Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) Sees Significant Drop in Short Interest

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) was the target of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 4,440,000 shares, a drop of 6.1% from the July 15th total of 4,730,000 shares. Based on an average daily volume of 689,200 shares, the short-interest ratio is presently 6.4 days.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on BDTX shares. Piper Sandler reissued an “overweight” rating and issued a $12.00 price objective on shares of Black Diamond Therapeutics in a report on Wednesday, July 3rd. Raymond James assumed coverage on Black Diamond Therapeutics in a report on Wednesday, July 31st. They issued an “outperform” rating and a $20.00 price target for the company. Wedbush restated an “outperform” rating and set a $16.00 price objective on shares of Black Diamond Therapeutics in a research note on Wednesday, August 7th. Finally, HC Wainwright reiterated a “buy” rating and set a $11.00 target price on shares of Black Diamond Therapeutics in a research note on Friday, June 7th.

Institutional Trading of Black Diamond Therapeutics

Hedge funds have recently made changes to their positions in the stock. Susquehanna Fundamental Investments LLC acquired a new stake in Black Diamond Therapeutics in the first quarter worth $82,000. SG Americas Securities LLC acquired a new stake in shares of Black Diamond Therapeutics in the 2nd quarter worth about $108,000. Algert Global LLC bought a new stake in Black Diamond Therapeutics in the 2nd quarter valued at about $133,000. Jump Financial LLC boosted its stake in Black Diamond Therapeutics by 245.0% during the 4th quarter. Jump Financial LLC now owns 38,888 shares of the company’s stock valued at $109,000 after purchasing an additional 27,616 shares during the period. Finally, Rhumbline Advisers grew its position in Black Diamond Therapeutics by 10,334.3% in the 2nd quarter. Rhumbline Advisers now owns 46,850 shares of the company’s stock worth $218,000 after purchasing an additional 46,401 shares during the last quarter. Institutional investors own 95.47% of the company’s stock.

Black Diamond Therapeutics Stock Up 10.2 %

Shares of BDTX stock opened at $5.75 on Tuesday. The company has a market cap of $323.45 million, a P/E ratio of -3.46 and a beta of 2.49. The business has a 50 day moving average of $5.35 and a two-hundred day moving average of $5.16. Black Diamond Therapeutics has a 52 week low of $1.62 and a 52 week high of $7.66.

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.