occurred on Friday, November 15th. The stock was sold at an average price of $29.93, for a total transaction of $207,205.39. Following the transaction, the chief financial officer now directly owns 30,823 shares of the company’s stock, valued at approximately $922,532.39. This represents a 18.34 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Derek J. Maetzold sold 986 shares of the company’s stock in a transaction that occurred on Friday, October 4th. The stock was sold at an average price of $28.73, for a total value of $28,327.78. Following the transaction, the insider now directly owns 94,622 shares in the company, valued at approximately $2,718,490.06. This trade represents a 1.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,213 shares of company stock valued at $752,673. 7.20% of the stock is owned by company insiders.

Hedge Funds Weigh In On Castle Biosciences

Several institutional investors and hedge funds have recently bought and sold shares of CSTL. Vanguard Group Inc. boosted its holdings in shares of Castle Biosciences by 2.2% in the first quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company’s stock worth $33,096,000 after acquiring an additional 32,695 shares during the period. Connor Clark & Lunn Investment Management Ltd. boosted its holdings in shares of Castle Biosciences by 147.4% in the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 165,458 shares of the company’s stock worth $4,719,000 after acquiring an additional 98,571 shares during the period. Harbor Capital Advisors Inc. boosted its holdings in shares of Castle Biosciences by 249.3% in the second quarter. Harbor Capital Advisors Inc. now owns 138,707 shares of the company’s stock worth $3,020,000 after acquiring an additional 99,001 shares during the period. Lisanti Capital Growth LLC boosted its holdings in shares of Castle Biosciences by 60.2% in the third quarter. Lisanti Capital Growth LLC now owns 154,710 shares of the company’s stock worth $4,412,000 after acquiring an additional 58,160 shares during the period. Finally, GSA Capital Partners LLP bought a new position in shares of Castle Biosciences in the third quarter worth $1,478,000. 92.60% of the stock is owned by institutional investors.

Castle Biosciences Company Profile

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.