Derek J. Maetzold, President and CEO of Castle Biosciences Inc . (NASDAQ:CSTL), recently sold shares of the company's stock valued at approximately $750,296. The transactions, executed on December 13 and 16, involved multiple trades with sale prices ranging from $28.47 to $29.16 per share. The sale comes as Castle Biosciences maintains a "GREAT" financial health score according to InvestingPro analysis, with the stock showing impressive momentum of over 26% growth in the past six months.
The sales included a significant transaction of 11,059 shares at an average price of $28.833, alongside several smaller transactions. Post-sale, Maetzold continues to hold a substantial number of shares directly and indirectly through various trusts. These transactions were conducted under a Rule 10b5-1 trading plan. The company maintains a strong balance sheet with a current ratio of 7.78, and InvestingPro analysis reveals 8 additional key insights about the company's valuation and growth prospects, available in the comprehensive Pro Research Report.
In other recent news, Castle Biosciences reported a significant rise of 39% in third-quarter revenue to $85.8 million, led by increased test volumes and higher selling prices for its DecisionDx-SCC test. The strong performance prompted the company to adjust its full-year revenue guidance to between $320 million and $330 million. BTIG, KeyBanc, Baird, and Canaccord Genuity have responded positively to these developments, raising their price targets for Castle Biosciences to $45, $36, $39, and $42, respectively.
In addition to its financial performance, Castle Biosciences has been focusing on expanding its diagnostic test offerings, notably IDgenetix and TissueCypher, contributing to the company's robust results. The company is also optimistic about a favorable decision from Novitas on genetic testing, which could impact its SCC test. However, the Centers for Medicare & Medicaid Services has extended the coverage decision deadline to an unspecified date.
Furthermore, despite the 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. These recent developments highlight the company's dedication to innovation and financial growth.
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