Black Diamond Therapeutics (NASDAQ:BDTX) Trading Down 1.1% - Here's What Happened

Key Points

• Black Diamond Therapeutics shares fell 1.1% on Friday, trading between $1.78 and $1.79 on volume of 708,166 shares, well below its average daily volume.
• Recent analyst activity was mixed, but the stock still carries a consensus Moderate Buy rating with a $9.83 average price target. HC Wainwright and BTIG remained bullish, while some firms issued downgrades.
• The company recently reported a smaller-than-expected quarterly loss of $0.16 per share, beating estimates, while institutional ownership remains high at 95.47%.

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX - Get Free Report) traded down 1.1% on Friday . The company traded as low as $1.78 and last traded at $1.79. 708,166 shares were traded during trading, a decline of 62% from the average daily volume of 1,840,584 shares. The stock had previously closed at $1.81.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on BDTX. HC Wainwright reiterated a "buy" rating on shares of Black Diamond Therapeutics in a report on Friday, May 22nd. BTIG Research boosted their target price on Black Diamond Therapeutics from $10.00 to $11.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Wall Street Zen lowered Black Diamond Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. Jefferies Financial Group upgraded shares of Black Diamond Therapeutics to a "strong-buy" rating in a research report on Thursday, April 23rd. Finally, Weiss Ratings downgraded shares of Black Diamond Therapeutics from a "sell (d)" rating to a "sell (d-)" rating in a research note on Monday. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $9.83.

Black Diamond Therapeutics Stock Down 1.1%

The firm's 50-day simple moving average is $2.11 and its 200-day simple moving average is $2.36. The firm has a market capitalization of $102.57 million, a PE ratio of -2.32 and a beta of 3.25.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last released its earnings results on Thursday, May 7th. The company reported ($0.16) earnings per share for the quarter, beating analysts' consensus estimates of ($0.18) by $0.02. On average, equities research analysts forecast that Black Diamond Therapeutics, Inc. will post -0.6 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the company. WINTON GROUP Ltd purchased a new stake in Black Diamond Therapeutics during the 4th quarter valued at $1,024,000. Jump Financial LLC purchased a new position in shares of Black Diamond Therapeutics in the second quarter valued at about $32,000. nVerses Capital LLC purchased a new position in shares of Black Diamond Therapeutics in the fourth quarter valued at about $26,000. Cerity Partners LLC bought a new position in shares of Black Diamond Therapeutics during the second quarter valued at about $26,000. Finally, Bank of America Corp DE raised its stake in shares of Black Diamond Therapeutics by 123.4% during the first quarter. Bank of America Corp DE now owns 114,143 shares of the company's stock valued at $243,000 after acquiring an additional 63,040 shares during the last quarter. Institutional investors own 95.47% of the company's stock.

Black Diamond Therapeutics Company Profile

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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