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Daniel Bradbury, a director at Castle Biosciences Inc . (NASDAQ:CSTL), recently sold shares in the company totaling $221,636. The transactions, which took place on February 5, involved the sale of 5,017 shares by BioBrit, LLC, and an additional 2,850 shares sold through trusts associated with Bradbury. The shares were sold at a weighted-average price of $28.173, with prices ranging from $28.060 to $28.585. According to InvestingPro data, Castle Biosciences maintains excellent financial health with a "GREAT" overall score and impressive revenue growth of 62.4% over the last twelve months. Following these sales, Bradbury’s holdings in the company, through the Bradbury Family Trust, amount to 13,291 shares. The company demonstrates strong liquidity with a current ratio of 7.78 and holds more cash than debt on its balance sheet. Investors tracking this stock should note that Castle Biosciences is scheduled to report earnings on March 4, 2025. For deeper insights into CSTL’s valuation and growth prospects, InvestingPro subscribers can access the comprehensive Pro Research Report, which is part of the platform’s coverage of over 1,400 US stocks.
In other recent news, Castle Biosciences has experienced a series of significant developments. Despite expecting to meet or exceed its full-year 2024 revenue guidance, the company’s stock took a hit due to concerns surrounding the finalized Local Coverage Determination by Novitas, which removes DecisionDx-SCC as a covered test. This decision has implications for a product that generated approximately $110 million in revenue in 2024. Analyst Thomas Flaten from Lake Street emphasized the importance of strategic decisions regarding the future of DecisionDx-SCC following this development.
Castle Biosciences also reported a 36% increase in total test reports delivered in 2024, slightly missing analyst expectations. Leerink Partners cited underwhelming fourth-quarter results for the DecisionDx-Melanoma and IDgenetix tests as a contributing factor to a notable decline in the company’s shares. The company’s TissueCypher Barrett’s Esophagus test, however, saw a significant surge of 94% in test reports in the fourth quarter.
The company announced the receipt of approval from the New York State Department of Health for its TissueCypher Barrett’s Esophagus test. This AI-driven precision medicine test predicts the risk of progression from Barrett’s esophagus to esophageal cancer. Additionally, Castle Biosciences revealed plans to launch a developmental test for atopic dermatitis by the end of 2025, which shows promise in identifying patients likely to respond well to targeted therapies. These are the recent developments surrounding Castle Biosciences.
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