Insider Selling: Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) Major Shareholder Sells 5,784,292 Shares of Stock

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) major shareholder Growth N. V. Biotech sold 5,784,292 shares of the company’s stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $2.07, for a total transaction of $11,973,484.44. Following the completion of the transaction, the insider now owns 2,733,547 shares of the company’s stock, valued at $5,658,442.29. This trade represents a 67.91 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Large shareholders that own more than 10% of a company’s shares are required to disclose their sales and purchases with the SEC.

Black Diamond Therapeutics Price Performance

NASDAQ BDTX traded up $0.16 during trading on Thursday, hitting $1.88. 22,138,170 shares of the company’s stock traded hands, compared to its average volume of 1,354,593. The firm has a market cap of $106.52 million, a P/E ratio of -1.41 and a beta of 2.52. The stock has a fifty day moving average of $2.17 and a two-hundred day moving average of $2.93. Black Diamond Therapeutics, Inc. has a 12-month low of $1.59 and a 12-month high of $7.66.

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

Hedge Funds Weigh In On Black Diamond Therapeutics

A number of institutional investors have recently bought and sold shares of BDTX. Vestal Point Capital LP raised its stake in Black Diamond Therapeutics by 139.5% in the third quarter. Vestal Point Capital LP now owns 5,028,500 shares of the company’s stock worth $21,874,000 after buying an additional 2,928,500 shares in the last quarter. Tang Capital Management LLC raised its stake in Black Diamond Therapeutics by 51.1% in the fourth quarter. Tang Capital Management LLC now owns 2,070,209 shares of the company’s stock worth $4,430,000 after buying an additional 700,000 shares in the last quarter. Point72 Asset Management L.P. bought a new position in shares of Black Diamond Therapeutics during the third quarter valued at approximately $3,032,000. Renaissance Technologies LLC increased its stake in shares of Black Diamond Therapeutics by 256.2% during the fourth quarter. Renaissance Technologies LLC now owns 904,000 shares of the company’s stock valued at $1,935,000 after purchasing an additional 650,200 shares in the last quarter. Finally, Affinity Asset Advisors LLC bought a new position in shares of Black Diamond Therapeutics during the fourth quarter valued at approximately $1,197,000. 95.47% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on BDTX shares. Stifel Nicolaus cut their target price on shares of 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. HC Wainwright upped their price target on shares of Black Diamond Therapeutics from $11.00 to $12.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Wedbush restated an “outperform” rating and set a $11.00 price target on shares of Black Diamond Therapeutics in a research report on Wednesday. Five analysts have rated the stock with a buy rating, According to MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $14.60.

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.