Scotiabank analyst Sung Ji Nam maintains $Castle Biosciences (CSTL.US)$ with a buy rating, and adjusts the target price from $37 to $44.
According to TipRanks data, the analyst has a success rate of 49.0% and a total average return of -0.4% 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 reported another robust quarter of financial performance, surpassing expectations and achieving its second successive quarter of GAAP profitability. The positive risk/reward profile of the company's stock is emphasized. There is a significant possibility that payment for the company's squamous cell carcinoma test could be extended past the fourth quarter, considering that the company has been receiving payments for over two and a half years and has been effective in producing further evidence and data that may justify ongoing Medicare reimbursement.
Castle Biosciences experienced a solid third quarter with revenues aligning with projections and a positive trend in operational expenditure leverage. The company saw overall volume growth, although dermatology volumes fell short of expectations due to seasonal factors, while TissueCypher continued to show impressive momentum.
While coverage decisions for the SCC test continue to be a point of concentration, it is observed that the company is augmenting volumes for other tests, including growth in IDgenetix and TissueCypher. The robust performance of these tests has played a significant role in the company's impressive quarterly results and the subsequent elevation in revenue projections.
Note:
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Success rate is the number of the analyst's successful ratings, divided by his/her total number of ratings over the past year. A successful rating is one based on if TipRanks' virtual portfolio earned a positive return from the stock. Total average return is the average rate of return that the TipRanks' virtual portfolio has earned over the past year. These portfolios are established based on the analyst's preliminary rating and are adjusted according to the changes in the rating.
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