HC Wainwright Forecasts Strong Price Appreciation for Black Diamond Therapeutics (NASDAQ:BDTX) Stock

Black Diamond Therapeutics (NASDAQ:BDTX) had its target price raised by HC Wainwright from $11.00 to $12.00 in a report issued on Tuesday,Benzinga reports. The firm currently has a “buy” rating on the stock.

Several other equities research analysts have also recently issued reports on the stock. Wedbush reissued an “outperform” rating and issued a $11.00 target price (down from $16.00) on shares of Black Diamond Therapeutics in a research report on Friday, March 7th. Stifel Nicolaus cut their price target on shares of Black Diamond Therapeutics from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, March 7th. Five analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $14.60.

Black Diamond Therapeutics Stock Performance

Shares of BDTX opened at $1.72 on Tuesday. Black Diamond Therapeutics has a fifty-two week low of $1.59 and a fifty-two week high of $7.66. The stock has a fifty day moving average of $2.17 and a two-hundred day moving average of $2.93. The company has a market capitalization of $97.46 million, a PE ratio of -1.29 and a beta of 2.52.

Black Diamond Therapeutics (NASDAQ:BDTX) last released its earnings results on Thursday, March 6th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.31) by $0.03. As a group, equities research analysts forecast that Black Diamond Therapeutics will post -1.3 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the business. Vestal Point Capital LP grew its stake in Black Diamond Therapeutics by 139.5% during the third quarter. Vestal Point Capital LP now owns 5,028,500 shares of the company’s stock worth $21,874,000 after buying an additional 2,928,500 shares during the period. Tang Capital Management LLC boosted its position in Black Diamond Therapeutics by 51.1% during the 4th quarter. Tang Capital Management LLC now owns 2,070,209 shares of the company’s stock worth $4,430,000 after purchasing an additional 700,000 shares during the period. Point72 Asset Management L.P. purchased a new stake in Black Diamond Therapeutics during the 3rd quarter worth $3,032,000. Renaissance Technologies LLC increased its holdings in Black Diamond Therapeutics by 256.2% in the 4th quarter. Renaissance Technologies LLC now owns 904,000 shares of the company’s stock valued at $1,935,000 after purchasing an additional 650,200 shares in the last quarter. Finally, Affinity Asset Advisors LLC purchased a new position in Black Diamond Therapeutics in the fourth quarter valued at about $1,197,000. Hedge funds and other institutional investors own 95.47% of the company’s stock.

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.