Wedbush Reiterates Outperform Rating for Black Diamond Therapeutics (NASDAQ:BDTX)

Black Diamond Therapeutics (NASDAQ:BDTX)‘s stock had its “outperform” rating reaffirmed by investment analysts at Wedbush in a research note issued on Tuesday, Benzinga reports. They presently have a $16.00 price target on the stock. Wedbush’s price objective suggests a potential upside of 161.22% from the stock’s previous close.

Other analysts have also issued reports about the company. Piper Sandler reaffirmed an “overweight” rating and set a $12.00 target price on shares of Black Diamond Therapeutics in a research report on Wednesday, July 3rd. HC Wainwright reaffirmed a “buy” rating and set a $11.00 target price on shares of Black Diamond Therapeutics in a research report on Wednesday, September 4th. Finally, Raymond James started coverage on Black Diamond Therapeutics in a research report on Wednesday, July 31st. They set an “outperform” rating and a $20.00 target price on the stock.

Black Diamond Therapeutics Price Performance

Shares of BDTX opened at $6.13 on Tuesday. The stock’s 50-day moving average is $5.62 and its two-hundred day moving average is $5.33. The stock has a market cap of $344.55 million, a PE ratio of -3.69 and a beta of 2.49. 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, topping analysts’ consensus estimates of ($0.39) by $0.03. On average, research analysts anticipate that Black Diamond Therapeutics will post -1.4 earnings per share for the current year.

Institutional Trading of Black Diamond Therapeutics

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Algert Global LLC acquired a new position in Black Diamond Therapeutics in the second quarter valued at approximately $133,000. The Manufacturers Life Insurance Company acquired a new position in Black Diamond Therapeutics during the 2nd quarter valued at about $280,000. Affinity Asset Advisors LLC bought a new position in Black Diamond Therapeutics in the 2nd quarter worth about $3,029,000. Marshall Wace LLP acquired a new stake in shares of Black Diamond Therapeutics in the second quarter valued at approximately $441,000. Finally, Ally Bridge Group NY LLC bought a new stake in shares of Black Diamond Therapeutics during the second quarter valued at approximately $3,891,000. 95.47% of the stock is owned by institutional investors.

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.