Black Diamond Therapeutics (NASDAQ:BDTX) Stock Price Up 2% – Should You Buy?

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) was up 2% on Wednesday . The company traded as high as $2.62 and last traded at $2.50. Approximately 990,814 shares were traded during mid-day trading, an increase of 62% from the average daily volume of 613,096 shares. The stock had previously closed at $2.45.

Analyst Upgrades and Downgrades

A number of analysts recently weighed in on BDTX shares. Weiss Ratings restated a “sell (d+)” rating on shares of Black Diamond Therapeutics in a report on Monday, December 29th. Wedbush increased their price target on Black Diamond Therapeutics from $13.00 to $14.00 and gave the stock an “outperform” rating in a report on Tuesday, March 17th. Piper Sandler decreased their price target on Black Diamond Therapeutics from $9.00 to $8.00 and set an “overweight” rating for the company in a report on Friday, January 16th. Finally, Zacks Research downgraded Black Diamond Therapeutics from a “strong-buy” rating to a “hold” rating in a report on Friday, February 6th. Five analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $9.83.

Black Diamond Therapeutics Stock Performance

The stock has a fifty day simple moving average of $2.29 and a two-hundred day simple moving average of $2.96. The stock has a market capitalization of $143.23 million, a price-to-earnings ratio of 6.76 and a beta of 3.38.

Black Diamond Therapeutics (NASDAQ:BDTX) last issued its quarterly earnings results on Monday, March 16th. The company reported ($0.14) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.04. Research analysts forecast that Black Diamond Therapeutics, Inc. will post -1.3 earnings per share for the current year.

Hedge Funds Weigh In On Black Diamond Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the stock. Cerity Partners LLC bought a new position in shares of Black Diamond Therapeutics during the 2nd quarter worth about $26,000. Virtu Financial LLC bought a new position in shares of Black Diamond Therapeutics during the 3rd quarter worth about $39,000. Hudson Bay Capital Management LP bought a new position in shares of Black Diamond Therapeutics during the 2nd quarter worth about $26,000. nVerses Capital LLC bought a new position in shares of Black Diamond Therapeutics during the 4th quarter worth about $26,000. Finally, Stokes Family Office LLC bought a new position in shares of Black Diamond Therapeutics during the 4th quarter worth about $27,000. Institutional investors own 95.47% of the company’s stock.

About Black Diamond Therapeutics

Black Diamond Therapeutics, Inc is a precision oncology company focused on the discovery and development of small-molecule therapies that selectively target oncogenic proteins bearing tumor-driving mutations. Leveraging its proprietary Genetic Defined Allosteric (GDA) therapeutic platform, the company aims to identify unique allosteric binding sites in mutant proteins and engineer highly selective inhibitors. Headquartered in Cambridge, Massachusetts, Black Diamond applies structure-based drug design and molecular modeling to advance personalized cancer treatments.

The company’s development pipeline includes lead candidate BDTX-189, an allosteric inhibitor of mutant HER2, as well as programs directed at clinically relevant EGFR and KRAS mutations.