Castle Biosciences price target raised to $45 from $40 at BTIG

BTIG raised the firm’s price target on Castle Biosciences (CSTL) to $45 from $40 and keeps a Buy rating on the shares. The company reported “another strong beat and raise” quarter and delivered its second consecutive quarter of GAAP profit, the analyst tells investors in a research note. The firm continues to see a positive risk/reward on the stock. It is “very much possible” for Novitas to continue payment for Castle’s squamous cell carcinoma test beyond Q4, noting Castle been getting paid for 2.5 years now and has done a good job generating additional evidence and data that may warrant continued Medicare reimbursement coverage.