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

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) was the target of a large increase in short interest in the month of June. As of June 30th, there was short interest totalling 3,210,000 shares, an increase of 8.4% from the June 15th total of 2,960,000 shares. Based on an average trading volume of 790,500 shares, the short-interest ratio is presently 4.1 days.

Institutional Investors Weigh In On Black Diamond Therapeutics

Hedge funds and other institutional investors have recently bought and sold shares of the business. Susquehanna Fundamental Investments LLC purchased a new position in shares of Black Diamond Therapeutics during the 1st quarter valued at approximately $82,000. SG Americas Securities LLC acquired a new stake in Black Diamond Therapeutics in the second quarter valued at $108,000. Jump Financial LLC boosted its stake in Black Diamond Therapeutics by 245.0% during the 4th quarter. Jump Financial LLC now owns 38,888 shares of the company’s stock valued at $109,000 after acquiring an additional 27,616 shares during the last quarter. Pale Fire Capital SE acquired a new position in Black Diamond Therapeutics during the 4th quarter worth $144,000. Finally, Citigroup Inc. acquired a new position in Black Diamond Therapeutics during the 3rd quarter worth $176,000. 95.47% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on BDTX. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price target on shares of Black Diamond Therapeutics in a research report on Friday, June 7th. Wedbush increased their target price on Black Diamond Therapeutics from $10.00 to $16.00 and gave the company an “outperform” rating in a research note on Monday, April 8th. Finally, Piper Sandler reiterated an “overweight” rating and set a $12.00 target price on shares of Black Diamond Therapeutics in a report on Wednesday, July 3rd.

Black Diamond Therapeutics Price Performance

BDTX traded down $0.25 during trading hours on Wednesday, reaching $5.96. 435,146 shares of the stock traded hands, compared to its average volume of 677,680. Black Diamond Therapeutics has a fifty-two week low of $1.62 and a fifty-two week high of $7.66. The company has a market cap of $335.25 million, a price-to-earnings ratio of -3.55 and a beta of 2.49. The firm’s fifty day simple moving average is $5.17 and its two-hundred day simple moving average is $4.72.

Black Diamond Therapeutics (NASDAQ:BDTX) last announced its earnings results on Thursday, May 9th. The company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.44) by $0.09. On average, research analysts predict that Black Diamond Therapeutics will post -1.47 earnings per share for the current 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.