Black Diamond Therapeutics (NASDAQ:BDTX) Given New $11.00 Price Target at BTIG Research

Key Points

• BTIG Research raised its price target on Black Diamond Therapeutics to $11.00 (from $10.00) and kept a "buy" rating, a target that implies roughly a 307% upside from the recent share price (~$2.70).
• Analyst sentiment is mixed-but-positive with a consensus rating of "Moderate Buy" (one Strong Buy, six Buy, two Hold, one Sell) and a Street consensus target around $10.00.
• Black Diamond is a precision oncology company (lead program BDTX-189, an allosteric mutant HER2 inhibitor); the stock has a market cap of about $155M, trades near $2.70, and is ~95% institutionally owned.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) had its price target hoisted by equities researchers at BTIG Research from $10.00 to $11.00 in a research note issued on Wednesday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. BTIG Research's price objective would suggest a potential upside of 307.41% from the stock's previous close.

Other equities analysts have also recently issued research reports about the stock. Wedbush lifted their target price on shares of Black Diamond Therapeutics from $13.00 to $14.00 and gave the stock an "outperform" rating in a research report on Tuesday, March 17th. Weiss Ratings upgraded shares of Black Diamond Therapeutics from a "sell (d)" rating to a "sell (d+)" rating in a research report on Tuesday, April 21st. Zacks Research cut shares of Black Diamond Therapeutics from a "strong-buy" rating to a "hold" rating in a research report on Friday, February 6th. HC Wainwright reiterated a "buy" rating on shares of Black Diamond Therapeutics in a research report on Wednesday. Finally, Jefferies Financial Group upgraded shares of Black Diamond Therapeutics to a "strong-buy" rating in a research report on Thursday, April 23rd. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $10.00.

Black Diamond Therapeutics Stock Performance

Black Diamond Therapeutics stock opened at $2.70 on Wednesday. The firm's fifty day moving average price is $2.45 and its 200-day moving average price is $2.88. The stock has a market cap of $154.68 million, a P/E ratio of 7.30 and a beta of 3.38. Black Diamond Therapeutics has a fifty-two week low of $1.46 and a fifty-two week high of $4.94.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last issued its earnings results on Monday, March 16th. The company reported ($0.14) EPS for the quarter, topping analysts' consensus estimates of ($0.18) by $0.04. On average, analysts predict that Black Diamond Therapeutics will post -0.62 earnings per share for the current year.

Institutional Investors Weigh In On Black Diamond Therapeutics

Large investors have recently added to or reduced their stakes in the company. Cerity Partners LLC bought a new stake in shares of Black Diamond Therapeutics during the 2nd quarter valued at about $26,000. Hudson Bay Capital Management LP bought a new stake in shares of Black Diamond Therapeutics during the 2nd quarter valued at about $26,000. nVerses Capital LLC bought a new stake in shares of Black Diamond Therapeutics during the 4th quarter valued at about $26,000. Stokes Family Office LLC bought a new stake in shares of Black Diamond Therapeutics during the 4th quarter valued at about $27,000. Finally, Brookstone Capital Management bought a new stake in shares of Black Diamond Therapeutics during the 1st quarter valued at about $30,000. Institutional investors own 95.47% of the company's stock.

About Black Diamond Therapeutics

Black Diamond Therapeutics, Inc is a precision oncology company focused on the discovery and development of small-molecule therapies that selectively target oncogenic proteins bearing tumor-driving mutations. Leveraging its proprietary Genetic Defined Allosteric (GDA) therapeutic platform, the company aims to identify unique allosteric binding sites in mutant proteins and engineer highly selective inhibitors. Headquartered in Cambridge, Massachusetts, Black Diamond applies structure-based drug design and molecular modeling to advance personalized cancer treatments.

The company's development pipeline includes lead candidate BDTX-189, an allosteric inhibitor of mutant HER2, as well as programs directed at clinically relevant EGFR and KRAS mutations.

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