Black Diamond Therapeutics Sees Unusually High Options Volume (NASDAQ:BDTX)

Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) was the recipient of some unusual options trading activity on Wednesday. Stock investors purchased 1,853 call options on the company. This is an increase of 1,419% compared to the average daily volume of 122 call options.

Analyst Ratings Changes

BDTX has been the subject of a number of recent analyst reports. HC Wainwright boosted their target price on shares of Black Diamond Therapeutics from $11.00 to $12.00 and gave the company a “buy” rating in a research note on Tuesday. Wedbush reaffirmed an “outperform” rating and issued a $11.00 price objective (down from $16.00) on shares of Black Diamond Therapeutics in a research note on Friday, March 7th. Finally, Stifel Nicolaus lowered their price objective on shares of Black Diamond Therapeutics from $16.00 to $15.00 and set a “buy” rating for the company in a research note on Friday, March 7th. Five analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $14.60.

Hedge Funds Weigh In On Black Diamond Therapeutics

Hedge funds have recently modified their holdings of the stock. Vestal Point Capital LP increased its holdings in Black Diamond Therapeutics by 11.4% in the 4th quarter. Vestal Point Capital LP now owns 5,600,000 shares of the company’s stock worth $11,984,000 after buying an additional 571,500 shares during the period. Tang Capital Management LLC lifted its holdings in Black Diamond Therapeutics by 51.1% in the 4th quarter. Tang Capital Management LLC now owns 2,070,209 shares of the company’s stock valued at $4,430,000 after purchasing an additional 700,000 shares in the last quarter. Geode Capital Management LLC lifted its holdings in Black Diamond Therapeutics by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 959,316 shares of the company’s stock valued at $2,053,000 after purchasing an additional 14,439 shares in the last quarter. Renaissance Technologies LLC lifted its holdings in Black Diamond Therapeutics by 256.2% in the 4th 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, State Street Corp lifted its holdings in Black Diamond Therapeutics by 17.2% in the 3rd quarter. State Street Corp now owns 809,196 shares of the company’s stock valued at $3,520,000 after purchasing an additional 118,764 shares in the last quarter. Institutional investors and hedge funds own 95.47% of the company’s stock.

Black Diamond Therapeutics Price Performance

Shares of BDTX stock traded up $0.50 during mid-day trading on Wednesday, hitting $2.18. 84,859,440 shares of the stock traded hands, compared to its average volume of 1,153,696. The stock has a market cap of $123.24 million, a P/E ratio of -1.62 and a beta of 2.52. The stock’s fifty day moving average is $2.17 and its two-hundred day moving average is $2.93. Black Diamond Therapeutics has a 52-week low of $1.59 and a 52-week high of $7.66.

Black Diamond Therapeutics (NASDAQ:BDTX) last released its quarterly earnings results 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, equities analysts forecast that Black Diamond Therapeutics will post -1.3 EPS for the current fiscal year.

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.