Daniel Bradbury, director at Castle Biosciences Inc . (NASDAQ:), reported sales of $229,225 worth of company stock, according to its most recent SEC filing. The transactions took place on January 6, 2025, and the shares were sold at prices ranging from $28.39 to $29.82. The stock has shown remarkable momentum, gaining more than 20% in the past week and almost 80% in the past six months, according to InvestingPro data.
The sale, conducted under a Rule 10b5-1 trading plan, involves multiple transactions. Bradbury sold 1,530 shares at $28.39, 434 shares at the same price, and 3,015 shares at $29.41, among others. Following this transaction, Bradbury held shares through various trusts and LLCs, the ownership of which remains indirect. InvestingPro The analysis shows that the company maintains a strong financial position with a current ratio of 7.78, indicating that it has liquidity.
The filing highlights Bradbury's continued involvement with Castle Biosciences, a medical laboratory services company. Based on InvestingPro's fair value analysis, the stock appears overvalued at current levels, trading at a P/E ratio of 146.5x. Investors often monitor such insider transactions to gain insight into the company's leadership's confidence in the company's prospects.
In other recent news, Castle Biosciences, a precision diagnostics company, has made significant strides in the medical diagnostics industry. The company saw a 39% increase in revenue for the third quarter, reaching $85.8 million, primarily due to increased test volume and higher sales prices for the DecisionDx-SCC test. This strong performance led to an upward revision of full-year revenue guidance to between $320 million and $330 million.
The company also received approval from the New York Department of Health for the TissueCypher Barrett's Esophagus test, a milestone. This AI-powered precision medicine test is designed to predict a person's risk of progression from Barrett's esophagus to esophageal cancer.
Analyst firms Canaccord Genuity, BTIG, KeyBanc, and Baird responded positively to this development, adjusting their price targets for Castle Biosciences higher. Canaccord Genuity reiterated a Buy rating with a $42.00 target price, BTIG increased their price target to $45.00, KeyBanc raised their price target to $36.00, and Baird raised the price target to $36.00. $39.00.
In addition to this development, Castle Biosciences plans to launch an atopic dermatitis trial by the end of 2025. This test has shown potential in identifying patients who may respond best to targeted therapy, which can lead to reduced use of healthcare resources. These recent developments highlight Castle Biosciences' strong financial performance and confidence in growth.
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