Wedbush Reaffirms Outperform Rating for Black Diamond Therapeutics (NASDAQ:BDTX)

Black Diamond Therapeutics (NASDAQ:BDTX)‘s stock had its “outperform” rating restated by analysts at Wedbush in a research report issued to clients and investors on Friday,RTT News reports. They presently have a $11.00 target price on the stock, down from their previous target price of $16.00. Wedbush’s price target would indicate a potential upside of 474.41% from the company’s previous close.

Black Diamond Therapeutics Price Performance

Black Diamond Therapeutics stock traded up $0.02 during midday trading on Friday, reaching $1.92. The company’s stock had a trading volume of 154,873 shares, compared to its average volume of 811,207. The stock’s 50-day simple moving average is $2.24 and its 200-day simple moving average is $3.23. Black Diamond Therapeutics has a 52-week low of $1.77 and a 52-week high of $7.66. The stock has a market capitalization of $108.36 million, a P/E ratio of -1.44 and a beta of 2.52.

Black Diamond Therapeutics (NASDAQ:BDTX) last posted its quarterly earnings data on Thursday, March 6th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.03. As a group, equities research analysts expect that Black Diamond Therapeutics will post -1.3 earnings per share for the current fiscal year.

Institutional Trading of Black Diamond Therapeutics

Several institutional investors and hedge funds have recently made changes to their positions in BDTX. Wells Fargo & Company MN lifted its position in Black Diamond Therapeutics by 41.8% in the fourth quarter. Wells Fargo & Company MN now owns 20,119 shares of the company’s stock valued at $43,000 after purchasing an additional 5,932 shares during the period. Intech Investment Management LLC raised its stake in shares of Black Diamond Therapeutics by 49.1% during the 4th quarter. Intech Investment Management LLC now owns 19,247 shares of the company’s stock worth $41,000 after buying an additional 6,340 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Black Diamond Therapeutics by 6.9% in the third quarter. Charles Schwab Investment Management Inc. now owns 109,224 shares of the company’s stock valued at $475,000 after purchasing an additional 7,021 shares in the last quarter. Rhumbline Advisers lifted its stake in Black Diamond Therapeutics by 14.9% in the 4th quarter. Rhumbline Advisers now owns 56,135 shares of the company’s stock valued at $120,000 after buying an additional 7,290 shares in the last quarter. Finally, Barclays PLC boosted its stake in shares of Black Diamond Therapeutics by 10.7% during the fourth quarter. Barclays PLC now owns 86,545 shares of the company’s stock valued at $186,000 after acquiring an additional 8,394 shares during the last quarter. 95.47% of the stock is owned by hedge funds and other institutional investors.

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.