SoFi CEO enters prepaid forward contract on 1.5 million shares
Black Diamond Therapeutics, Inc. (NASDAQ:BDTX) reported a significant stock sale by BB Biotech AG, as revealed in a recent SEC filing. On March 19, BB Biotech AG sold a total of 5,784,292 shares of Black Diamond Therapeutics common stock. The transaction, valued at approximately $11.99 million, saw shares sold at prices ranging from $1.943 to $2.3081 per share. The stock, currently trading at $1.88, has shown resilience with a 9.3% gain over the past week, according to InvestingPro data.
BB Biotech AG, a major stakeholder in Black Diamond Therapeutics, conducted these sales through its wholly-owned subsidiary, Biotech Growth N.V. Following the transactions, BB Biotech AG holds 2,733,547 shares in the company. The company maintains strong liquidity with a current ratio of 4.92, though InvestingPro analysis indicates the stock price remains volatile. Analysts have set price targets ranging from $9 to $20, suggesting potential upside from current levels.
These transactions provide insight into the investment strategies of one of Black Diamond (NASDAQ:CLAR)’s key institutional investors, highlighting the dynamic nature of stock ownership within the biotech sector. With a market capitalization of $107.66 million and several additional insights available on InvestingPro, investors can access comprehensive analysis to inform their investment decisions.
In other recent news, Black Diamond Therapeutics announced a significant licensing agreement with Servier for its oncology therapy, BDTX-4933. This deal grants Servier the rights to develop and commercialize BDTX-4933, a therapy targeting solid tumors, including non-small cell lung cancer, and provides Black Diamond with a $70 million upfront payment. The potential for up to $710 million in milestone payments and tiered royalties on global sales further underscores the financial benefits of this collaboration. Additionally, Stifel analysts maintained a Buy rating on Black Diamond’s stock, adjusting their price target to $15, emphasizing the strategic financial flexibility gained from a recent $70 million non-dilutive cash injection. Meanwhile, H.C. Wainwright also reiterated a Buy rating, raising their price target to $12, citing promising preliminary results from the BDTX-1535 Phase 2 study. This study showed a 42% objective response rate in patients with specific non-classical EGFR mutations. The company plans to advance to a pivotal trial in 2025, with further updates expected in the latter half of that year. Black Diamond is also exploring additional business development opportunities to finance future trials, maintaining cash guidance into the fourth quarter of 2026.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.