Castle Biosciences initiated with an Outperform, $54 target at Scotiabank

As previously reported, Scotiabank analyst Sung Ji Nam initiated coverage of Castle Biosciences with an Outperform rating and $54 price target. Castle has "established its differentiation as a leader in advanced diagnostics for skin cancers" since its IPO in 2019, argues the analyst, who believes Castle is well positioned to remain one of the fastest-growing companies in the diagnostics sector given its commercial track record in skin cancers, product portfolio, "compelling" product pipeline and minimal competition for most of its products.