H.C. Wainwright analyst Robert Burns reiterated a Buy rating on Black Diamond Therapeutics today and set a price target of $10.00.
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Robert Burns has given his Buy rating due to a combination of factors surrounding Black Diamond Therapeutics’ promising clinical developments and financial performance. The company is making significant progress with its BDTX-1535 drug, showing encouraging results in treating NSCLC patients with specific mutations. The initial Phase 2 results demonstrated a notable objective response rate, which is a positive indicator for the drug’s potential efficacy.
Furthermore, Black Diamond’s financial health appears robust, with a lower-than-expected net loss and substantial cash reserves to support its operations into late 2027. These financial results, combined with the anticipated clinical updates and pivotal trial plans, underpin the confidence in the company’s future prospects, justifying the Buy rating and a 12-month price target of $10.