Black Diamond Therapeutics (NASDAQ:BDTX) Announces Earnings Results, Beats Estimates By $0.06 EPS

Key Points

• Black Diamond Therapeutics reported earnings of ($0.19) per share, exceeding analysts' expectations of ($0.25) by $0.06.
• The company's stock rose to $2.40 following the earnings announcement, although it has a volatile 12-month trading range between $1.20 and $6.75.
• Recent analyst ratings show a mix of opinions, with one brokerage downgrading the stock from "buy" to "hold" while another upgraded to "outperform" with a price target of $11.00.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) announced its earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, topping analysts' consensus estimates of ($0.25) by $0.06, Zacks reports.

Black Diamond Therapeutics Trading Up 0.7%

Shares of NASDAQ:BDTX traded up $0.02 during trading on Thursday, hitting $2.79. 1,079,040 shares of the company's stock were exchanged, compared to its average volume of 919,991. Black Diamond Therapeutics has a 1-year low of $1.20 and a 1-year high of $6.75. The firm has a 50-day moving average price of $2.65 and a two-hundred day moving average price of $2.15. The firm has a market cap of $158.86 million, a P/E ratio of 12.13 and a beta of 2.87.

Institutional Investors Weigh In On Black Diamond Therapeutics

Institutional investors have recently modified their holdings of the business. Cerity Partners LLC acquired a new stake in shares of Black Diamond Therapeutics during the 2nd quarter worth approximately $26,000. American Century Companies Inc. acquired a new position in Black Diamond Therapeutics during the second quarter valued at approximately $30,000. Jump Financial LLC acquired a new position in Black Diamond Therapeutics during the second quarter valued at approximately $32,000. Prudential Financial Inc. acquired a new position in Black Diamond Therapeutics during the second quarter valued at approximately $32,000. Finally, Invesco Ltd. grew its holdings in Black Diamond Therapeutics by 152.5% during the first quarter. Invesco Ltd. now owns 45,989 shares of the company's stock valued at $71,000 after purchasing an additional 27,777 shares during the period. Institutional investors and hedge funds own 95.47% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on BDTX shares. HC Wainwright dropped their target price on shares of Black Diamond Therapeutics from $12.00 to $10.00 and set a "buy" rating for the company in a research note on Monday. Raymond James Financial upgraded shares of Black Diamond Therapeutics to an "outperform" rating and set a $11.00 price target for the company in a research report on Tuesday, July 1st. Finally, Wall Street Zen cut shares of Black Diamond Therapeutics from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. One equities research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $12.40.

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.