In a recent filing with the Securities and Exchange Commission, Castle Biosciences Inc . (NASDAQ:CSTL) reported that Daniel Bradbury, a director of the company, executed a series of stock sales totaling $243,692. The transactions took place on December 3, 2024, and involved the sale of common stock at prices ranging from $30.951 to $31.32 per share. The stock, which has delivered a remarkable 60.77% return over the past year according to InvestingPro, currently trades at $32.16, slightly above the director's sale price.
The sales were conducted through various trusts and entities associated with Bradbury, including BioBrit, LLC, the Daniel Bradbury Irrevocable Descendant's Trust, and the Annette Bradbury Irrevocable Descendant's Trust. Following these transactions, Bradbury holds shares indirectly through these entities and the Bradbury Family Trust. InvestingPro analysis indicates the company maintains strong financial health with a GREAT overall score, and analysts maintain a Strong Buy consensus on the stock.
These transactions were made under a pre-arranged trading plan adopted by Bradbury in May 2024, in accordance with Rule 10b5-1, which allows insiders to set up a trading plan for selling stocks in a manner that avoids insider trading accusations. According to InvestingPro, the company holds more cash than debt and maintains strong liquidity, with current assets well exceeding short-term obligations. For deeper insights into Castle Biosciences' financial health and valuation metrics, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.
In other recent news, Castle Biosciences displayed a strong financial performance with a 39% increase in third-quarter revenue, reaching $85.8 million. This growth was mainly driven by an increase in test volume and higher selling prices for its DecisionDx-SCC test. Following these results, Castle Biosciences revised its full-year revenue guidance to between $320 million and $330 million. Analyst firms BTIG, KeyBanc, Baird, and Canaccord Genuity responded positively to this development, with respective price target upgrades to $45, $36, $39, and a maintained target of $42. In addition, Castle Biosciences is optimistic about receiving extended payments for its Squamous Cell Carcinoma test from Novitas. However, the exact timing for this update remains uncertain. The company is also planning to launch a new test by the end of 2025, focusing on strategic investments for long-term growth. These are among the recent developments concerning Castle Biosciences.
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