Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) Short Interest Update

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) was the recipient of a large drop in short interest in July. As of July 31st, there was short interest totalling 4,440,000 shares, a drop of 6.1% from the July 15th total of 4,730,000 shares. Based on an average daily trading volume, of 689,200 shares, the days-to-cover ratio is presently 6.4 days.

Wall Street Analyst Weigh In

Several equities research analysts have commented on BDTX shares. Piper Sandler reiterated an “overweight” rating and set a $12.00 price objective on shares of Black Diamond Therapeutics in a research note on Wednesday, July 3rd. HC Wainwright reissued a “buy” rating and issued a $11.00 price objective on shares of Black Diamond Therapeutics in a research note on Friday, June 7th. Wedbush reaffirmed an “outperform” rating and set a $16.00 target price on shares of Black Diamond Therapeutics in a research note on Wednesday, August 7th. Finally, Raymond James began coverage on shares of Black Diamond Therapeutics in a research report on Wednesday, July 31st. They issued an “outperform” rating and a $20.00 target price for the company.

Black Diamond Therapeutics Stock Performance

Shares of Black Diamond Therapeutics stock opened at $5.75 on Wednesday. The business’s 50 day moving average price is $5.34 and its 200 day moving average price is $5.17. The company has a market cap of $323.45 million, a price-to-earnings ratio of -3.46 and a beta of 2.49. Black Diamond Therapeutics has a one year low of $1.62 and a one year high of $7.66.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Susquehanna Fundamental Investments LLC purchased a new position in Black Diamond Therapeutics during the first quarter worth about $82,000. SG Americas Securities LLC purchased a new stake in shares of Black Diamond Therapeutics during the 2nd quarter valued at approximately $108,000. Algert Global LLC acquired a new position in Black Diamond Therapeutics in the second quarter valued at approximately $133,000. Jump Financial LLC grew its position in Black Diamond Therapeutics by 245.0% in the fourth quarter. Jump Financial LLC now owns 38,888 shares of the company’s stock worth $109,000 after acquiring an additional 27,616 shares during the period. Finally, Rhumbline Advisers grew its position in Black Diamond Therapeutics by 10,334.3% in the second quarter. Rhumbline Advisers now owns 46,850 shares of the company’s stock worth $218,000 after acquiring an additional 46,401 shares during the period. Hedge funds and other institutional investors own 95.47% of the company’s stock.

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.