Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) Given Average Recommendation of "Buy" by Brokerages

Key Points

• Black Diamond Therapeutics, Inc. has received a consensus recommendation of "Buy" from six brokerages, with an average 12-month price target of $12.40.
• The company's shares are currently trading at $2.75, which is significantly lower than its 12-month high of $6.37.
• Recent quarterly earnings reported a loss of ($0.19) earnings per share, which beat analysts' estimates by $0.06.

Shares of Black Diamond Therapeutics, Inc. (NASDAQ:BDTX - Get Free Report) have been given a consensus recommendation of "Buy" by the six brokerages that are covering the company, Marketbeat reports. Five analysts have rated the stock with a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12-month price target among brokerages that have updated their coverage on the stock in the last year is $12.40.

Several equities analysts have recently weighed in on the stock. HC Wainwright reduced their price objective on shares of Black Diamond Therapeutics from $12.00 to $10.00 and set a "buy" rating for the company in a research report on Monday, August 11th. Wall Street Zen lowered shares of Black Diamond Therapeutics from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Raymond James Financial upgraded shares of Black Diamond Therapeutics to an "outperform" rating and set a $11.00 price objective for the company in a research report on Tuesday, July 1st. Finally, Zacks Research upgraded shares of Black Diamond Therapeutics to a "strong-buy" rating in a report on Monday, August 11th.

Black Diamond Therapeutics Trading Down 3.5%

NASDAQ:BDTX opened at $2.75 on Friday. Black Diamond Therapeutics has a twelve month low of $1.20 and a twelve month high of $6.37. The company has a 50-day moving average of $2.74 and a 200-day moving average of $2.17. The firm has a market cap of $156.59 million, a price-to-earnings ratio of 11.96 and a beta of 2.87.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last posted its quarterly earnings data on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, beating the consensus estimate of ($0.25) by $0.06. On average, research analysts forecast that Black Diamond Therapeutics will post -1.3 earnings per share for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Hudson Bay Capital Management LP acquired a new position in shares of Black Diamond Therapeutics in the second quarter worth about $26,000. Tower Research Capital LLC TRC boosted its holdings in shares of Black Diamond Therapeutics by 217.6% in the second quarter. Tower Research Capital LLC TRC now owns 21,031 shares of the company's stock worth $52,000 after buying an additional 14,410 shares during the period. Man Group plc acquired a new position in shares of Black Diamond Therapeutics in the second quarter worth about $103,000. Engineers Gate Manager LP acquired a new position in shares of Black Diamond Therapeutics in the second quarter worth about $82,000. Finally, Bridgeway Capital Management LLC boosted its holdings in shares of Black Diamond Therapeutics by 34.5% during the second quarter. Bridgeway Capital Management LLC now owns 98,300 shares of the company's stock worth $244,000 after purchasing an additional 25,200 shares during the period. 95.47% of the stock is currently owned by institutional investors and hedge funds.

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.

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