Castle Bio falls after cancer test fails to secure insurance coverage
** Shares of medical testing provider Castle Biosciences CSTL.O down 15.1% at $18.04, hits over seven-month low
** Co fails to secure insurance coverage for its genetic test for a type of skin cancer
** One of the Medicare Administrative Contractors (MAC) maintained a non-coverage decision for co's DecisionDx-Squamous Cell Carcinoma test which predicts the cancer's aggressiveness and risk of recurrence
** A MAC is a private health insurer that processes government-backed Medicare insurance claims and acts as the primary operational contact between the Medicare program and the health care providers enrolled in it
** The "sustainability of coverage has remained a question and an overhang on CSTL," Leerink Partners analyst Puneet Souda wrote in a note, adding that pending decision from another MAC could resolve coverage questions for the test in 2024
** Including session's moves, stock down ~16% YTD
Reporting by Mariam Sunny in Bengaluru
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