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) posted its quarterly earnings data on Thursday. The company reported ($0.19) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.25) by $0.06, Zacks reports.

Black Diamond Therapeutics Stock Performance

Black Diamond Therapeutics stock traded up $0.12 during midday trading on Friday, hitting $2.40. 745,708 shares of the company's stock were exchanged, compared to its average volume of 966,504. Black Diamond Therapeutics has a 12-month low of $1.20 and a 12-month high of $6.75. The stock has a market cap of $136.46 million, a price-to-earnings ratio of 10.44 and a beta of 2.87. The firm's 50 day simple moving average is $2.64 and its 200 day simple moving average is $2.15.

Hedge Funds Weigh In On Black Diamond Therapeutics

An institutional investor recently raised its position in Black Diamond Therapeutics stock. Invesco Ltd. lifted its position in shares of Black Diamond Therapeutics, Inc. (NASDAQ:BDTX - Free Report) by 152.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 45,989 shares of the company's stock after acquiring an additional 27,777 shares during the period. Invesco Ltd. owned 0.08% of Black Diamond Therapeutics worth $71,000 as of its most recent filing with the SEC. Hedge funds and other institutional investors own 95.47% of the company's stock.

Analyst Ratings Changes

Several brokerages have recently commented on BDTX. Wall Street Zen downgraded shares of Black Diamond Therapeutics from a "buy" rating to a "hold" rating in a research note on Saturday. Raymond James Financial upgraded shares of Black Diamond Therapeutics to an "outperform" rating and set a $11.00 price target on the stock in a research note on Tuesday, July 1st. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $12.80.

About Black Diamond Therapeutics

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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