Connor Clark & Lunn Investment Management Ltd. Makes New Investment in Black Diamond Therapeutics, Inc. $BDTX

Key Points

• Connor Clark & Lunn Investment Management acquired 1,092,885 shares of Black Diamond Therapeutics, valued at approximately $2.02 million, representing a 1.90% stake. Institutional investors collectively own 95.47% of the company.
• Analyst sentiment remains broadly positive: eight analysts rate BDTX a Buy, two rate it Hold, and one rates it Sell, resulting in a consensus “Moderate Buy” rating and a $9.80 target price.
• BDTX opened at $2.23, with a market capitalization of about $128.1 million. The company reported a quarterly loss of $0.17 per share, beating estimates for a $0.20 loss, while developing precision-oncology therapies targeting mutations in HER2, EGFR, and KRAS.

Connor Clark & Lunn Investment Management Ltd. purchased a new position in Black Diamond Therapeutics, Inc. (NASDAQ:BDTX - Free Report) during the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,092,885 shares of the company's stock, valued at approximately $2,022,000. Connor Clark & Lunn Investment Management Ltd. owned 1.90% of Black Diamond Therapeutics at the end of the most recent reporting period.

Other large investors also recently bought and sold shares of the company. BlackRock Inc. acquired a new stake in Black Diamond Therapeutics in the 2nd quarter valued at about $7,247,000. Deutsche Bank AG purchased a new stake in shares of Black Diamond Therapeutics in the second quarter valued at about $85,000. Bank of New York Mellon Corp purchased a new stake in shares of Black Diamond Therapeutics in the second quarter valued at about $590,000. GSA Capital Partners LLP acquired a new stake in shares of Black Diamond Therapeutics in the second quarter valued at approximately $409,000. Finally, Bank of America Corp DE grew its position in shares of Black Diamond Therapeutics by 123.4% in the first quarter. Bank of America Corp DE now owns 114,143 shares of the company's stock valued at $243,000 after purchasing an additional 63,040 shares during the last quarter. Institutional investors and hedge funds own 95.47% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. HC Wainwright reiterated a "buy" rating on shares of Black Diamond Therapeutics in a report on Friday, May 22nd. Raymond James Financial reaffirmed an "outperform" rating on shares of Black Diamond Therapeutics in a research note on Thursday, August 6th. Wall Street Zen downgraded shares of Black Diamond Therapeutics from a "hold" rating to a "sell" rating in a research note on Saturday, May 9th. TD Cowen restated a "buy" rating on shares of Black Diamond Therapeutics in a report on Thursday, August 6th. Finally, Weiss Ratings cut shares of Black Diamond Therapeutics from a "sell (d)" rating to a "sell (d-)" rating in a research note on Monday, July 13th. Eight analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, Black Diamond Therapeutics currently has a consensus rating of "Moderate Buy" and a consensus target price of $9.80.

Black Diamond Therapeutics Stock Performance

NASDAQ BDTX opened at $2.23 on Friday. The firm has a market capitalization of $128.11 million, a price-to-earnings ratio of -2.97 and a beta of 3.28. Black Diamond Therapeutics, Inc. has a one year low of $1.60 and a one year high of $4.94. The company's 50 day moving average price is $1.91 and its 200 day moving average price is $2.23.

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 the consensus estimate of ($0.20) by $0.03. Sell-side analysts forecast that Black Diamond Therapeutics, Inc. will post -0.57 EPS for the current fiscal year.

Black Diamond Therapeutics 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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