Raymond James: 'The topline numbers presented by Black Diamond today indicate that the company has a viable asset in our view'

Raymond James analyst Sean McCutcheon reiterated an Outperform rating and $11.00 price target on Black Diamond Therapeutics (NASDAQ: BDTX).

The analyst comments "Thursday, after market close, ASCO 2026 regular abstracts were released, and in conjunction Black Diamond reported the topline result for the longer-term follow-up from their Phase 2 study testing silevertinib in 1L non-classical EGFR mutant (EGFR NCM) NSCLC. Management also hosted a call to discuss the disclosure. Recall we previously saw the initial response rate data during December 2025 (our commentary), which we think hit the mark in a highly heterogenous NCM population, though left some uncertainty on tolerability/ability to maintain dosing intensity. Despite what we saw as a clear initial signal of strong antitumor activity in a broader subset of 1L EGFR NCM NSCLC population relative to competitors, the critical question of durability and prolonged responses post dose reductions remained outstanding. The topline numbers presented by Black Diamond today indicate that the company has a viable asset in our view, with a unique opportunity to address a clear unmet need in EGFR NCMs (including PACC and non-PACC mutations)."

For an analyst ratings summary and ratings history on Black Diamond Therapeutics click here. For more ratings news on Black Diamond Therapeutics click here.

Shares of Black Diamond Therapeutics closed at $3.55 yesterday.

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