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

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

Institutional Trading of Black Diamond Therapeutics

A number of institutional investors have recently made changes to their positions in the business. Wealth Enhancement Advisory Services LLC acquired a new position in Black Diamond Therapeutics during the 2nd quarter valued at about $28,000. Bailard Inc. acquired a new position in shares of Black Diamond Therapeutics during the second quarter valued at about $39,000. Y Intercept Hong Kong Ltd purchased a new position in shares of Black Diamond Therapeutics in the 2nd quarter valued at approximately $36,000. Catalyst Funds Management Pty Ltd acquired a new stake in Black Diamond Therapeutics in the 2nd quarter worth approximately $46,000. Finally, Ritholtz Wealth Management purchased a new stake in Black Diamond Therapeutics during the 3rd quarter worth approximately $385,000. Institutional investors and hedge funds own 95.47% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on BDTX. Piper Sandler initiated coverage on Black Diamond Therapeutics in a report on Tuesday, November 18th. They issued an “overweight” rating and a $9.00 price objective for the company. Zacks Research upgraded shares of Black Diamond Therapeutics from a “hold” rating to a “strong-buy” rating in a report on Thursday, January 8th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Black Diamond Therapeutics in a research report on Monday, December 29th. Guggenheim lowered shares of Black Diamond Therapeutics from a “buy” rating to a “neutral” rating in a report on Wednesday, December 3rd. Finally, Stifel Nicolaus started coverage on shares of Black Diamond Therapeutics in a research note on Wednesday, October 15th. They issued a “buy” rating and a $8.00 price objective for the company. Two analysts have rated the stock with a Strong Buy rating, four have assigned a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Black Diamond Therapeutics currently has a consensus rating of “Moderate Buy” and a consensus price target of $9.50.

Black Diamond Therapeutics Stock Performance

BDTX stock opened at $2.67 on Friday. The firm has a 50-day simple moving average of $3.13 and a two-hundred day simple moving average of $3.18. Black Diamond Therapeutics has a one year low of $1.20 and a one year high of $4.94. The firm has a market cap of $152.11 million, a price-to-earnings ratio of 7.42 and a beta of 3.40.

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

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.