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

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) was the recipient of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 7,320,000 shares, an increase of 5.9% from the September 30th total of 6,910,000 shares. Based on an average daily trading volume, of 1,180,000 shares, the short-interest ratio is currently 6.2 days.

Hedge Funds Weigh In On Black Diamond Therapeutics

A number of large investors have recently made changes to their positions in BDTX. Vontobel Holding Ltd. purchased a new position in shares of Black Diamond Therapeutics during the 3rd quarter valued at $68,000. Algert Global LLC purchased a new position in Black Diamond Therapeutics during the second quarter worth about $133,000. The Manufacturers Life Insurance Company bought a new position in Black Diamond Therapeutics in the 2nd quarter worth about $280,000. Affinity Asset Advisors LLC purchased a new stake in shares of Black Diamond Therapeutics in the 2nd quarter valued at about $3,029,000. Finally, Marshall Wace LLP bought a new stake in shares of Black Diamond Therapeutics during the 2nd quarter valued at about $441,000. 95.47% of the stock is owned by institutional investors.

Black Diamond Therapeutics Stock Up 5.5 %

BDTX stock opened at $2.89 on Friday. The business has a 50 day moving average of $4.48 and a 200-day moving average of $5.09. The firm has a market cap of $163.31 million, a PE ratio of -1.92 and a beta of 2.47. Black Diamond Therapeutics has a 12-month low of $1.62 and a 12-month high of $7.66.

Black Diamond Therapeutics (NASDAQ:BDTX) last announced its earnings results on Tuesday, August 6th. The company reported ($0.36) earnings per share (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 -1.44 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on BDTX shares. Wedbush reiterated an “outperform” rating and set a $16.00 price objective on shares of Black Diamond Therapeutics in a report on Tuesday, October 8th. Piper Sandler lifted their price target on Black Diamond Therapeutics from $12.00 to $15.00 and gave the company an “overweight” rating in a research note on Monday, September 23rd. HC Wainwright reissued a “buy” rating and set a $11.00 price objective on shares of Black Diamond Therapeutics in a report on Wednesday, October 9th. Finally, Raymond James initiated coverage on Black Diamond Therapeutics in a report on Wednesday, July 31st. They issued an “outperform” rating and a $20.00 target price on the stock.

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.