Why Shares of Castle Biosciences Slumped This Week
Shares of Castle Biosciences (NASDAQ: CSTL) closed this week down 12.6% for the week, after being down as much as 18.3% for the week, according to data provided by S&P Global Market Intelligence. The healthcare company closed last week at $26 a share before falling to as low as $18.32 on Thursday. The stock fell after the company announced trial results for one of its diagnostic tests.
Castle specializes in diagnostic tests to help guide physicians toward better patient care. It makes and markets tests to help determine treatment plans in dermatologic cancers, uveal melanoma, Barrett's esophagus, and mental health conditions.
On Wednesday, the company released a study regarding its IDgenetix test. The results showed that patients diagnosed with moderate to severe depression saw a 35% increase in medication response and a 64% increase in remission compared to patients whose medication was not guided by IDgenetix. The test was shared in a poster presentation at the American Psychiatric Association's annual meeting in San Francisco.
Source Fool.com
