Leerink Partnrs Has Positive Outlook of CSTL FY2024 Earnings

Castle Biosciences, Inc. (NASDAQ:CSTL) – Analysts at Leerink Partnrs increased their FY2024 earnings estimates for shares of Castle Biosciences in a research report issued to clients and investors on Tuesday, January 21st. Leerink Partnrs analyst P. Souda now anticipates that the company will earn $0.42 per share for the year, up from their previous forecast of $0.32. The consensus estimate for Castle Biosciences’ current full-year earnings is $0.34 per share.

Castle Biosciences (NASDAQ:CSTL) last released its quarterly earnings results on Monday, November 4th. The company reported $0.08 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.14. The company had revenue of $85.78 million during the quarter, compared to analysts’ expectations of $78.55 million. Castle Biosciences had a return on equity of 1.47% and a net margin of 1.95%. During the same quarter in the prior year, the firm posted ($0.26) EPS.

Other equities analysts have also recently issued reports about the stock. Scotiabank upped their price objective on shares of Castle Biosciences from $37.00 to $44.00 and gave the stock a “sector outperform” rating in a research report on Wednesday, November 6th. KeyCorp raised 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. Robert W. Baird boosted their price objective on Castle Biosciences from $37.00 to $39.00 and gave the stock an “outperform” rating in a research note on Tuesday, November 5th. Stephens reaffirmed an “overweight” rating and issued a $41.00 price target on shares of Castle Biosciences in a research note on Thursday, January 2nd. Finally, Lake Street Capital increased their price objective on Castle Biosciences from $34.00 to $40.00 and gave the company a “buy” rating in a research note on Tuesday, November 5th. Seven research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company currently has an average rating of “Buy” and an average price target of $40.29.

Castle Biosciences Trading Up 7.1 %

Shares of NASDAQ:CSTL opened at $26.72 on Wednesday. The business’s 50 day moving average price is $28.89 and its 200-day moving average price is $28.13. Castle Biosciences has a 1 year low of $16.97 and a 1 year high of $35.84. The firm has a market capitalization of $748.35 million, a price-to-earnings ratio of 133.61 and a beta of 0.92. The company has a debt-to-equity ratio of 0.02, a current ratio of 7.78 and a quick ratio of 7.64.

Institutional Trading of Castle Biosciences

A number of hedge funds and other institutional investors have recently made changes to their positions in CSTL. Quest Partners LLC lifted its holdings in Castle Biosciences by 54.4% in the third quarter. Quest Partners LLC now owns 4,318 shares of the company’s stock valued at $123,000 after acquiring an additional 1,522 shares during the last quarter. US Bancorp DE raised its position in Castle Biosciences by 1,889.2% in the third quarter. US Bancorp DE now owns 4,615 shares of the company’s stock valued at $132,000 after purchasing an additional 4,383 shares during the period. Point72 DIFC Ltd acquired a new position in shares of Castle Biosciences in the 3rd quarter valued at $140,000. Assetmark Inc. grew its holdings in shares of Castle Biosciences by 16.8% during the 3rd quarter. Assetmark Inc. now owns 5,212 shares of the company’s stock worth $149,000 after purchasing an additional 748 shares during the period. Finally, China Universal Asset Management Co. Ltd. increased its position in shares of Castle Biosciences by 64.6% during the 3rd quarter. China Universal Asset Management Co. Ltd. now owns 5,335 shares of the company’s stock worth $152,000 after purchasing an additional 2,093 shares during the last quarter. Institutional investors and hedge funds own 92.60% of the company’s stock.

Insider Activity at Castle Biosciences

In related news, insider Derek J. Maetzold sold 1,972 shares of the company’s stock in a transaction dated Tuesday, November 12th. The shares were sold at an average price of $34.15, for a total value of $67,343.80. Following the completion of the sale, the insider now owns 87,720 shares of the company’s stock, valued at approximately $2,995,638. This represents a 2.20 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Tobin W. Juvenal sold 3,507 shares of Castle Biosciences stock in a transaction dated Tuesday, November 5th. The stock was sold at an average price of $35.56, for a total transaction of $124,708.92. Following the transaction, the insider now directly owns 54,178 shares in the company, valued at $1,926,569.68. This trade represents a 6.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,306 shares of company stock valued at $1,063,756. 7.20% of the stock is currently owned by insiders.

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.