Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) Short Interest Update

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX - Get Free Report) was the recipient of a large drop in short interest in May. As of May 15th, there was short interest totalling 8,080,000 shares, a drop of 14.4% from the April 30th total of 9,440,000 shares. Currently, 15.7% of the company's stock are short sold. Based on an average trading volume of 3,280,000 shares, the days-to-cover ratio is presently 2.5 days.

Analyst Ratings Changes

BDTX has been the topic of several research reports. Wedbush reaffirmed an "outperform" rating and issued a $11.00 price target on shares of Black Diamond Therapeutics in a report on Wednesday, March 19th. HC Wainwright increased their price objective on Black Diamond Therapeutics from $11.00 to $12.00 and gave the stock a "buy" rating in a research note on Tuesday, March 18th. Stifel Nicolaus lowered their price objective on shares of Black Diamond Therapeutics from $16.00 to $15.00 and set a "buy" rating on the stock in a research report on Friday, March 7th. Finally, Wall Street Zen upgraded shares of Black Diamond Therapeutics from a "hold" rating to a "buy" rating in a report on Thursday, May 22nd. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Black Diamond Therapeutics has an average rating of "Buy" and a consensus target price of $14.60.

Insider Buying and Selling

In related news, major shareholder Growth N. V. Biotech sold 5,784,292 shares of the business's stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $2.07, for a total value of $11,973,484.44. Following the transaction, the insider now owns 2,733,547 shares in the company, valued at approximately $5,658,442.29. The trade was a 67.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 5.97% of the stock is owned by company insiders.

Institutional Investors Weigh In On Black Diamond Therapeutics

Hedge funds have recently added to or reduced their stakes in the company. Tang Capital Management LLC raised its stake in shares of Black Diamond Therapeutics by 51.1% in the fourth quarter. Tang Capital Management LLC now owns 2,070,209 shares of the company's stock valued at $4,430,000 after buying an additional 700,000 shares during the period. Renaissance Technologies LLC raised its position in shares of Black Diamond Therapeutics by 256.2% in the fourth quarter. Renaissance Technologies LLC now owns 904,000 shares of the company's stock valued at $1,935,000 after purchasing an additional 650,200 shares during the period. Vestal Point Capital LP raised its position in shares of Black Diamond Therapeutics by 11.4% in the fourth quarter. Vestal Point Capital LP now owns 5,600,000 shares of the company's stock valued at $11,984,000 after purchasing an additional 571,500 shares during the period. Affinity Asset Advisors LLC purchased a new stake in shares of Black Diamond Therapeutics during the 4th quarter valued at approximately $1,197,000. Finally, Boxer Capital Management LLC bought a new position in Black Diamond Therapeutics in the 4th quarter worth approximately $1,083,000. Institutional investors and hedge funds own 95.47% of the company's stock.

Black Diamond Therapeutics Price Performance

BDTX stock traded up $0.04 during mid-day trading on Thursday, reaching $2.58. The company had a trading volume of 539,565 shares, compared to its average volume of 1,518,001. Black Diamond Therapeutics has a 52 week low of $1.20 and a 52 week high of $6.75. The company has a market capitalization of $146.42 million, a price-to-earnings ratio of -1.94 and a beta of 2.63. The stock has a 50 day simple moving average of $1.72 and a two-hundred day simple moving average of $2.04.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last issued its quarterly earnings data on Thursday, March 6th. The company reported ($0.28) EPS for the quarter, beating analysts' consensus estimates of ($0.31) by $0.03. On average, equities analysts predict that Black Diamond Therapeutics will post -1.3 EPS for the current year.

About Black Diamond Therapeutics

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.