BDTX - Black Diamond upgraded at Wedbush following lung cancer asset results

2023-06-27 13:41:49 ET

• Wedbush has upgraded Black Diamond Therapeutics ( NASDAQ: BDTX ) to outperform from neutral after the biotech reported positive phase 1 data on lead asset BDTX-1535 for lung cancer.
• The firm also boosted its target price to $10 from $3 (~443% return based on Monday's close).
• Shares are up ~230% in Tuesday afternoon trading.
• Analyst Robert Driscoll said that based on the results in non-small cell lung cancer, he believes BDTX-1535 has potential in patients with a wide range of EGFR mutations, including as a first-line treatment for intrinsic (non-classical) such mutations.
• Black Diamond ( BDTX ) plans on initiating dose initiating cohorts in second-line intrinsic and acquired-EGFR mutated patients in the second half of the year.
• Seeking Alpha's Quant Rating views Black Diamond Therapeutics ( BDTX ) as a hold.

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