Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) Sees Significant Drop in Short Interest

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) saw a significant drop in short interest during the month of December. As of December 31st, there was short interest totaling 3,787,526 shares, a drop of 39.9% from the December 15th total of 6,298,943 shares. Currently, 7.1% of the shares of the company are sold short. Based on an average trading volume of 911,959 shares, the days-to-cover ratio is currently 4.2 days. Based on an average trading volume of 911,959 shares, the days-to-cover ratio is currently 4.2 days. Currently, 7.1% of the shares of the company are sold short.

Black Diamond Therapeutics Trading Down 4.1%

Shares of BDTX stock traded down $0.11 during trading hours on Friday, reaching $2.56. The stock had a trading volume of 1,424,796 shares, compared to its average volume of 856,009. The stock’s fifty day simple moving average is $3.10 and its 200 day simple moving average is $3.18. The firm has a market capitalization of $145.86 million, a PE ratio of 7.11 and a beta of 3.40. Black Diamond Therapeutics has a 12 month low of $1.20 and a 12 month high of $4.94.

Black Diamond Therapeutics (NASDAQ:BDTX) last posted its earnings results on Thursday, November 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.22) by $0.07. As a group, equities research analysts anticipate that Black Diamond Therapeutics will post -1.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Black Diamond Therapeutics

A number of large investors have recently modified their holdings of BDTX. R Squared Ltd purchased a new stake in shares of Black Diamond Therapeutics in the 2nd quarter valued at $25,000. Cerity Partners LLC purchased a new position in shares of Black Diamond Therapeutics in the second quarter worth about $26,000. Hudson Bay Capital Management LP bought a new stake in shares of Black Diamond Therapeutics in the 2nd quarter valued at about $26,000. Wealth Enhancement Advisory Services LLC purchased a new stake in Black Diamond Therapeutics during the 2nd quarter valued at about $28,000. Finally, American Century Companies Inc. bought a new position in Black Diamond Therapeutics during the 2nd quarter worth approximately $30,000. 95.47% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have commented on BDTX shares. Guggenheim lowered shares of Black Diamond Therapeutics from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 3rd. Weiss Ratings reiterated a “sell (d+)” rating on shares of Black Diamond Therapeutics in a research note on Monday, December 29th. Zacks Research raised Black Diamond Therapeutics from a “hold” rating to a “strong-buy” rating in a research report on Thursday, January 8th. Stifel Nicolaus assumed coverage on Black Diamond Therapeutics in a research report on Wednesday, October 15th. They set a “buy” rating and a $8.00 price target on the stock. Finally, Piper Sandler decreased their price objective on Black Diamond Therapeutics from $9.00 to $8.00 and set an “overweight” rating for the company in a report on Friday. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Black Diamond Therapeutics has an average rating of “Moderate Buy” and an average price target of $9.33.

Black Diamond Therapeutics Company Profile

Black Diamond Therapeutics, Inc is a precision oncology company focused on the discovery and development of small-molecule therapies that selectively target oncogenic proteins bearing tumor-driving mutations. Leveraging its proprietary Genetic Defined Allosteric (GDA) therapeutic platform, the company aims to identify unique allosteric binding sites in mutant proteins and engineer highly selective inhibitors. Headquartered in Cambridge, Massachusetts, Black Diamond applies structure-based drug design and molecular modeling to advance personalized cancer treatments.

The company’s development pipeline includes lead candidate BDTX-189, an allosteric inhibitor of mutant HER2, as well as programs directed at clinically relevant EGFR and KRAS mutations.