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

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) was the target of a significant decrease in short interest in the month of 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.

Institutional Trading of Black Diamond Therapeutics

Hedge funds and other institutional investors have recently modified their holdings of the company. Vestal Point Capital LP lifted its position in shares of Black Diamond Therapeutics by 139.5% in 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 last quarter. Geode Capital Management LLC grew its position in Black Diamond Therapeutics by 12.2% during the third quarter. Geode Capital Management LLC now owns 944,877 shares of the company’s stock worth $4,111,000 after buying an additional 102,445 shares in the last quarter. Ally Bridge Group NY LLC acquired a new position in shares of Black Diamond Therapeutics in the second quarter valued at $3,891,000. State Street Corp raised its stake in shares of Black Diamond Therapeutics by 17.2% in the third quarter. State Street Corp now owns 809,196 shares of the company’s stock valued at $3,520,000 after purchasing an additional 118,764 shares in the last quarter. Finally, Point72 Asset Management L.P. acquired a new stake in Black Diamond Therapeutics during the third quarter worth $3,032,000. 95.47% of the stock is currently owned by hedge funds and other institutional investors.

Black Diamond Therapeutics Stock Performance

Shares of NASDAQ BDTX traded down $0.11 during trading on Monday, hitting $2.51. The company had a trading volume of 213,409 shares, compared to its average volume of 807,214. The company has a market cap of $142.02 million, a P/E ratio of -1.93 and a beta of 2.51. The business’s 50-day moving average is $3.83 and its 200 day moving average is $4.91. Black Diamond Therapeutics has a 52 week low of $2.12 and a 52 week 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 (EPS) for the quarter, beating analysts’ consensus estimates of ($0.37) by $0.09. On average, research analysts expect that Black Diamond Therapeutics will post -1.3 EPS for the current year.

Wall Street Analyst Weigh In

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

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.