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

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) was the target of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 6,330,000 shares, a decline of 13.5% from the October 15th total of 7,320,000 shares. Based on an average daily volume of 1,210,000 shares, the days-to-cover ratio is currently 5.2 days.

Black Diamond Therapeutics Stock Performance

Shares of Black Diamond Therapeutics stock opened at $2.62 on Friday. The stock has a market capitalization of $148.24 million, a price-to-earnings ratio of -1.97 and a beta of 2.51. Black Diamond Therapeutics has a 52-week low of $2.09 and a 52-week high of $7.66. The company’s 50 day moving average price is $3.83 and its 200-day moving average price is $4.92.

Black Diamond Therapeutics (NASDAQ:BDTX) last posted its earnings results on Tuesday, November 5th. The company reported ($0.28) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.37) by $0.09. As a group, equities research analysts forecast that Black Diamond Therapeutics will post -1.3 earnings per share for the current fiscal year.

Institutional Trading of Black Diamond Therapeutics

Several large investors have recently bought and sold shares of BDTX. Charles Schwab Investment Management Inc. grew its position in shares of Black Diamond Therapeutics by 6.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 109,224 shares of the company’s stock worth $475,000 after buying an additional 7,021 shares during the period. Walleye Capital LLC purchased a new stake in Black Diamond Therapeutics in the third quarter worth about $49,000. MetLife Investment Management LLC increased its stake in shares of Black Diamond Therapeutics by 129.1% during the third quarter. MetLife Investment Management LLC now owns 22,286 shares of the company’s stock valued at $97,000 after purchasing an additional 12,557 shares in the last quarter. Intech Investment Management LLC bought a new position in Black Diamond Therapeutics during the 3rd quarter valued at approximately $56,000. Finally, Vontobel Holding Ltd. bought a new position in shares of Black Diamond Therapeutics during the third quarter valued at $68,000. 95.47% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on BDTX shares. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price objective on shares of Black Diamond Therapeutics in a report on Wednesday, November 6th. Piper Sandler upped their price objective on Black Diamond Therapeutics from $12.00 to $15.00 and gave the stock an “overweight” rating in a report on Monday, September 23rd. Raymond James initiated coverage on shares of Black Diamond Therapeutics in a research note on Wednesday, July 31st. They issued an “outperform” rating and a $20.00 price objective for the company. Finally, Wedbush reissued an “outperform” rating and issued a $16.00 price target on shares of Black Diamond Therapeutics in a research note on Tuesday, October 8th.

Black Diamond Therapeutics Company Profile

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.