Castle Biosciences (NASDAQ:CSTL) Stock Price Breaks Above Fifty Day Moving Average – Should You Sell?

Castle Biosciences, Inc. (NASDAQ:CSTL)’s stock price crossed above its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $33.86 and traded as high as $34.66. Castle Biosciences shares last traded at $34.51, with a volume of 295,208 shares changing hands.

Analyst Ratings Changes

CSTL has been the subject of a number of recent research reports. BTIG Research boosted their price objective on Castle Biosciences from $40.00 to $44.00 and gave the company a “buy” rating in a research note on Monday, August 3rd. Weiss Ratings upgraded shares of Castle Biosciences from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, July 31st. Robert W. Baird set a $36.00 target price on shares of Castle Biosciences in a research note on Friday, July 31st. Finally, Wall Street Zen downgraded shares of Castle Biosciences from a “buy” rating to a “hold” rating in a report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, Castle Biosciences presently has an average rating of “Moderate Buy” and an average price target of $42.00.

Castle Biosciences Stock Up 3.6%

The stock has a fifty day moving average price of $33.86 and a 200 day moving average price of $28.71.

Castle Biosciences (NASDAQ:CSTL) last released its quarterly earnings results on Thursday, July 30th. The company reported ($0.07) earnings per share for the quarter, beating the consensus estimate of ($0.41) by $0.34. The company had revenue of $99.86 million for the quarter, compared to analysts’ expectations of $86.23 million. As a group, research analysts forecast that Castle Biosciences, Inc. will post -1.29 earnings per share for the current year.

Insider Buying and Selling at Castle Biosciences

In other Castle Biosciences news, insider Tobin Juvenal sold 17,310 shares of the business’s stock in a transaction on Friday, July 31st. The shares were sold at an average price of $29.31, for a total transaction of $507,356.10. Following the transaction, the insider owned 80,725 shares in the company, valued at $2,366,049.75. The trade was a 17.66% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Derek J. Maetzold sold 20,356 shares of the stock in a transaction on Tuesday, August 4th. The shares were sold at an average price of $31.11, for a total transaction of $633,275.16. Following the completion of the sale, the insider directly owned 21,479 shares in the company, valued at approximately $668,211.69. This represents a 48.66% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 211,606 shares of company stock worth $6,867,628 over the last quarter. Insiders own 6.10% of the company’s stock.

Hedge Funds Weigh In On Castle Biosciences

Hedge funds have recently added to or reduced their stakes in the company. BlackRock Inc. bought a new stake in Castle Biosciences in the second quarter worth about $78,513,000. Jefferies Financial Group Inc. bought a new position in Castle Biosciences in the 2nd quarter valued at $15,440,000. Renaissance Technologies LLC grew its position in Castle Biosciences by 8.1% in the 1st quarter. Renaissance Technologies LLC now owns 532,800 shares of the company’s stock valued at $13,080,000 after acquiring an additional 39,700 shares during the last quarter. AIGH Capital Management LLC purchased a new stake in Castle Biosciences in the second quarter worth $13,001,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in Castle Biosciences in the second quarter worth $7,912,000. 92.60% of the stock is currently owned by institutional investors.

Castle Biosciences Company Profile

Castle Biosciences, Inc is a molecular diagnostics company that develops and commercializes tests designed to help physicians diagnose cancer, assess disease risk and guide treatment decisions. The company focuses on conditions in which additional biological information can complement traditional pathology and clinical assessment.

Its portfolio includes DecisionDx-Melanoma, which helps evaluate the risk of metastatic recurrence in patients with cutaneous melanoma; DecisionDx-SCC, which assesses metastatic risk in cutaneous squamous cell carcinoma; and DecisionDx-UM, a test for determining metastatic risk in uveal melanoma.