Black Diamond Therapeutics resumed with an Outperform at Raymond James

Raymond James resumed coverage of Black Diamond Therapeutics (BDTX) with an Outperform rating and $11 price target BDTX-1535 shows clear evidence of activity post-osimertinib, which should translate favorably to the 1L setting, particularly in patients with non-classical mutations where osimertinib is less active, driving significant upside for the initial 1L dataset in Q4, the analyst tells investors in a research note. The company is well capitalized, with runway to 4Q27, giving Black Diamond flexibility for a 1L non-small cell lung cancer study in NCMs, depending on FDA feedback for a pivotal development plan, the firm says.