Canaccord reiterates a Buy rating and $35 price target on Castle Biosciences shares and recommends buying on weakness in light of a final noncoverage decision announced on July 4 by the Palmetto MolDX program for the DecisionDx-SCC test. While the firm says it appears likely that Novitas will also not cover DDx-SCC in its final LCD, Canaccord views these decisions as “clearing events that should help investors re-focus on Castle’s attractive fundamentals” and the company’s “robust core revenue growth and gross margins,” the analyst tells investors.
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