Black Diamond Therapeutics (BDTX) PT Lowered to $16 at Stifel

Stifel analyst Bradley Canino lowered the price target on Black Diamond Therapeutics (NASDAQ: BDTX) to $16.00 (from $18.00) while maintaining a Buy rating.

The analyst commented: "BDTX's press release reiterated the expected 1Q25 data disclosures for BDTX-1535 (EGFR) from both the 1L and 2L phase 2 cohorts of non-classical EGFRm NSCLC patients. After the recent positive interim 2L data met pushback that responses were unconfirmed, management suggests these future updates will include confirmation of all responses. The 1L sample size is likely to be ~20. As such, these updates could be delivered at separate updates, and the 1L data could have a slight delay depending on enrollment and scan confirmation timelines. For 2L, importantly the second data disclosure will include regulatory feedback. Management suggests the extended cash runway into 2Q26 after the RAF program deprioritization funds initiation of the potential pivotal 2L study. We continue to think BDTX-1535 is underappreciated, that responses will be confirmed (as most EGFR/ALK/ROS1 responses are), and that 1L ORR could reach >50-60% given the profile disclosed to date. Reiterate Buy."

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