Black Diamond Therapeutics (NASDAQ:BDTX) Shares Up 2% – Here’s What Happened

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX)’s share price shot up 2% on Wednesday . The stock traded as high as $2.62 and last traded at $2.50. 990,814 shares traded hands during mid-day trading, an increase of 62% from the average session volume of 613,096 shares. The stock had previously closed at $2.45.

Analysts Set New Price Targets

Several brokerages have recently weighed in on BDTX. Zacks Research lowered Black Diamond Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Friday, February 6th. Weiss Ratings restated a “sell (d+)” rating on shares of Black Diamond Therapeutics in a report on Monday, December 29th. Wedbush upped their price objective on Black Diamond Therapeutics from $13.00 to $14.00 and gave the company an “outperform” rating in a report on Tuesday, March 17th. Finally, Piper Sandler cut 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, January 16th. Five analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Black Diamond Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus target price of $9.83.

Black Diamond Therapeutics Stock Down 0.8%

The business has a 50-day moving average price of $2.29 and a 200-day moving average price of $2.96. The company has a market capitalization of $146.66 million, a price-to-earnings ratio of 6.92 and a beta of 3.38.

Black Diamond Therapeutics (NASDAQ:BDTX) last announced its earnings results on Monday, March 16th. The company reported ($0.14) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.04. As a group, sell-side analysts predict that Black Diamond Therapeutics, Inc. will post -1.3 EPS for the current year.

Institutional Investors Weigh In On Black Diamond Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Invesco Ltd. raised its position in shares of Black Diamond Therapeutics by 37.9% during the fourth quarter. Invesco Ltd. now owns 131,438 shares of the company’s stock worth $319,000 after purchasing an additional 36,094 shares during the period. Mackenzie Financial Corp acquired a new stake in shares of Black Diamond Therapeutics during the fourth quarter worth $876,000. nVerses Capital LLC acquired a new stake in shares of Black Diamond Therapeutics during the fourth quarter worth $26,000. Stokes Family Office LLC acquired a new stake in shares of Black Diamond Therapeutics during the fourth quarter worth $27,000. Finally, Verdad Advisers LP acquired a new position in Black Diamond Therapeutics during the fourth quarter valued at $234,000. 95.47% of the stock is owned by institutional investors and hedge funds.

About Black Diamond Therapeutics

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.