Raymond James Begins Coverage on Black Diamond Therapeutics (NASDAQ:BDTX)

Raymond James started coverage on shares of Black Diamond Therapeutics (NASDAQ:BDTX) in a research report released on Wednesday morning, MarketBeat reports. The brokerage issued an outperform rating and a $20.00 price objective on the stock.

Several other equities research analysts also recently issued reports on the stock. Wedbush boosted their price objective on shares of Black Diamond Therapeutics from $10.00 to $16.00 and gave the stock an outperform rating in a research note on Monday, April 8th. HC Wainwright reiterated a buy rating and set a $11.00 price objective on shares of Black Diamond Therapeutics in a research note on Friday, June 7th. Finally, Piper Sandler reiterated an overweight rating and set a $12.00 price objective on shares of Black Diamond Therapeutics in a research note on Wednesday, July 3rd.

Black Diamond Therapeutics Stock Performance

Shares of BDTX opened at $5.76 on Wednesday. The company has a market capitalization of $324.02 million, a price-to-earnings ratio of -3.47 and a beta of 2.49. The company’s 50 day simple moving average is $5.30 and its 200 day simple moving average is $4.98. Black Diamond Therapeutics has a 1 year low of $1.62 and a 1 year high of $7.66.

Black Diamond Therapeutics (NASDAQ:BDTX) last released its earnings results on Thursday, May 9th. The company reported ($0.35) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.44) by $0.09. Equities analysts expect that Black Diamond Therapeutics will post -1.43 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Bellevue Group AG lifted its position in shares of Black Diamond Therapeutics by 4.9% during the fourth quarter. Bellevue Group AG now owns 8,535,839 shares of the company’s stock worth $23,986,000 after purchasing an additional 400,000 shares in the last quarter. TD Asset Management Inc lifted its position in shares of Black Diamond Therapeutics by 275.9% during the second quarter. TD Asset Management Inc now owns 266,312 shares of the company’s stock worth $1,241,000 after purchasing an additional 195,464 shares in the last quarter. Acadian Asset Management LLC lifted its position in shares of Black Diamond Therapeutics by 13.8% during the first quarter. Acadian Asset Management LLC now owns 170,510 shares of the company’s stock worth $864,000 after purchasing an additional 20,616 shares in the last quarter. Foundations Investment Advisors LLC lifted its position in shares of Black Diamond Therapeutics by 17.7% during the second quarter. Foundations Investment Advisors LLC now owns 113,550 shares of the company’s stock worth $529,000 after purchasing an additional 17,050 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new position in shares of Black Diamond Therapeutics during the second quarter worth $508,000. 95.47% of the stock is owned by institutional investors and hedge funds.

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.