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

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX - Get Free Report) was the recipient of 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 currently 5.2 days.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. Piper Sandler lifted their price objective on Black Diamond Therapeutics from $12.00 to $15.00 and gave the stock an "overweight" rating in a report on Monday, September 23rd. HC Wainwright reiterated a "buy" rating and issued a $11.00 price target on shares of Black Diamond Therapeutics in a research note on Wednesday, November 6th. Raymond James initiated 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 objective on the stock. Finally, Wedbush reaffirmed an "outperform" rating and issued a $16.00 target price on shares of Black Diamond Therapeutics in a research report on Tuesday, October 8th.

Hedge Funds Weigh In On Black Diamond Therapeutics

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Walleye Capital LLC purchased a new position in Black Diamond Therapeutics during the third quarter valued at approximately $49,000. Intech Investment Management LLC purchased a new position in shares of Black Diamond Therapeutics during the 3rd quarter valued at $56,000. Vontobel Holding Ltd. bought a new position in Black Diamond Therapeutics in the 3rd quarter worth $68,000. MetLife Investment Management LLC increased its stake in Black Diamond Therapeutics by 129.1% in the 3rd quarter. MetLife Investment Management LLC now owns 22,286 shares of the company's stock worth $97,000 after buying an additional 12,557 shares in the last quarter. Finally, SG Americas Securities LLC bought a new stake in Black Diamond Therapeutics during the second quarter valued at about $108,000. 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 $0.23 during midday trading on Friday, hitting $2.62. 442,206 shares of the company's stock traded hands, compared to its average volume of 809,888. The stock has a market capitalization of $148.24 million, a price-to-earnings ratio of -1.97 and a beta of 2.51. The firm has a fifty day moving average of $3.83 and a 200 day moving average of $4.91. Black Diamond Therapeutics has a 1 year low of $2.09 and a 1 year high of $7.66.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last announced its earnings results on Tuesday, November 5th. The company reported ($0.28) EPS for the quarter, beating analysts' consensus estimates of ($0.37) by $0.09. On average, equities analysts anticipate that Black Diamond Therapeutics will post -1.3 earnings per share for the current 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.