Stock Traders Buy High Volume of Call Options on Black Diamond Therapeutics (NASDAQ:BDTX)

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

Wall Street Analyst Weigh In

Several research firms have recently commented on BDTX. Stifel Nicolaus decreased their price objective on Black Diamond Therapeutics from $16.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, March 7th. HC Wainwright increased their target price on Black Diamond Therapeutics from $11.00 to $12.00 and gave the stock a “buy” rating in a research report on Tuesday. Finally, Wedbush restated an “outperform” rating and set a $11.00 price target on shares of Black Diamond Therapeutics in a report on Wednesday. Five investment analysts have rated the stock with a buy rating, Based on data from MarketBeat, Black Diamond Therapeutics has a consensus rating of “Buy” and an average price target of $14.60.

Insider Buying and Selling

In related news, major shareholder Growth N. V. Biotech sold 5,784,292 shares of the stock in a transaction on Wednesday, March 19th. The stock was sold at an average price of $2.07, for a total transaction of $11,973,484.44. Following the sale, the insider now directly owns 2,733,547 shares of the company’s stock, valued at $5,658,442.29. This trade represents a 67.91 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 8.87% of the stock is owned by insiders.

Institutional Investors Weigh In On Black Diamond Therapeutics

Large investors have recently made changes to their positions in the stock. Vestal Point Capital LP grew its position in 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 worth $11,984,000 after acquiring an additional 571,500 shares during the period. Tang Capital Management LLC boosted its position in shares of Black Diamond Therapeutics by 51.1% during the fourth quarter. Tang Capital Management LLC now owns 2,070,209 shares of the company’s stock worth $4,430,000 after buying an additional 700,000 shares during the period. Geode Capital Management LLC boosted its position 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 buying an additional 14,439 shares during the period. Renaissance Technologies LLC boosted its position 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 buying an additional 650,200 shares during the period. Finally, State Street Corp boosted its position 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 buying an additional 118,764 shares during the period. 95.47% of the stock is currently owned by hedge funds and other institutional investors.

Black Diamond Therapeutics Trading Up 9.3 %

BDTX opened at $1.88 on Friday. Black Diamond Therapeutics has a 12 month low of $1.59 and a 12 month high of $7.66. The stock has a fifty day moving average price of $2.16 and a 200-day moving average price of $2.92. The firm has a market cap of $106.52 million, a price-to-earnings ratio of -1.41 and a beta of 2.52.

Black Diamond Therapeutics (NASDAQ:BDTX) last issued its quarterly earnings data on Thursday, March 6th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.31) by $0.03. On average, equities research analysts forecast that Black Diamond Therapeutics will post -1.3 EPS 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.