Black Diamond Therapeutics (NASDAQ:BDTX) Coverage Initiated at Guggenheim

Key Points

• Guggenheim has initiated coverage on Black Diamond Therapeutics (NASDAQ: BDTX) with a "buy" rating, reflecting positive analyst sentiment about the stock.
• Black Diamond Therapeutics reported earnings of ($0.19) per share, surpassing expectations of ($0.25), indicating better-than-anticipated performance.
• The company's market cap is approximately $167.40 million, with significant ownership (95.47%) by institutional investors and hedge funds.

Guggenheim began coverage on shares of Black Diamond Therapeutics (NASDAQ:BDTX - Free Report) in a research note released on Wednesday, September 3rd, MarketBeat.com reports. The firm issued a buy rating and a $8.00 target price on the stock.

Several other research firms also recently weighed in on BDTX. HC Wainwright reduced their price target 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. Zacks Research raised shares of Black Diamond Therapeutics to a "strong-buy" rating in a research note on Monday, August 11th. Wall Street Zen lowered shares of Black Diamond Therapeutics from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, Raymond James Financial raised 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 equities research analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. Based on data from MarketBeat.com, Black Diamond Therapeutics presently has a consensus rating of "Buy" and a consensus price target of $11.67.

Black Diamond Therapeutics Stock Performance

Shares of Black Diamond Therapeutics stock traded up $0.11 on Wednesday, hitting $3.32. The company's stock had a trading volume of 931,338 shares, compared to its average volume of 1,876,541. Black Diamond Therapeutics has a 1 year low of $1.20 and a 1 year high of $6.24. The firm has a fifty day moving average price of $2.82 and a 200-day moving average price of $2.21. The company has a market capitalization of $188.76 million, a price-to-earnings ratio of 14.41 and a beta of 2.93.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last announced its quarterly earnings results 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. As a group, analysts forecast that Black Diamond Therapeutics will post -1.3 EPS for the current year.

Institutional Trading of Black Diamond Therapeutics

A number of hedge funds have recently bought and sold shares of BDTX. Marshall Wace LLP acquired a new stake in Black Diamond Therapeutics in the 2nd quarter valued at about $1,830,000. Tang Capital Management LLC increased its holdings in shares of Black Diamond Therapeutics by 51.1% during the 4th quarter. Tang Capital Management LLC now owns 2,070,209 shares of the company's stock worth $4,430,000 after buying an additional 700,000 shares during the last quarter. Vestal Point Capital LP increased its holdings in shares of Black Diamond Therapeutics by 11.4% during the 4th quarter. Vestal Point Capital LP now owns 5,600,000 shares of the company's stock worth $11,984,000 after buying an additional 571,500 shares during the last quarter. AWM Investment Company Inc. acquired a new stake in shares of Black Diamond Therapeutics during the 1st quarter worth approximately $775,000. Finally, Millennium Management LLC increased its holdings in shares of Black Diamond Therapeutics by 503.0% during the 4th quarter. Millennium Management LLC now owns 558,076 shares of the company's stock worth $1,194,000 after buying an additional 465,531 shares during the last quarter. Institutional investors and hedge funds own 95.47% of the company's stock.

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.