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On Friday, Stifel analysts reduced the price target for Black Diamond Therapeutics (NASDAQ:BDTX) shares to $15.00 from the previous $16.00, while still recommending the stock as a Buy. The stock, currently trading near its 52-week low of $1.77, has experienced significant volatility with a 65% decline over the past six months. According to InvestingPro analysis, the company appears slightly undervalued at current levels. The adjustment follows the anticipation of key data from a phase 2 cohort study of BDTX-1535, which is expected to be a significant catalyst in the second quarter of 2025.
The study focuses on first-line treatment for EGFRm NSCLC with non-classical mutations, involving approximately 20 patients. According to Stifel analysts, Black Diamond (NASDAQ:CLAR)’s management has not changed their preview of the upcoming data. The interim durability of the treatment will be scrutinized, especially as patients have already undergone at least two 6-week scans. The results are set to be unveiled at a company event and are projected to facilitate regulatory discussions by the end of the year, with the aim of commencing a pivotal trial in 2026.
Additionally, Black Diamond Therapeutics plans to complete the first-line cohort with a total of 40 patients by the end of this year. The company’s management indicated they are actively seeking alternative business development opportunities to finance the trial, while maintaining cash guidance into the fourth quarter of 2026. InvestingPro data shows the company maintains a strong liquidity position with a current ratio of 5.55, though it’s worth noting the company is currently burning through cash rapidly. InvestingPro subscribers have access to 11 additional key insights about BDTX’s financial health and market position.
The update also included information on the fully-enrolled second and third-line patient cohort, consisting of 83 patients with a mix of classical, non-classical, and C979S mutations. The updated data for these cohorts are now expected to be available in the second half of 2025. Furthermore, Black Diamond reintroduced the possibility of developing treatments for glioblastoma (GBM) through an investigator-sponsored study, which will be conducted without incurring additional costs to the company. With analyst price targets ranging from $9 to $20, and the company holding more cash than debt on its balance sheet, investors seeking detailed financial analysis can access comprehensive metrics and valuations through InvestingPro.
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