Black Diamond Therapeutics (NASDAQ:BDTX) Upgraded by Zacks Research to Strong-Buy Rating

Black Diamond Therapeutics (NASDAQ:BDTX) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research note issued on Thursday,Zacks.com reports.

Several other equities research analysts have also commented on the stock. Stifel Nicolaus started coverage on shares of Black Diamond Therapeutics in a report on Wednesday, October 15th. They issued a “buy” rating and a $8.00 price target for the company. Piper Sandler assumed coverage on shares of Black Diamond Therapeutics in a research note on Tuesday, November 18th. They issued an “overweight” rating and a $9.00 price objective for the company. Weiss Ratings restated a “sell (d+)” rating on shares of Black Diamond Therapeutics in a report on Monday, December 29th. Finally, Guggenheim cut Black Diamond Therapeutics from a “buy” rating to a “neutral” rating in a research report on Wednesday, December 3rd. Two research analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $9.50.

Black Diamond Therapeutics Trading Up 1.1%

Shares of BDTX stock opened at $2.81 on Thursday. Black Diamond Therapeutics has a twelve month low of $1.20 and a twelve month high of $4.94. The stock has a fifty day simple moving average of $3.22 and a two-hundred day simple moving average of $3.17. The stock has a market capitalization of $160.09 million, a price-to-earnings ratio of 7.81 and a beta of 3.40.

Black Diamond Therapeutics (NASDAQ:BDTX) last announced its quarterly earnings results on Thursday, November 6th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.22) by $0.07. Research analysts predict that Black Diamond Therapeutics will post -1.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Black Diamond Therapeutics

Institutional investors and hedge funds have recently bought and sold shares of the company. R Squared Ltd acquired a new position in shares of Black Diamond Therapeutics during the second quarter worth $25,000. Cerity Partners LLC acquired a new stake in shares of Black Diamond Therapeutics in the 2nd quarter worth $26,000. Hudson Bay Capital Management LP purchased a new position in Black Diamond Therapeutics during the 2nd quarter worth $26,000. Wealth Enhancement Advisory Services LLC purchased a new position in Black Diamond Therapeutics during the 2nd quarter worth $28,000. Finally, American Century Companies Inc. purchased a new stake in Black Diamond Therapeutics in the second quarter valued at about $30,000. 95.47% of the stock is owned by hedge funds and other institutional investors.

About Black Diamond Therapeutics

Black Diamond Therapeutics, Inc is a precision oncology company focused on the discovery and development of small-molecule therapies that selectively target oncogenic proteins bearing tumor-driving mutations. Leveraging its proprietary Genetic Defined Allosteric (GDA) therapeutic platform, the company aims to identify unique allosteric binding sites in mutant proteins and engineer highly selective inhibitors. Headquartered in Cambridge, Massachusetts, Black Diamond applies structure-based drug design and molecular modeling to advance personalized cancer treatments.

The company’s development pipeline includes lead candidate BDTX-189, an allosteric inhibitor of mutant HER2, as well as programs directed at clinically relevant EGFR and KRAS mutations.