Black Diamond Therapeutics (NASDAQ:BDTX) Raised to "Hold" at Wall Street Zen

Key Points

• Wall Street Zen upgraded Black Diamond Therapeutics from “sell” to “hold,” while the broader analyst consensus remains “Moderate Buy,” with seven Buy, two Hold, and one Sell rating and an average price target of $11.
• BDTX shares opened at $1.88, down 9.6%, and remain near their 52-week low of $1.60. The company reported a quarterly loss of $0.17 per share, beating analysts’ expected loss of $0.20.
• Institutional investors hold 95.47% of the stock, with BlackRock initiating a $7.25 million position and other funds increasing their stakes. Black Diamond is developing precision medicines for genetically defined cancers using its MasterKey platform.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) was upgraded by stock analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday, Wall Street Zen reports.

Several other analysts have also recently commented on BDTX. TD Cowen restated a "buy" rating on shares of Black Diamond Therapeutics in a report on Thursday, August 6th. Jefferies Financial Group reaffirmed a "buy" rating on shares of Black Diamond Therapeutics in a research note on Thursday, August 6th. Raymond James Financial reaffirmed an "outperform" rating on shares of Black Diamond Therapeutics in a report on Thursday, August 6th. Finally, Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Black Diamond Therapeutics in a research note on Friday, October 9th. Seven equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $11.00.

Black Diamond Therapeutics Stock Down 9.6%

Shares of BDTX stock opened at $1.88 on Friday. Black Diamond Therapeutics has a one year low of $1.60 and a one year high of $4.94. The stock has a fifty day moving average price of $1.98 and a 200 day moving average price of $2.14.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.20) by $0.03. On average, research analysts forecast that Black Diamond Therapeutics will post -0.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. BlackRock Inc. bought a new position in shares of Black Diamond Therapeutics in the second quarter valued at $7,247,000. Renaissance Technologies LLC lifted its stake in shares of Black Diamond Therapeutics by 73.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,643,747 shares of the company's stock valued at $3,501,000 after purchasing an additional 694,012 shares during the period. Dimensional Fund Advisors LP increased its holdings in shares of Black Diamond Therapeutics by 51.9% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,301,664 shares of the company's stock worth $2,772,000 after purchasing an additional 444,649 shares in the last quarter. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Black Diamond Therapeutics in the second quarter worth about $2,022,000. Finally, AWM Investment Company Inc. purchased a new position in shares of Black Diamond Therapeutics in the 2nd quarter worth $1,850,000. 95.47% of the stock is owned by institutional investors.

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 MasterKey platform to identify cancer-driving mutations and develop small-molecule therapies intended to address mutations across multiple tumor types, rather than focusing exclusively on a single tissue or cancer diagnosis.

Its pipeline has included brain-penetrant targeted therapies designed for patients with oncogenic alterations in pathways such as EGFR and RAF.

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