Castle Biosciences price target raised to $28 from $25 at KeyBanc

KeyBanc analyst Paul Knight raised the firm’s price target on Castle Biosciences to $28 from $25 and keeps an Overweight rating on the shares. Castle Biosciences’ FY23 was marked by a 60% surge in annual revenue to $219.8M, significantly exceeding projections, and adjusted EBITDA reached a positive $9.4M in Q4, the analyst tells investors in a research note. Guidance of flat year over year margins in FY24 was disappointing, but the interconnection between its squamous cell carcinoma and DecisionDx Melanoma tests is compelling, the firm says.