Black Diamond Therapeutics (NASDAQ:BDTX) Stock Price Up 0.5% – Here’s Why

Shares of Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) traded up 0.5% on Tuesday . The company traded as high as $2.28 and last traded at $2.23. Approximately 324,045 shares changed hands during trading, a decline of 57% from the average session volume of 749,450 shares. The stock had previously closed at $2.22.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on the company. Zacks Research cut Black Diamond Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. Guggenheim downgraded shares of Black Diamond Therapeutics from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 3rd. Piper Sandler decreased their target price on shares of Black Diamond Therapeutics from $9.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, January 16th. Finally, Weiss Ratings reiterated a “sell (d+)” rating on shares of Black Diamond Therapeutics in a report on Monday, December 29th. Five equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, Black Diamond Therapeutics presently has a consensus rating of “Moderate Buy” and a consensus price target of $9.33.

Black Diamond Therapeutics Stock Performance

The business’s fifty day moving average price is $2.53 and its 200-day moving average price is $3.12. The stock has a market cap of $127.04 million, a PE ratio of 6.19 and a beta of 3.36.

Hedge Funds Weigh In On Black Diamond Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of the company. Arrowstreet Capital Limited Partnership increased its position in Black Diamond Therapeutics by 549.2% during the third quarter. Arrowstreet Capital Limited Partnership now owns 896,853 shares of the company’s stock valued at $3,399,000 after acquiring an additional 758,709 shares during the last quarter. Marshall Wace LLP bought a new stake in shares of Black Diamond Therapeutics during the 2nd quarter valued at about $1,830,000. WINTON GROUP Ltd purchased a new stake in shares of Black Diamond Therapeutics during the 4th quarter valued at about $1,024,000. Dimensional Fund Advisors LP increased its position in shares of Black Diamond Therapeutics by 88.0% during the 4th quarter. Dimensional Fund Advisors LP now owns 857,015 shares of the company’s stock valued at $2,083,000 after purchasing an additional 401,145 shares during the last quarter. Finally, Renaissance Technologies LLC lifted its stake in shares of Black Diamond Therapeutics by 58.4% in the 4th quarter. Renaissance Technologies LLC now owns 949,735 shares of the company’s stock worth $2,308,000 after purchasing an additional 350,335 shares during the period. 95.47% of the stock is currently owned by hedge funds and other institutional investors.

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.