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

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

Castle Biosciences Price Performance

NASDAQ CSTL traded up $0.96 on Thursday, hitting $33.62. The stock had a trading volume of 70,977 shares, compared to its average volume of 323,203. The firm has a 50-day moving average of $30.78 and a 200-day moving average of $25.72. The company has a debt-to-equity ratio of 0.02, a quick ratio of 7.92 and a current ratio of 8.12. The company has a market capitalization of $928.15 million, a price-to-earnings ratio of 163.30 and a beta of 0.99. Castle Biosciences has a 52-week low of $16.20 and a 52-week high of $35.84.

Insider Activity

In other news, Director Daniel Bradbury sold 7,883 shares of the firm’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $26.65, for a total transaction of $210,081.95. Following the sale, the director now owns 8,550 shares in the company, valued at approximately $227,857.50. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, Director Daniel Bradbury sold 7,883 shares of Castle Biosciences stock in a transaction on Monday, August 12th. The shares were sold at an average price of $26.65, for a total value of $210,081.95. Following the transaction, the director now owns 8,550 shares in the company, valued at $227,857.50. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Derek J. Maetzold sold 986 shares of Castle Biosciences stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $30.27, for a total transaction of $29,846.22. Following the completion of the transaction, the insider now owns 93,636 shares in the company, valued at approximately $2,834,361.72. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 19,694 shares of company stock worth $563,497. 7.20% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on CSTL. Robert W. Baird increased their target price on shares of Castle Biosciences from $37.00 to $39.00 and gave the company an “outperform” rating in a research report on Tuesday. BTIG Research raised their price objective on shares of Castle Biosciences from $35.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, October 14th. KeyCorp raised their price objective on shares of Castle Biosciences from $28.00 to $36.00 and gave the stock an “overweight” rating in a report on Tuesday. Stephens reaffirmed an “overweight” rating and issued a $37.00 price objective on shares of Castle Biosciences in a report on Tuesday, August 6th. Finally, Scotiabank raised their price objective on shares of Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a report on Wednesday. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has an average rating of “Buy” and a consensus 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.