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

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) saw a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 6,910,000 shares, a growth of 17.9% from the September 15th total of 5,860,000 shares. Based on an average daily trading volume, of 1,120,000 shares, the days-to-cover ratio is presently 6.2 days.

Black Diamond Therapeutics Price Performance

Shares of NASDAQ:BDTX traded up $0.15 on Monday, hitting $3.48. 828,888 shares of the company’s stock were exchanged, compared to its average volume of 834,621. Black Diamond Therapeutics has a 12 month low of $1.62 and a 12 month high of $7.66. The stock has a market capitalization of $195.76 million, a price-to-earnings ratio of -2.04 and a beta of 2.47. The business’s 50 day simple moving average is $5.08 and its two-hundred day simple moving average is $5.28.

Black Diamond Therapeutics (NASDAQ:BDTX) last released its earnings results on Tuesday, August 6th. The company reported ($0.36) earnings per share for the quarter, topping the consensus estimate of ($0.39) by $0.03. Equities analysts forecast that Black Diamond Therapeutics will post -1.44 EPS for the current fiscal year.

Institutional Trading of Black Diamond Therapeutics

Institutional investors and hedge funds have recently made changes to their positions in the company. Susquehanna Fundamental Investments LLC bought a new stake in shares of Black Diamond Therapeutics in the first quarter valued at about $82,000. SG Americas Securities LLC bought a new stake in shares of Black Diamond Therapeutics in the second quarter valued at about $108,000. Algert Global LLC bought a new stake in shares of Black Diamond Therapeutics in the second quarter valued at about $133,000. Rhumbline Advisers raised its holdings in shares of Black Diamond Therapeutics by 10,334.3% in the second quarter. Rhumbline Advisers now owns 46,850 shares of the company’s stock valued at $218,000 after acquiring an additional 46,401 shares in the last quarter. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Black Diamond Therapeutics in the second quarter valued at about $280,000. 95.47% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on BDTX. Wedbush reaffirmed an “outperform” rating and set a $16.00 price objective on shares of Black Diamond Therapeutics in a research note on Tuesday, October 8th. HC Wainwright reaffirmed a “buy” rating and set a $11.00 price objective on shares of Black Diamond Therapeutics in a research note on Wednesday, October 9th. Raymond James began coverage on Black Diamond Therapeutics in a research report on Wednesday, July 31st. They set an “outperform” rating and a $20.00 target price for the company. Finally, Piper Sandler lifted their target price on Black Diamond Therapeutics from $12.00 to $15.00 and gave the stock an “overweight” rating in a research report on Monday, September 23rd.

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.