BTIG analyst Mark Massaro maintains $Castle Biosciences (CSTL.US)$ with a buy rating, and adjusts the target price from $40 to $45.
According to TipRanks data, the analyst has a success rate of 30.8% and a total average return of -9.3% 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 yet another robust quarter, surpassing expectations and achieving GAAP profit for the second sequential quarter. The company's risk/reward profile remains favorable. There appears to be a strong possibility that reimbursement payments for the company's squamous cell carcinoma test could be extended past the fourth quarter. This is supported by the fact that the company has been receiving payments for over two and a half years and has effectively accumulated additional evidence and data that may justify the ongoing coverage under Medicare reimbursement.
Castle Biosciences exhibited a solid third quarter, achieving revenue expectations and demonstrating promising operational expenditure leverage. While overall volumes increased, dermatology volumes fell short of estimates attributable to seasonal patterns, yet the TissueCypher product continued to show impressive momentum.
The determination of coverage for the SCC test will continue to be a focal point, yet it is observed that the company is advancing its volume for other tests, including growth in IDgenetix and TissueCypher. These tests have played a significant role in the robust quarterly results and have been a factor in the enhanced revenue guidance.
Note:
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