Home Top Movers Why Black Diamond Therapeutics Inc (BDTX) stock plummeted on Wednesday?

Why Black Diamond Therapeutics Inc (BDTX) stock plummeted on Wednesday?

Black Diamond Therapeutics Inc. (BDTX) shares plunged 18.58% to trade at $18.1 in the after-market on Wednesday, May 19, 2021. Earlier, BDTX’s stock lost 4.63% to close Wednesday’s normal session at $22.23 per share. BDTX shares have fallen 39.44% over the last 12 months, and they have moved down 20.18% in the past week. Over the past three months, the stock has declined 22.68%, while over the past six months, it has shed 31.47%.

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Let’s see is there any news behind its negative performance on Wednesday?

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Phase 1 date presentation of BDTX-189

On May 19, 2021, Black Diamond Therapeutics, Inc. (Nasdaq: BDTX) reported initial data from the Phase 1 dose-escalation portion of the MasterKey-01 trial of BDTX-189 in patients with advanced solid tumors harbouring any one of more than 48 oncogenic alterations in the epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2) oncogenes.

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The company will present the data in a poster presentation at the upcoming 2021 American Society of Clinical Oncology (ASCO) Annual Meeting, taking place June 4-8, 2021.

Financial results announcement

On May 07, 2021, Black Diamond Therapeutics, Inc. released its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

  • Black Diamond reported a net loss of $30.3 million or $0.84 Net loss per share, basic and diluted for Q1 2021 compared to a net loss of $12.2 million or $0.51Net loss per share, basic and diluted for Q1 2020.
  • Net cash used in operations was $24.5 million for the first quarter of 2021 compared to $11.3 million for the first quarter of 2020.
  • Research and development (R&D) expenses were $22.8 million for the first quarter of 2021 compared to $7.4 million for the first quarter of 2020.
  • General and administrative (G&A) expenses were $7.9 million for the first quarter of 2021 compared to $5.5 million for the first quarter of 2020.
  • Black Diamond had $290.1 million in cash, cash equivalents, and investments on March 31, 2021, compared to $357.2 million as of March 31, 2020.

FY 2020 financial results announcement

On March 25, 2021, Black Diamond Therapeutics released its financial results for the fourth quarter and the full-year ended December 31, 2020.

  • Black Diamond reported a net loss of $67.3 million in FY 2020 compared to $35.3 million in FY 2019.
  • Net cash used in operations was $52.1 million for the year ended December 31, 2020, compared to $24.7 million for the year ended December 31, 2019.
  • Research and development (R&D) expenses were $48.2 million in FY 2020 compared to $21.8 million in FY 2019.
  • General and administrative (G&A) expenses were $21.4 million for the year 2020, compared to $7.6 million for the year2019.
  • Black Diamond had $315.1 million in cash, cash equivalents, and investments on December 31, 2020, compared to $154.7 million as of December 31, 2019.

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Conclusion

The recent data of BDTX-189 could be the reason behind its loss on Wednesday. In our opinion the results from the trial were satisfactory but investors may be looking for more improved results. We have to wait and see how things unfold for the company in the coming days.

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