Castle Biosciences director sells over $49,000 in company stock

In a recent transaction, Daniel Bradbury, a director at Castle Biosciences Inc (NASDAQ:CSTL), sold a total of $49,087 worth of the company's stock. The sale was executed at an average price of $20.453 per share, according to a Form 4 document filed with the Securities and Exchange Commission.

The transaction, which took place on April 8, 2024, involved multiple trades with prices ranging from $20.345 to $20.570. It was conducted under a prearranged 10b5-1 trading plan, which allows insiders to set up a predetermined plan for buying or selling stocks at a future date, thus avoiding accusations of insider trading.

Bradbury's sales were spread across three separate transactions, each involving shares held indirectly through different entities. The first sale involved 761 shares with the proceeds totaling around $15,565. The second and third sales involved 819 and 820 shares, respectively, each netting similar amounts. Post-transaction, Bradbury's indirectly held shares in Castle Biosciences stood at 42,516 for BioBrit, LLC, 17,944 for the Daniel Bradbury Irrevocable Descendant's Trust, and 17,948 for the Annette Bradbury Irrevocable Descendant's Trust.

The Form 4 filing also noted that BioBrit, LLC, and both the Daniel M. Bradbury and Annette E. Bradbury Irrevocable Descendants' Trusts, through which the shares were sold, are entities in which Bradbury has a controlling interest or serves as a trustee.

Castle Biosciences, based in Friendswood, Texas, specializes in providing diagnostic and prognostic testing services for dermatologic cancers. The company's stock is publicly traded on the NASDAQ exchange under the ticker symbol CSTL.

Investors and market watchers typically monitor Form 4 filings to gain insight into the actions of a company's insiders, which can sometimes provide signals about corporate health and insider perspectives on the stock's value.

As Daniel Bradbury adjusts his holdings in Castle Biosciences, investors may consider the company's financial health and market performance to better understand the context of such transactions. Castle Biosciences currently holds a market capitalization of $560.8 million. Despite the challenges, the company's revenue has shown impressive growth, with a 60.38% increase over the last twelve months as of Q1 2023. This growth is further underscored by a quarterly revenue growth of 72.47% in Q1 2023. Moreover, Castle Biosciences boasts a strong gross profit margin of 79.53%, reflecting its ability to retain a significant portion of its sales revenue after accounting for the cost of goods sold.

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Two notable InvestingPro Tips for Castle Biosciences include the fact that the company holds more cash than debt on its balance sheet and that its liquid assets exceed short-term obligations. These points highlight the company's solid financial positioning and liquidity, which could be seen as reassuring to investors in light of Bradbury's recent stock sales. However, it's important to note that analysts do not anticipate the company to be profitable this year, and the company was not profitable over the last twelve months.

For those looking to delve deeper into Castle Biosciences' financials and potential, there are additional InvestingPro Tips available at InvestingPro . Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and explore a total of 7 tips that provide further insights into the company's performance and prospects.

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