Black Diamond Therapeutics (NASDAQ:BDTX) Releases Earnings Results

Black Diamond Therapeutics (NASDAQ:BDTX) posted its earnings results on Wednesday. The company reported ($0.17) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.18) by $0.01, FiscalAI reports.

Black Diamond Therapeutics Price Performance

Black Diamond Therapeutics stock traded up $0.01 during midday trading on Wednesday, reaching $1.79. The company had a trading volume of 384,210 shares, compared to its average volume of 1,157,156. Black Diamond Therapeutics has a 12-month low of $1.60 and a 12-month high of $4.94. The company has a market capitalization of $102.57 million, a P/E ratio of -2.32 and a beta of 3.28. The firm’s fifty day simple moving average is $1.86 and its 200-day simple moving average is $2.28.

Hedge Funds Weigh In On Black Diamond Therapeutics

A number of hedge funds have recently made changes to their positions in the company. Invesco Ltd. lifted its position in shares of Black Diamond Therapeutics by 152.5% in the first quarter. Invesco Ltd. now owns 45,989 shares of the company’s stock valued at $71,000 after acquiring an additional 27,777 shares in the last quarter. AQR Capital Management LLC acquired a new position in Black Diamond Therapeutics in the 1st quarter valued at $84,000. American Century Companies Inc. purchased a new position in Black Diamond Therapeutics in the 2nd quarter valued at $30,000. Prudential Financial Inc. acquired a new stake in Black Diamond Therapeutics during the 2nd quarter worth $32,000. Finally, Arrowstreet Capital Limited Partnership acquired a new stake in Black Diamond Therapeutics during the 2nd quarter worth $343,000. Institutional investors and hedge funds own 95.47% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on BDTX. Jefferies Financial Group raised Black Diamond Therapeutics to a “strong-buy” rating in a report on Thursday, April 23rd. HC Wainwright restated a “buy” rating on shares of Black Diamond Therapeutics in a research report on Friday, May 22nd. TD Cowen reaffirmed a “buy” rating on shares of Black Diamond Therapeutics in a research note on Friday, May 22nd. Raymond James Financial reiterated an “outperform” rating on shares of Black Diamond Therapeutics in a research report on Friday, May 22nd. Finally, BTIG Research increased their target price on Black Diamond Therapeutics from $10.00 to $11.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. One analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating, two have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $9.83.

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.