HC Wainwright Reaffirms Buy Rating for Black Diamond Therapeutics (NASDAQ:BDTX)

Black Diamond Therapeutics (NASDAQ:BDTX)‘s stock had its “buy” rating reaffirmed by equities research analysts at HC Wainwright in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $11.00 price target on the stock. HC Wainwright’s target price indicates a potential upside of 90.64% from the company’s previous close.

Several other research analysts have also commented on the stock. Raymond James initiated coverage on shares of Black Diamond Therapeutics in a report on Wednesday, July 31st. They issued an “outperform” rating and a $20.00 price target for the company. Piper Sandler reaffirmed an “overweight” rating and set a $12.00 target price on shares of Black Diamond Therapeutics in a research note on Wednesday, July 3rd. Finally, Wedbush reissued an “outperform” rating and issued a $16.00 price target on shares of Black Diamond Therapeutics in a research note on Wednesday, August 7th.

Black Diamond Therapeutics Stock Down 5.4 %

Black Diamond Therapeutics stock opened at $5.77 on Wednesday. The firm has a fifty day moving average of $5.51 and a 200-day moving average of $5.30. Black Diamond Therapeutics has a 52-week low of $1.62 and a 52-week high of $7.66. The firm has a market capitalization of $326.06 million, a P/E ratio of -3.48 and a beta of 2.49.

Black Diamond Therapeutics (NASDAQ:BDTX) last announced its earnings results on Tuesday, August 6th. The company reported ($0.36) EPS for the quarter, beating the consensus estimate of ($0.39) by $0.03. On average, research analysts expect that Black Diamond Therapeutics will post -1.42 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the company. Ally Bridge Group NY LLC acquired a new stake in Black Diamond Therapeutics during the second quarter valued at approximately $3,891,000. Affinity Asset Advisors LLC acquired a new position in shares of Black Diamond Therapeutics in the 2nd quarter valued at $3,029,000. Bellevue Group AG increased its stake in Black Diamond Therapeutics by 4.9% in the 4th quarter. Bellevue Group AG now owns 8,535,839 shares of the company’s stock worth $23,986,000 after purchasing an additional 400,000 shares in the last quarter. TD Asset Management Inc lifted its stake in Black Diamond Therapeutics by 275.9% during the second quarter. TD Asset Management Inc now owns 266,312 shares of the company’s stock valued at $1,241,000 after buying an additional 195,464 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Black Diamond Therapeutics in the second quarter worth about $508,000. 95.47% of the stock is owned by institutional investors and hedge funds.

About Black Diamond Therapeutics

Black Diamond Therapeutics, Inc, a clinical-stage oncology medicine company, focuses on the discovery and development of MasterKey therapies for patients with genetically defined tumors. The company's lead product candidate is BDTX-1535, a brain-penetrant epidermal growth factor receptor MasterKey inhibitor, which is in phase 2 clinical trial for the treatment of epidermal growth factor receptor mutant non-small cell lung cancer, as well as phase 1 clinical trial to treat glioblastoma.