Lake Street analyst Thomas Flaten says Castle Biosciences was on the receiving end of good news yesterday as CMS granted ADLT status to Dx-SCC at $8,500 per test and Novitas indicated it would continue to cover the test after all. The firm, which said “forgive us for our whiplash as we digest this bizarre twist from Novitas and the surprise from CMS,” added that “there is no doubt this is good news” and a “double-bonus” for Castle. Lake Street is raising its estimates and affirming its Buy rating and $32 price target on Castle shares following the developments.
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