Castle Biosciences, Inc. (NASDAQ:CSTL) Sees Significant Increase in Short Interest

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 volume of 387,600 shares, the days-to-cover ratio is presently 4.4 days.

Insiders Place Their Bets

In other news, Director Daniel Bradbury sold 7,867 shares of Castle Biosciences stock in a transaction dated Monday, October 7th. The stock was sold at an average price of $29.44, for a total value of $231,604.48. Following the sale, the director now directly owns 5,700 shares of the company’s stock, valued at approximately $167,808. The trade was a 57.99 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Derek J. Maetzold sold 986 shares of Castle Biosciences stock in a transaction on Friday, October 4th. The stock was sold at an average price of $28.73, for a total transaction of $28,327.78. Following the transaction, the insider now directly owns 94,622 shares of the company’s stock, valued at $2,718,490.06. The trade was a 1.03 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 24,213 shares of company stock worth $752,673 in the last quarter. 7.20% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Vanguard Group Inc. raised its holdings in Castle Biosciences by 2.2% in the 1st quarter. Vanguard Group Inc. now owns 1,494,176 shares of the company’s stock valued at $33,096,000 after acquiring an additional 32,695 shares during the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Castle Biosciences by 6.7% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 18,034 shares of the company’s stock valued at $400,000 after purchasing an additional 1,131 shares in the last quarter. Harbor Capital Advisors Inc. increased its holdings in Castle Biosciences by 249.3% in the second quarter. Harbor Capital Advisors Inc. now owns 138,707 shares of the company’s stock valued at $3,020,000 after buying an additional 99,001 shares during the last quarter. SG Americas Securities LLC acquired a new position in Castle Biosciences in the second quarter worth $588,000. Finally, Summit Global Investments bought a new position in Castle Biosciences in the second quarter worth about $518,000. 92.60% of the stock is owned by hedge funds and other institutional investors.

Castle Biosciences Stock Down 2.1 %

CSTL stock traded down $0.67 during trading on Tuesday, hitting $30.73. 135,744 shares of the company’s stock were exchanged, compared to its average volume of 325,474. The business has a 50-day moving average price of $30.92 and a two-hundred day moving average price of $26.71. Castle Biosciences has a 52-week low of $16.97 and a 52-week high of $35.84. The company has a current ratio of 7.78, a quick ratio of 7.64 and a debt-to-equity ratio of 0.02. The stock has a market capitalization of $860.75 million, a price-to-earnings ratio of 157.01 and a beta of 0.92.

Castle Biosciences (NASDAQ:CSTL) last released its quarterly earnings results on Monday, November 4th. The company reported $0.08 EPS for the quarter, beating the consensus estimate of ($0.06) by $0.14. The firm had revenue of $85.78 million during the quarter, compared to the consensus estimate of $78.55 million. Castle Biosciences had a net margin of 1.95% and a return on equity of 1.47%. During the same quarter in the prior year, the firm earned ($0.26) EPS. As a group, equities research analysts expect that Castle Biosciences will post -0.08 EPS for the current year.

Wall Street Analyst Weigh In

A number of brokerages recently commented on CSTL. Robert W. Baird boosted their price objective on shares of Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Stephens reissued an “overweight” rating and set a $37.00 target price on shares of Castle Biosciences in a research note on Tuesday, August 6th. Lake Street Capital boosted 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 shares of Castle Biosciences from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday, October 29th. Finally, KeyCorp lifted their price target on shares of Castle Biosciences from $28.00 to $36.00 and gave the company an “overweight” rating in a research report on Tuesday, November 5th. Eight research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $37.88.

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.