BlackRock Inc. Acquires New Holdings in Black Diamond Therapeutics, Inc. $BDTX

Key Points

• BlackRock initiated a sizable position in Black Diamond Therapeutics, purchasing 3.92 million shares worth approximately $7.25 million, representing about 6.84% of the company. Institutional investors collectively own 95.47% of BDTX.
• BDTX reported a quarterly loss of $0.17 per share, beating analyst expectations of a $0.20 loss; analysts expect a full-year loss of $0.57 per share.
• Analyst sentiment remains broadly positive, with eight Buy ratings, two Holds and one Sell, producing a “Moderate Buy” consensus and a $10.25 price target versus the stock’s $2.12 price.

BlackRock Inc. bought a new position in Black Diamond Therapeutics, Inc. (NASDAQ:BDTX - Free Report) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 3,917,088 shares of the company's stock, valued at approximately $7,247,000. BlackRock Inc. owned about 6.84% of Black Diamond Therapeutics at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Arrowstreet Capital Limited Partnership boosted its position in shares of Black Diamond Therapeutics by 549.2% during the 3rd quarter. Arrowstreet Capital Limited Partnership now owns 896,853 shares of the company's stock valued at $3,399,000 after purchasing an additional 758,709 shares in the last quarter. Marshall Wace LLP acquired a new position in Black Diamond Therapeutics in the 2nd quarter valued at approximately $1,830,000. Renaissance Technologies LLC increased its position in Black Diamond Therapeutics by 73.1% in the 1st quarter. Renaissance Technologies LLC now owns 1,643,747 shares of the company's stock worth $3,501,000 after purchasing an additional 694,012 shares during the last quarter. Dimensional Fund Advisors LP raised its position in Black Diamond Therapeutics by 51.9% during the first quarter. Dimensional Fund Advisors LP now owns 1,301,664 shares of the company's stock valued at $2,772,000 after acquiring an additional 444,649 shares in the last quarter. Finally, WINTON GROUP Ltd bought a new position in Black Diamond Therapeutics during the fourth quarter valued at about $1,024,000. Institutional investors own 95.47% of the company's stock.

Black Diamond Therapeutics Price Performance

Shares of NASDAQ BDTX opened at $2.12 on Friday. The firm has a market cap of $121.79 million, a PE ratio of -2.83 and a beta of 3.31. The company has a 50 day simple moving average of $1.95 and a 200 day simple moving average of $2.23. Black Diamond Therapeutics, Inc. has a 1 year low of $1.60 and a 1 year high of $4.94.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last issued its earnings results on Wednesday, August 5th. The company reported ($0.17) earnings per share for the quarter, topping analysts' consensus estimates of ($0.20) by $0.03. As a group, research analysts anticipate that Black Diamond Therapeutics, Inc. will post -0.57 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the stock. TD Cowen restated a "buy" rating on shares of Black Diamond Therapeutics in a report on Thursday, August 6th. HC Wainwright reaffirmed a "buy" rating on shares of Black Diamond Therapeutics in a report on Friday, May 22nd. Jefferies Financial Group reiterated a "buy" rating on shares of Black Diamond Therapeutics in a research report on Thursday, August 6th. Weiss Ratings lowered shares of Black Diamond Therapeutics from a "sell (d)" rating to a "sell (d-)" rating in a report on Monday, July 13th. Finally, Wall Street Zen lowered Black Diamond Therapeutics from a "hold" rating to a "sell" rating in a research report on Saturday, May 9th. Eight investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $10.25.

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.

Want to see what other hedge funds are holding BDTX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Black Diamond Therapeutics, Inc. (NASDAQ:BDTX - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.