Castle Biosciences (CSTL) Receives a Buy from SVB Securities

In a report released on September 21, Puneet Souda from SVB Securities maintained a Buy rating on Castle Biosciences (CSTLResearch Report), with a price target of $50.00. The company’s shares closed yesterday at $25.00.

Souda covers the Healthcare sector, focusing on stocks such as Illumina, Exact Sciences, and Myriad Genetics. According to TipRanks, Souda has an average return of -11.9% and a 33.90% success rate on recommended stocks.

Castle Biosciences has an analyst consensus of Strong Buy, with a price target consensus of $48.33, implying a 93.32% upside from current levels. In a report released on September 20, Robert W. Baird also reiterated a Buy rating on the stock with a $48.00 price target.

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Based on Castle Biosciences’ latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $34.84 million and a GAAP net loss of $1.65 million. In comparison, last year the company earned a revenue of $22.76 million and had a GAAP net loss of $8.79 million

Based on the recent corporate insider activity of 54 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of CSTL in relation to earlier this year.

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Castle Biosciences, Inc. is a commercial-stage dermatological cancer company, which engages in the provision of genomic information for physicians and patients. The company offers DecisionDx-Melanoma, a proprietary multi-gene expression profile (GEP) test that predicts the risk of metastasis and recurrence for patients diagnosed with invasive cutaneous melanoma. It also markets DecisionDx-UM, which is a proprietary GEP test that predicts the risk of metastasis for patients with uveal melanoma. The company was founded by Derek J. Maetzold in September 2007 and is headquartered in Friendswood, TX.

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