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Investing.com - Raymond (NSE:RYMD) James has resumed coverage on Black Diamond Therapeutics (NASDAQ:BDTX) with an Outperform rating and a price target of $11.00. Currently trading at $2.48, the stock has shown strong momentum with a 16% gain over the past six months. According to InvestingPro data, analyst consensus is highly bullish, with price targets ranging from $9 to $12.
The research firm’s analysis centers on BDTX-1535, Black Diamond (NASDAQ:CLAR)’s drug candidate that has demonstrated activity in patients previously treated with osimertinib. Raymond James believes this efficacy will translate favorably to first-line treatment settings, particularly for patients with non-classical mutations where current treatments show less activity.
Raymond James notes that while large pharmaceutical companies are working to address a broad range of EGFR mutations, BDTX-1535 may carve out a niche in non-classical mutations due to its deeper binding within the active site pocket, which provides greater activity against atypical mutations while maintaining selectivity over wild-type EGFR.
The firm highlights that at the recommended Phase 2 dose, BDTX-1535 is well-tolerated, with later-line patients continuing treatment even after disease progression, indicating a manageable safety profile.
Black Diamond’s strong financial position, with cash runway extending to the fourth quarter of 2027, gives the company flexibility to conduct a first-line non-small cell lung cancer study in non-classical mutations, pending FDA feedback on a pivotal development plan. The company’s solid balance sheet is reflected in its low debt-to-equity ratio of 0.15, and InvestingPro analysis reveals 8 additional key financial insights available to subscribers, including detailed valuation metrics and growth projections.
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