Black Diamond Therapeutics' (BDTX) "Buy" Rating Reaffirmed at HC Wainwright

Key Points

• HC Wainwright reaffirmed its “Buy” rating on Black Diamond Therapeutics, while analyst coverage overall remains favorable with a consensus “Moderate Buy” rating and an $11.00 price target.
• BDTX shares traded at $1.86, near their one-year low of $1.60, with a market capitalization of approximately $106.9 million. The company reported a quarterly loss of $0.17 per share, beating estimates of a $0.20 loss.
• Institutional ownership is substantial at 95.47%, with BlackRock and other investment firms recently initiating or increasing positions in the clinical-stage cancer therapeutics company.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report)'s stock had its "buy" rating reaffirmed by analysts at HC Wainwright in a note issued to investors on Thursday, Benzinga reports.

Several other research firms have also weighed in on BDTX. Jefferies Financial Group reiterated a "buy" rating on shares of Black Diamond Therapeutics in a research note on Thursday, August 6th. Wall Street Zen upgraded shares of Black Diamond Therapeutics from a "sell" rating to a "hold" rating in a research note on Saturday, October 24th. TD Cowen reiterated a "buy" rating on shares of Black Diamond Therapeutics in a research note on Thursday, August 6th. Raymond James Financial reiterated an "outperform" rating on shares of Black Diamond Therapeutics in a research note on Thursday, August 6th. Finally, Weiss Ratings reiterated a "sell (d-)" rating on shares of Black Diamond Therapeutics in a research note on Friday, October 9th. Seven investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $11.00.

Black Diamond Therapeutics Price Performance

Shares of NASDAQ:BDTX traded up $0.03 during midday trading on Thursday, reaching $1.86. The company had a trading volume of 548,817 shares, compared to its average volume of 1,023,089. The stock's fifty day moving average price is $1.96 and its 200-day moving average price is $2.20. The stock has a market capitalization of $106.86 million, a P/E ratio of -2.48 and a beta of 3.32. Black Diamond Therapeutics has a one year low of $1.60 and a one year high of $4.94.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.20) by $0.03. As a group, sell-side analysts forecast that Black Diamond Therapeutics will post -0.57 earnings per share for the current year.

Hedge Funds Weigh In On Black Diamond Therapeutics

Several hedge funds and other institutional investors have recently modified their holdings of BDTX. BlackRock Inc. acquired a new position in shares of Black Diamond Therapeutics during the second quarter valued at $7,247,000. Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Black Diamond Therapeutics during the second quarter valued at $2,022,000. AWM Investment Company Inc. acquired a new position in shares of Black Diamond Therapeutics during the second quarter valued at $1,850,000. Renaissance Technologies LLC boosted its holdings in shares of Black Diamond Therapeutics by 73.1% during the first quarter. Renaissance Technologies LLC now owns 1,643,747 shares of the company's stock valued at $3,501,000 after acquiring an additional 694,012 shares during the period. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of Black Diamond Therapeutics by 51.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,301,664 shares of the company's stock valued at $2,772,000 after acquiring an additional 444,649 shares during the period. Institutional investors and hedge funds own 95.47% of the company's stock.

Black Diamond Therapeutics Company Profile

Black Diamond Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing precision medicines for genetically defined cancers. The company uses its proprietary MasterKey platform to identify and develop small-molecule therapies designed to address oncogenic mutations across multiple tumor types, including alterations that may be difficult to target with conventional approaches.

Black Diamond's pipeline has included brain-penetrant therapies for cancers affecting the central nervous system.