Black Diamond Therapeutics (BDTX) PT Raised to $12 at H.C. Wainwright

H.C. Wainwright analyst Raghuram Selvaraju raised the price target on Black Diamond Therapeutics (NASDAQ: BDTX) to $12.00 (from $11.00) while maintaining a Buy rating.

The analyst commented: "The next major catalysts for Black Diamond are the initial results for BDTX-1535 in the 1L setting for NSCLC patients with non-classical driver mutations in 2Q25, as well as updated Phase 2 results in the recurrent EGFR+ NSCLC setting in 2H25. Recall, Black Diamond presented initial Phase 2 results for the 200mg dose of its fourth-generation, irreversible, brain-penetrant EGFR MasterKey inhibitor, BDTX-1535, in relapsed/refractory (1 median prior Rx) NSCLC patients with non-classical EGFR mutations (e.g., PACC) (n=15) and C797S resistance mutations (n=12). As seen in the company presentation, BDTX-1535 elicited a 36% ORR in 22 response evaluable patients (three unconfirmed PRs), improving to 42% after excluding three patients without on-target resistance mutations (see Figure 1 below). Overall, we view these response rates as encouraging and 14 of the 19 patients (74%) remained on treatment as of the data cut, but note the limited follow-up (i.e., 4.7 months). While investors may be quick to compare BDTX-1535's results to those recently disclosed for the ArriVent (AVBP; Buy) candidate firmonertinib, we point out the differences in patient populations between the two datasets (i.e., TKI-naive vs. TKI-experienced). Based on these encouraging results, Black Diamond plans to pursue a pivotal trial in the 1L setting and will provide more details in 2H25 after receiving FDA feedback. After pulling our discounted cash flow (DCF)-based valuation forward, we reiterate our Buy rating, while raising our 12-month price target to $12 from $11."

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