Black Diamond Therapeutics (NASDAQ:BDTX) Downgraded by Guggenheim to Neutral

Guggenheim cut shares of Black Diamond Therapeutics (NASDAQ:BDTX) from a buy rating to a neutral rating in a report issued on Wednesday morning, MarketBeat Ratings reports.

BDTX has been the topic of several other research reports. Piper Sandler assumed coverage on shares of Black Diamond Therapeutics in a research report on Tuesday, November 18th. They set an “overweight” rating and a $9.00 target price on the stock. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Black Diamond Therapeutics in a research report on Monday. Stifel Nicolaus initiated coverage on Black Diamond Therapeutics in a research report on Wednesday, October 15th. They issued a “buy” rating and a $8.00 price objective on the stock. Zacks Research lowered Black Diamond Therapeutics from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Finally, Wall Street Zen cut Black Diamond Therapeutics from a “buy” rating to a “hold” rating in a research note on Saturday, August 9th. One research analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Black Diamond Therapeutics has an average rating of “Moderate Buy” and an average target price of $9.50.

Black Diamond Therapeutics Stock Down 22.0%

NASDAQ BDTX opened at $2.69 on Wednesday. Black Diamond Therapeutics has a 52 week low of $1.20 and a 52 week high of $4.94. The business has a 50 day moving average price of $3.89 and a 200-day moving average price of $3.11. The company has a market cap of $153.26 million, a price-to-earnings ratio of 7.47 and a beta of 3.33.

Black Diamond Therapeutics (NASDAQ:BDTX) last issued its earnings results on Thursday, November 6th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.22) by $0.07. On average, equities research analysts anticipate that Black Diamond Therapeutics will post -1.3 earnings per share for the current year.

Hedge Funds Weigh In On Black Diamond Therapeutics

Several hedge funds have recently made changes to their positions in the stock. XTX Topco Ltd increased its holdings in shares of Black Diamond Therapeutics by 20.6% in the third quarter. XTX Topco Ltd now owns 216,195 shares of the company’s stock worth $819,000 after purchasing an additional 36,961 shares during the period. Qube Research & Technologies Ltd grew its position in Black Diamond Therapeutics by 17.8% during the third quarter. Qube Research & Technologies Ltd now owns 78,266 shares of the company’s stock worth $297,000 after buying an additional 11,815 shares in the last quarter. Bank of America Corp DE increased its stake in Black Diamond Therapeutics by 22.5% in the 3rd quarter. Bank of America Corp DE now owns 43,359 shares of the company’s stock worth $164,000 after acquiring an additional 7,972 shares during the last quarter. Virtu Financial LLC bought a new position in Black Diamond Therapeutics in the 3rd quarter worth about $39,000. Finally, Man Group plc raised its holdings in shares of Black Diamond Therapeutics by 88.4% in the 3rd quarter. Man Group plc now owns 78,326 shares of the company’s stock valued at $297,000 after acquiring an additional 36,749 shares in the last quarter. 95.47% of the stock is currently owned by hedge funds and other institutional investors.

Black Diamond Therapeutics Company Profile

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.