Black Diamond Therapeutics (NASDAQ:BDTX) Now Covered by Analysts 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 assumed coverage on shares of Black Diamond Therapeutics (NASDAQ:BDTX - Free Report) in a research report released on Wednesday morning, MarketBeat.com reports. The brokerage issued a buy rating and a $8.00 target price on the stock.

A number of other research firms also recently weighed in on BDTX. Wall Street Zen downgraded shares of Black Diamond Therapeutics from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Raymond James Financial raised Black Diamond Therapeutics to an "outperform" rating and set a $11.00 target price on the stock in a report on Tuesday, July 1st. Zacks Research raised Black Diamond Therapeutics to a "strong-buy" rating in a report on Monday, August 11th. Finally, HC Wainwright reduced their target price on Black Diamond Therapeutics from $12.00 to $10.00 and set a "buy" rating on the stock in a report on Monday, August 11th. One investment analyst has rated the stock with a Strong Buy rating and six have given a Buy rating to the company's stock. According to MarketBeat, Black Diamond Therapeutics presently has an average rating of "Buy" and an average price target of $11.67.

Black Diamond Therapeutics Price Performance

NASDAQ BDTX traded up $0.11 on Wednesday, reaching $3.05. The stock had a trading volume of 845,577 shares, compared to its average volume of 765,356. The firm has a fifty day moving average of $2.79 and a two-hundred day moving average of $2.20. Black Diamond Therapeutics has a 1-year low of $1.20 and a 1-year high of $6.33. The company has a market cap of $173.67 million, a P/E ratio of 13.26 and a beta of 2.93.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last released its quarterly earnings results on Thursday, August 7th. The company reported ($0.19) earnings per share for the quarter, beating analysts' consensus estimates of ($0.25) by $0.06. Research analysts predict that Black Diamond Therapeutics will post -1.3 EPS for the current fiscal year.

Institutional Trading of Black Diamond Therapeutics

Several institutional investors and hedge funds have recently modified their holdings of the business. Vestal Point Capital LP lifted its position 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. Tang Capital Management LLC grew its stake in shares of Black Diamond Therapeutics by 51.1% during the fourth 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. Marshall Wace LLP bought a new stake in shares of Black Diamond Therapeutics during the second quarter worth $1,830,000. Dimensional Fund Advisors LP grew its stake in shares of Black Diamond Therapeutics by 158.5% during the fourth quarter. Dimensional Fund Advisors LP now owns 661,436 shares of the company's stock worth $1,416,000 after buying an additional 405,579 shares during the last quarter. Finally, Millennium Management LLC grew its stake in shares of Black Diamond Therapeutics by 503.0% during the fourth 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. 95.47% of the stock is currently owned by institutional investors.

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.