Black Diamond Therapeutics (NASDAQ:BDTX) Downgraded to Hold Rating by Wall Street Zen

Key Points

• Black Diamond Therapeutics has been downgraded from a "buy" to a "hold" rating by Wall Street Zen, impacting investor sentiment.
• Raymond James Financial has upgraded the stock to an "outperform" rating with a price target of $11.00, contrasting with Wall Street Zen's downgrade.
• The company's latest earnings report showed a loss of ($0.19) per share, which was better than analysts' expectations of ($0.25).

Wall Street Zen cut shares of Black Diamond Therapeutics (NASDAQ:BDTX - Free Report) from a buy rating to a hold rating in a report published on Saturday morning.

Separately, Raymond James Financial upgraded shares of Black Diamond Therapeutics to an "outperform" rating and set a $11.00 target price for the company in a report on Tuesday, July 1st. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $12.40.

Black Diamond Therapeutics Price Performance

Black Diamond Therapeutics stock traded up $0.19 during trading hours on Friday, reaching $2.73. The company had a trading volume of 984,387 shares, compared to its average volume of 2,012,988. Black Diamond Therapeutics has a 12-month low of $1.20 and a 12-month high of $6.75. The company has a 50-day moving average price of $2.64 and a 200 day moving average price of $2.14. The firm has a market cap of $155.16 million, a price-to-earnings ratio of 11.85 and a beta of 2.87.

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

Institutional Investors Weigh In On Black Diamond Therapeutics

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. XTX Topco Ltd grew its position in Black Diamond Therapeutics by 324.7% during the second quarter. XTX Topco Ltd now owns 179,234 shares of the company's stock valued at $444,000 after buying an additional 137,036 shares during the period. Prudential Financial Inc. purchased a new stake in shares of Black Diamond Therapeutics during the second quarter worth about $32,000. American Century Companies Inc. purchased a new position in shares of Black Diamond Therapeutics in the second quarter worth $30,000. Catalyst Funds Management Pty Ltd purchased a new stake in Black Diamond Therapeutics in the 2nd quarter worth $46,000. Finally, Bailard Inc. purchased a new stake in shares of Black Diamond Therapeutics in the second quarter worth about $39,000. Hedge funds and other institutional investors 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.