Black Diamond Therapeutics (BDTX) has received a new Buy rating, initiated by Raymond James analyst, Sean McCutcheon.
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Sean McCutcheon has given his Buy rating due to a combination of factors that highlight the potential of Black Diamond Therapeutics’ BDTX-1535. The drug shows promising activity in patients with non-classical mutations (NCM) post-osimertinib treatment, suggesting it could perform well in the first-line setting. This is particularly significant as current treatments for NCMs, such as afatinib and osimertinib, have limitations in efficacy and tolerability, indicating a substantial unmet need that BDTX-1535 could address.
Additionally, BDTX-1535 has demonstrated a favorable safety profile at the recommended dose, which is an advantage over existing therapies that often require dose adjustments due to side effects. The company is also financially well-positioned, with sufficient capital to support its development plans through 2027, allowing for flexibility in advancing clinical trials. These factors, combined with the potential for a successful Phase 3 study, underpin McCutcheon’s optimistic outlook and the $11 price target for the stock.