Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) Short Interest Down 6.2% in November

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) was the target of a significant decline in short interest in the month of November. As of November 15th, there was short interest totalling 5,940,000 shares, a decline of 6.2% from the October 31st total of 6,330,000 shares. Based on an average trading volume of 1,180,000 shares, the days-to-cover ratio is presently 5.0 days.

Analyst Ratings Changes

BDTX has been the topic of a number of analyst reports. Wedbush reaffirmed an “outperform” rating and issued a $16.00 price objective on shares of Black Diamond Therapeutics in a report on Tuesday, October 8th. HC Wainwright restated a “buy” rating and issued a $11.00 price target on shares of Black Diamond Therapeutics in a research note on Wednesday, November 6th. Finally, Piper Sandler increased their price objective 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.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in BDTX. Vestal Point Capital LP increased its holdings in Black Diamond Therapeutics by 139.5% during the 3rd quarter. Vestal Point Capital LP now owns 5,028,500 shares of the company’s stock valued at $21,874,000 after acquiring an additional 2,928,500 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Black Diamond Therapeutics by 12.2% during the 3rd quarter. Geode Capital Management LLC now owns 944,877 shares of the company’s stock worth $4,111,000 after purchasing an additional 102,445 shares during the last quarter. Ally Bridge Group NY LLC purchased a new stake in Black Diamond Therapeutics in the 2nd quarter valued at approximately $3,891,000. State Street Corp grew its holdings in Black Diamond Therapeutics by 17.2% during the 3rd quarter. State Street Corp now owns 809,196 shares of the company’s stock valued at $3,520,000 after buying an additional 118,764 shares during the last quarter. Finally, Point72 Asset Management L.P. purchased a new position in Black Diamond Therapeutics during the third quarter worth $3,032,000. Institutional investors and hedge funds own 95.47% of the company’s stock.

Black Diamond Therapeutics Trading Down 4.6 %

Shares of Black Diamond Therapeutics stock opened at $2.47 on Wednesday. The company has a 50-day moving average of $3.17 and a two-hundred day moving average of $4.59. Black Diamond Therapeutics has a 12-month low of $2.23 and a 12-month high of $7.66. The stock has a market cap of $139.75 million, a PE ratio of -1.86 and a beta of 2.47.

Black Diamond Therapeutics (NASDAQ:BDTX) last released its quarterly earnings data on Tuesday, November 5th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.37) by $0.09. On average, sell-side analysts forecast that Black Diamond Therapeutics will post -1.3 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.