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

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

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on BDTX. Stifel Nicolaus cut their price objective on 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. Wedbush reissued an “outperform” rating and set a $11.00 price objective (down from $16.00) on shares of Black Diamond Therapeutics in a research report on Friday, March 7th. Finally, HC Wainwright raised their price objective on Black Diamond Therapeutics from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday. Five research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $14.60.

Black Diamond Therapeutics Stock Up 29.5 %

NASDAQ BDTX traded up $0.50 during trading on Wednesday, hitting $2.18. The stock had a trading volume of 84,859,440 shares, compared to its average volume of 1,153,696. The company has a market capitalization of $123.24 million, a PE ratio of -1.62 and a beta of 2.52. The firm has a 50 day moving average price of $2.17 and a 200 day moving average price of $2.93. Black Diamond Therapeutics has a twelve month low of $1.59 and a twelve month high of $7.66.

Black Diamond Therapeutics (NASDAQ:BDTX) last released its earnings results on Thursday, March 6th. The company reported ($0.28) earnings per share for the quarter, beating the consensus estimate of ($0.31) by $0.03. On average, sell-side analysts anticipate that Black Diamond Therapeutics will post -1.3 earnings per share for the current year.

Institutional Investors Weigh In On Black Diamond Therapeutics

Several large investors have recently modified their holdings of the company. Vestal Point Capital LP boosted its holdings in shares of Black Diamond Therapeutics by 11.4% in the fourth quarter. Vestal Point Capital LP now owns 5,600,000 shares of the company’s stock valued at $11,984,000 after acquiring an additional 571,500 shares during the period. Tang Capital Management LLC boosted its holdings in shares of 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 valued at $4,430,000 after acquiring an additional 700,000 shares during the period. Geode Capital Management LLC raised its stake in shares of Black Diamond Therapeutics by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 959,316 shares of the company’s stock worth $2,053,000 after purchasing an additional 14,439 shares during the last quarter. Renaissance Technologies LLC raised 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 worth $1,935,000 after purchasing an additional 650,200 shares during the last quarter. Finally, State Street Corp raised its stake in shares of Black Diamond Therapeutics by 17.2% during the third quarter. State Street Corp now owns 809,196 shares of the company’s stock worth $3,520,000 after purchasing an additional 118,764 shares during the last quarter. 95.47% of the stock is owned by institutional investors and hedge funds.

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.