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

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) was the target of a large growth in short interest in October. As of October 15th, there was short interest totalling 7,320,000 shares, a growth of 5.9% from the September 30th total of 6,910,000 shares. Based on an average daily volume of 1,180,000 shares, the days-to-cover ratio is currently 6.2 days.

Hedge Funds Weigh In On Black Diamond Therapeutics

A number of large investors have recently made changes to their positions in the business. Susquehanna Fundamental Investments LLC purchased a new position in shares of Black Diamond Therapeutics during the 1st quarter valued at $82,000. Acadian Asset Management LLC grew its stake in Black Diamond Therapeutics by 13.8% in the first quarter. Acadian Asset Management LLC now owns 170,510 shares of the company’s stock valued at $864,000 after purchasing an additional 20,616 shares in the last quarter. SG Americas Securities LLC acquired a new position in Black Diamond Therapeutics in the 2nd quarter worth about $108,000. Bank of New York Mellon Corp purchased a new stake in shares of Black Diamond Therapeutics during the 2nd quarter worth about $508,000. Finally, Rhumbline Advisers lifted its holdings in shares of Black Diamond Therapeutics by 10,334.3% during the 2nd quarter. Rhumbline Advisers now owns 46,850 shares of the company’s stock valued at $218,000 after buying an additional 46,401 shares during the last quarter. Institutional investors and hedge funds own 95.47% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on BDTX. Wedbush restated an “outperform” rating and set a $16.00 target price on shares of Black Diamond Therapeutics in a report on Tuesday, October 8th. Raymond James began coverage on Black Diamond Therapeutics in a report on Wednesday, July 31st. They issued an “outperform” rating and a $20.00 target price on the stock. Piper Sandler upped their target price on Black Diamond Therapeutics from $12.00 to $15.00 and gave the company an “overweight” rating in a report on Monday, September 23rd. Finally, HC Wainwright reiterated a “buy” rating and issued a $11.00 price target on shares of Black Diamond Therapeutics in a research report on Wednesday, October 9th.

Black Diamond Therapeutics Stock Performance

NASDAQ BDTX opened at $2.74 on Friday. The firm’s 50 day moving average price is $4.55 and its two-hundred day moving average price is $5.10. Black Diamond Therapeutics has a twelve month low of $1.62 and a twelve month high of $7.66. The stock has a market cap of $154.82 million, a price-to-earnings ratio of -1.90 and a beta of 2.47.

Black Diamond Therapeutics (NASDAQ:BDTX) last issued its quarterly earnings results on Tuesday, August 6th. The company reported ($0.36) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.39) by $0.03. On average, research analysts forecast that Black Diamond Therapeutics will post -1.44 EPS for the current fiscal year.

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.