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KeyBanc Thinks Castle Biosciences’ Stock is Going to Recover

In a report released today, Paul Knight from KeyBanc maintained a Buy rating on Castle Biosciences (CSTLResearch Report), with a price target of $40.00. The company’s shares closed last Tuesday at $20.28, close to its 52-week low of $18.51.

According to TipRanks.com, Knight is a 3-star analyst with an average return of 3.6% and a 41.0% success rate. Knight covers the Healthcare sector, focusing on stocks such as West Pharmaceutical Services, BioLife Solutions, and Stevanato Group.

Currently, the analyst consensus on Castle Biosciences is a Strong Buy with an average price target of $47.40, which is a 144.8% upside from current levels. In a report issued on May 9, Robert W. Baird also maintained a Buy rating on the stock with a $44.00 price target.

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Based on Castle Biosciences’ latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $25.04 million and GAAP net loss of $6.43 million. In comparison, last year the company earned revenue of $17.3 million and had a GAAP net loss of $4.89 million.

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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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