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Derek Maetzold, President and CEO of Castle Biosciences Inc . (NASDAQ:CSTL), recently sold shares of the company's common stock, totaling $160,741. The transactions were executed on December 5, 2024, and involved multiple trades at prices ranging from $31.070 to $31.675 per share, with a weighted-average sale price of $31.352. According to InvestingPro data, the stock has delivered an impressive 54.64% return over the past year, with analysts setting price targets between $36 and $50.
The sales were conducted under a pre-established trading plan, as indicated in the filings. Maetzold sold a total of 5,127 shares, with transactions involving both direct holdings and shares held in various trusts. Following these transactions, Maetzold retains ownership of 85,748 shares directly and has additional holdings through various trusts.
This activity is part of a Rule 10b5-1 trading plan adopted by Maetzold and related trusts earlier in the year. The plan allows insiders to set up a predetermined schedule for selling company stocks to avoid potential conflicts of interest.
In other recent news, Castle Biosciences reported a substantial 39% increase in third-quarter revenue to $85.8 million, primarily due to increased test volume and higher selling prices for its DecisionDx-SCC test. This robust performance led the company to revise its full-year revenue guidance to between $320 million and $330 million. Analyst firms BTIG, KeyBanc, Baird, and Canaccord Genuity have responded positively to these developments, adjusting their price targets for Castle Biosciences accordingly. These adjustments reflect the company's impressive performance and anticipated growth in its diagnostic test offerings. Moreover, Castle Biosciences is optimistic about a favorable decision from Novitas on genetic testing, which could impact its SCC test. Despite uncertainties surrounding the reimbursement decision for DecisionDx-SCC, Castle Biosciences continues to pursue discussions to secure coverage, emphasizing the value of these tests in patient care. The company also plans to launch a new test by the end of 2025 and is focusing on strategic investments for long-term growth.
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