Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) Sees Significant Increase in Short Interest

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) was the target of a significant growth in short interest in March. As of March 31st, there was short interest totalling 10,170,000 shares, a growth of 42.0% from the March 15th total of 7,160,000 shares. Based on an average daily volume of 3,290,000 shares, the days-to-cover ratio is currently 3.1 days. Currently, 19.7% of the shares of the stock are sold short.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. HC Wainwright raised their price target on Black Diamond Therapeutics from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday, March 18th. Stifel Nicolaus dropped their target price on Black Diamond Therapeutics from $16.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, March 7th. Finally, Wedbush reiterated an “outperform” rating and set a $11.00 price target on shares of Black Diamond Therapeutics in a research report on Wednesday, March 19th. Five research analysts have rated the stock with a buy rating, According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus price target of $14.60.

Black Diamond Therapeutics Price Performance

BDTX opened at $1.44 on Friday. The stock’s 50 day simple moving average is $1.75 and its 200 day simple moving average is $2.34. The firm has a market cap of $81.59 million, a price-to-earnings ratio of -1.08 and a beta of 2.81. Black Diamond Therapeutics has a 1 year low of $1.20 and a 1 year high of $7.66.

Black Diamond Therapeutics (NASDAQ:BDTX) last issued its earnings results on Thursday, March 6th. The company reported ($0.28) EPS for the quarter, topping the consensus estimate of ($0.31) by $0.03. As a group, sell-side analysts anticipate that Black Diamond Therapeutics will post -1.3 EPS for the current year.

Insider Activity at Black Diamond Therapeutics

In other news, major shareholder Growth N. V. Biotech sold 5,784,292 shares of the firm’s stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $2.07, for a total transaction of $11,973,484.44. Following the sale, the insider now owns 2,733,547 shares in the company, valued at approximately $5,658,442.29. This trade represents a 67.91 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 8.87% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. D. E. Shaw & Co. Inc. bought a new stake in shares of Black Diamond Therapeutics in the 4th quarter worth approximately $37,000. Intech Investment Management LLC lifted its stake in Black Diamond Therapeutics by 49.1% in the fourth quarter. Intech Investment Management LLC now owns 19,247 shares of the company’s stock worth $41,000 after acquiring an additional 6,340 shares during the period. JPMorgan Chase & Co. boosted its holdings in Black Diamond Therapeutics by 429.6% in the fourth quarter. JPMorgan Chase & Co. now owns 18,929 shares of the company’s stock valued at $41,000 after acquiring an additional 15,355 shares in the last quarter. SG Americas Securities LLC purchased a new position in Black Diamond Therapeutics during the 4th quarter valued at $42,000. Finally, Wells Fargo & Company MN raised its holdings in Black Diamond Therapeutics by 41.8% in the 4th quarter. Wells Fargo & Company MN now owns 20,119 shares of the company’s stock worth $43,000 after purchasing an additional 5,932 shares in the last quarter. Hedge funds and other institutional investors own 95.47% of the company’s stock.

Black Diamond Therapeutics Company Profile

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.