Wedbush Issues Positive Forecast for Black Diamond Therapeutics (NASDAQ:BDTX) Stock Price

Black Diamond Therapeutics (NASDAQ:BDTX) had its price target hoisted by Wedbush from $13.00 to $14.00 in a report published on Tuesday,Benzinga reports. The brokerage currently has an outperform rating on the stock.

Several other research firms have also commented on BDTX. Zacks Research lowered Black Diamond Therapeutics from a “strong-buy” rating to a “hold” rating in a research note on Friday, February 6th. Weiss Ratings reaffirmed a “sell (d+)” rating on shares of Black Diamond Therapeutics in a research note on Monday, December 29th. Guggenheim cut Black Diamond Therapeutics from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 3rd. Finally, Piper Sandler reduced their price objective on Black Diamond Therapeutics from $9.00 to $8.00 and set an “overweight” rating for the company in a research note on Friday, January 16th. Five analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, Black Diamond Therapeutics currently has an average rating of “Moderate Buy” and an average price target of $9.83.

Black Diamond Therapeutics Stock Performance

Black Diamond Therapeutics stock opened at $2.23 on Tuesday. The stock has a market capitalization of $127.05 million, a P/E ratio of 6.03 and a beta of 3.34. The company’s fifty day moving average price is $2.42 and its 200 day moving average price is $3.06. Black Diamond Therapeutics has a 1 year low of $1.20 and a 1 year high of $4.94.

Black Diamond Therapeutics (NASDAQ:BDTX) last announced its earnings results on Monday, March 16th. The company reported ($0.14) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.18) by $0.04. Sell-side analysts predict that Black Diamond Therapeutics will post -1.3 EPS for the current year.

Institutional Investors Weigh In On Black Diamond Therapeutics

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Geode Capital Management LLC lifted its stake in shares of Black Diamond Therapeutics by 1.1% in the 4th quarter. Geode Capital Management LLC now owns 505,780 shares of the company’s stock valued at $1,229,000 after purchasing an additional 5,257 shares during the last quarter. Engineers Gate Manager LP grew its holdings in shares of Black Diamond Therapeutics by 48.9% during the 4th quarter. Engineers Gate Manager LP now owns 19,701 shares of the company’s stock worth $48,000 after purchasing an additional 6,469 shares during the period. Kathmere Capital Management LLC increased its position in shares of Black Diamond Therapeutics by 31.0% during the 4th quarter. Kathmere Capital Management LLC now owns 31,822 shares of the company’s stock worth $77,000 after purchasing an additional 7,539 shares during the last quarter. Bank of America Corp DE raised its holdings 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 valued at $164,000 after buying an additional 7,972 shares during the period. Finally, Cerity Partners LLC purchased a new stake in Black Diamond Therapeutics in the 2nd quarter valued at about $26,000. Hedge funds and other institutional investors own 95.47% of the company’s stock.

Black Diamond Therapeutics Company 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.