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

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX - Get Free Report) was the target of a significant increase in short interest in the month of March. As of March 31st, there was short interest totalling 10,170,000 shares, an increase of 42.0% from the March 15th total of 7,160,000 shares. Based on an average daily trading volume, of 3,290,000 shares, the short-interest ratio is currently 3.1 days. Approximately 19.7% of the shares of the company are short sold.

Insider Activity at Black Diamond Therapeutics

In related news, major shareholder Growth N. V. Biotech sold 5,784,292 shares of the company's stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $2.07, for a total value of $11,973,484.44. Following the completion of the transaction, the insider now directly owns 2,733,547 shares in the company, valued at approximately $5,658,442.29. This represents a 67.91 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 8.87% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the business. Wells Fargo & Company MN boosted its position in Black Diamond Therapeutics by 41.8% in the 4th quarter. Wells Fargo & Company MN now owns 20,119 shares of the company's stock valued at $43,000 after buying an additional 5,932 shares during the last quarter. Intech Investment Management LLC lifted its stake in shares of Black Diamond Therapeutics by 49.1% during the fourth quarter. Intech Investment Management LLC now owns 19,247 shares of the company's stock valued at $41,000 after acquiring an additional 6,340 shares during the period. Charles Schwab Investment Management Inc. lifted its stake in shares of Black Diamond Therapeutics by 6.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 109,224 shares of the company's stock valued at $475,000 after acquiring an additional 7,021 shares during the period. Rhumbline Advisers boosted its holdings in Black Diamond Therapeutics by 14.9% in the fourth quarter. Rhumbline Advisers now owns 56,135 shares of the company's stock valued at $120,000 after acquiring an additional 7,290 shares during the last quarter. Finally, Barclays PLC increased its position in Black Diamond Therapeutics by 10.7% in the fourth quarter. Barclays PLC now owns 86,545 shares of the company's stock worth $186,000 after purchasing an additional 8,394 shares during the period. 95.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research firms recently issued reports on BDTX. HC Wainwright increased their price target on shares of Black Diamond Therapeutics from $11.00 to $12.00 and gave the stock a "buy" rating in a research report on Tuesday, March 18th. Stifel Nicolaus dropped their target price on Black Diamond Therapeutics from $16.00 to $15.00 and set a "buy" rating for the company in a report on Friday, March 7th. Finally, Wedbush reaffirmed an "outperform" rating and issued a $11.00 price target on shares of Black Diamond Therapeutics in a research note on Wednesday, March 19th. Five equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $14.60.

Black Diamond Therapeutics Stock Performance

Shares of NASDAQ BDTX traded up $0.04 during mid-day trading on Wednesday, hitting $1.60. 350,402 shares of the stock were exchanged, compared to its average volume of 1,477,338. The company has a market cap of $90.38 million, a P/E ratio of -1.20 and a beta of 2.81. Black Diamond Therapeutics has a twelve month low of $1.20 and a twelve month high of $7.66. The stock's fifty day simple moving average is $1.72 and its two-hundred day simple moving average is $2.31.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last released its quarterly earnings results on Thursday, March 6th. The company reported ($0.28) earnings per share for the quarter, beating analysts' consensus estimates of ($0.31) by $0.03. As a group, equities research analysts predict that Black Diamond Therapeutics will post -1.3 earnings per share for the current fiscal year.

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.