Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) Short Interest Up 5.9% in October

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX - Get Free Report) 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 trading volume, of 1,180,000 shares, the short-interest ratio is presently 6.2 days.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC purchased a new position in shares of Black Diamond Therapeutics during the first quarter valued at $82,000. Acadian Asset Management LLC boosted its stake in shares of Black Diamond Therapeutics by 13.8% in the 1st quarter. Acadian Asset Management LLC now owns 170,510 shares of the company's stock valued at $864,000 after buying an additional 20,616 shares during the period. SG Americas Securities LLC acquired a new position in Black Diamond Therapeutics during the second quarter worth approximately $108,000. Bank of New York Mellon Corp acquired a new position in shares of Black Diamond Therapeutics in the second quarter valued at approximately $508,000. Finally, Rhumbline Advisers boosted its position in Black Diamond Therapeutics by 10,334.3% during the second quarter. Rhumbline Advisers now owns 46,850 shares of the company's stock worth $218,000 after purchasing an additional 46,401 shares in the last quarter. 95.47% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BDTX has been the topic of a number of research analyst reports. 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. Wedbush restated an "outperform" rating and set a $16.00 target price on shares of Black Diamond Therapeutics in a research report on Tuesday, October 8th. HC Wainwright restated a "buy" rating and set a $11.00 price target on shares of Black Diamond Therapeutics in a research report on Wednesday, October 9th. Finally, Piper Sandler upped their target price on shares of Black Diamond Therapeutics from $12.00 to $15.00 and gave the stock an "overweight" rating in a research note on Monday, September 23rd.

Black Diamond Therapeutics Stock Performance

Black Diamond Therapeutics stock traded down $0.13 during trading hours on Thursday, hitting $2.74. 656,697 shares of the stock were exchanged, compared to its average volume of 826,828. Black Diamond Therapeutics has a 12 month low of $1.62 and a 12 month high of $7.66. The business's 50-day moving average is $4.55 and its two-hundred day moving average is $5.10. The stock has a market capitalization of $154.82 million, a P/E ratio of -1.90 and a beta of 2.47.

Black Diamond Therapeutics (NASDAQ:BDTX - Get Free Report) last announced its quarterly earnings results on Tuesday, August 6th. The company reported ($0.36) EPS for the quarter, beating analysts' consensus estimates of ($0.39) by $0.03. On average, equities analysts predict that Black Diamond Therapeutics will post -1.44 earnings per share 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.