Robert W. Baird Raises Castle Biosciences (NASDAQ:CSTL) Price Target to $37.00

Castle Biosciences (NASDAQ:CSTL) had its target price increased by stock analysts at Robert W. Baird from $36.00 to $37.00 in a research note issued to investors on Friday,Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Robert W. Baird’s price target would indicate a potential upside of 70.66% from the company’s previous close.

Several other analysts have also weighed in on CSTL. Scotiabank lifted their price objective on shares of Castle Biosciences from $37.00 to $44.00 and gave the company a “sector outperform” rating in a research note on Wednesday, November 6th. Stephens restated an “overweight” rating and set a $41.00 price target on shares of Castle Biosciences in a research note on Thursday, January 2nd. KeyCorp boosted their price target on shares of Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a research note on Tuesday, November 5th. Finally, Lake Street Capital boosted their price target on shares of Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Seven equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Castle Biosciences has an average rating of “Buy” and a consensus price target of $40.00.

Castle Biosciences Stock Performance

NASDAQ:CSTL opened at $21.68 on Friday. The company has a fifty day moving average of $27.23 and a 200-day moving average of $29.17. The firm has a market capitalization of $607.19 million, a P/E ratio of 108.41 and a beta of 0.91. The company has a quick ratio of 7.64, a current ratio of 7.78 and a debt-to-equity ratio of 0.02. Castle Biosciences has a twelve month low of $16.97 and a twelve month high of $35.84.

Insiders Place Their Bets

In other Castle Biosciences news, insider Derek J. Maetzold sold 9,364 shares of Castle Biosciences stock in a transaction on Tuesday, December 17th. The shares were sold at an average price of $28.34, for a total transaction of $265,375.76. Following the transaction, the insider now directly owns 84,762 shares of the company’s stock, valued at $2,402,155.08. The trade was a 9.95 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Daniel Bradbury sold 7,867 shares of Castle Biosciences stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $28.17, for a total transaction of $221,613.39. The disclosure for this sale can be found here. Insiders have sold 30,771 shares of company stock valued at $886,112 in the last three months. 7.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Castle Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in CSTL. Wellington Management Group LLP purchased a new position in shares of Castle Biosciences in the 4th quarter worth about $19,244,000. Point72 Asset Management L.P. boosted its holdings in shares of Castle Biosciences by 828.3% in the 3rd quarter. Point72 Asset Management L.P. now owns 499,192 shares of the company’s stock worth $14,237,000 after buying an additional 445,415 shares during the last quarter. Millennium Management LLC boosted its holdings in shares of Castle Biosciences by 290.5% in the 4th quarter. Millennium Management LLC now owns 548,809 shares of the company’s stock worth $14,626,000 after buying an additional 408,272 shares during the last quarter. BNP Paribas Financial Markets purchased a new position in shares of Castle Biosciences in the 4th quarter worth about $6,639,000. Finally, Captrust Financial Advisors boosted its holdings in shares of Castle Biosciences by 2,567.5% in the 4th quarter. Captrust Financial Advisors now owns 215,322 shares of the company’s stock worth $5,738,000 after buying an additional 207,250 shares during the last quarter. 92.60% of the stock is owned by hedge funds and other institutional investors.

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.