Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) Sees Large Decline in Short Interest

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) saw a significant decrease in short interest in October. As of October 31st, there was short interest totalling 6,330,000 shares, a decrease of 13.5% from the October 15th total of 7,320,000 shares. Based on an average daily volume of 1,210,000 shares, the days-to-cover ratio is presently 5.2 days.

Hedge Funds Weigh In On Black Diamond Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. Affinity Asset Advisors LLC acquired a new position in shares of Black Diamond Therapeutics during the second quarter valued at about $3,029,000. TD Asset Management Inc increased its stake in Black Diamond Therapeutics by 275.9% during the 2nd quarter. TD Asset Management Inc now owns 266,312 shares of the company’s stock valued at $1,241,000 after purchasing an additional 195,464 shares in the last quarter. Ally Bridge Group NY LLC acquired a new stake in shares of Black Diamond Therapeutics during the second quarter worth $3,891,000. Vontobel Holding Ltd. acquired a new stake in shares of Black Diamond Therapeutics during the third quarter worth $68,000. Finally, Acadian Asset Management LLC increased its position in shares of Black Diamond Therapeutics by 13.8% in the 1st quarter. Acadian Asset Management LLC now owns 170,510 shares of the company’s stock valued at $864,000 after acquiring an additional 20,616 shares during the period. 95.47% of the stock is owned by hedge funds and other institutional investors.

Black Diamond Therapeutics Price Performance

BDTX stock traded down $0.23 during trading on Friday, reaching $2.62. 442,206 shares of the company traded hands, compared to its average volume of 598,251. The business has a 50 day simple moving average of $3.83 and a 200 day simple moving average of $4.91. Black Diamond Therapeutics has a 12 month low of $2.09 and a 12 month high of $7.66.

Black Diamond Therapeutics (NASDAQ:BDTX) last released its quarterly earnings results on Tuesday, November 5th. The company reported ($0.28) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.09. Research analysts predict that Black Diamond Therapeutics will post -1.3 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts have weighed in on the company. Raymond James started coverage on Black Diamond Therapeutics in a report on Wednesday, July 31st. They issued an “outperform” rating and a $20.00 target price for the company. Wedbush reaffirmed an “outperform” rating and issued a $16.00 price objective on shares of Black Diamond Therapeutics in a research note on Tuesday, October 8th. HC Wainwright reissued a “buy” rating and set a $11.00 target price on shares of Black Diamond Therapeutics in a research report on Wednesday, November 6th. Finally, Piper Sandler upped their price target on shares of Black Diamond Therapeutics from $12.00 to $15.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd.

Black Diamond Therapeutics Company Profile

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.