Lake Street analyst Thomas Flaten maintains $Castle Biosciences (CSTL.US)$ with a buy rating, and adjusts the target price from $34 to $40.
According to TipRanks data, the analyst has a success rate of 40.8% and a total average return of 3.2% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Castle Biosciences (CSTL.US)$'s main analysts recently are as follows:
Castle Biosciences has reported another quarter of robust financial performance, surpassing expectations and demonstrating its second successive quarter of GAAP profitability. The positive risk/reward profile of the stock is evident, and there is a strong possibility that reimbursement for the company's squamous cell carcinoma test may be extended beyond the current period. This is based on the fact that the company has been receiving payments for over two and a half years and has effectively gathered further evidence and data that could justify ongoing Medicare reimbursement.
The firm indicated that Castle Biosciences delivered a solid third quarter, with revenues meeting expectations and showing promising operational expenditure leverage. The company saw overall volume growth, although dermatology volumes fell short of estimates, which was attributed to seasonal factors. Furthermore, the TissueCypher product continued to exhibit strong momentum.
The company's expansion in test volumes, particularly in IDgenetix and TissueCypher, has been noted as contributing to robust quarterly results and an upward revision in revenue guidance.
Note:
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