Black Diamond Therapeutics’ stock soars post FDA approval for cancer treatment drug

Black Diamond Therapeutics Inc. (NASDAQ: BDTX), a pharma company that specializes in oncology, has recently posted a press release stating that they got FDA approval for IND. The drug will be used to treat Gliobastoma and Non-Small Cell Lung Cancer. This positive news helped the BDTX stock gain massively.

BDTX stock performance

The BDTX stock gained past 16% in today’s pre-market session. The shares were up by 16.22% and were priced at $5.23 (up by 0.73 points) at 9:05 a.m. ET. The market capitalization stood at $163 million. However, the stock prices came down after sometime. The BDTX stock was priced $5.05, gaining 12.22% (up by 0.55 points) at 9:13 a.m. ET.

Earlier, the BDTX stock had dipped considerably yesterday. The stock closed at $4.50, dropping by a huge 11.76% (down by 0.60 points). However, the share volume traded yesterday was 397,171, much higher than the average share volume of 251,827.

CEO’s Statement

“We are incredibly pleased to announce the FDA allowance of our IND, representing a significant milestone for Black Diamond as we continue to mature our pipeline of MasterKey therapies. Based on the unique approach of our MAP discovery engine platform, we believe that BDTX-1535 is well positioned to address the unmet needs of EGFR mutant GBM and NSCLC with robust brain penetration to ensure adequate CNS exposure and potent and selective inhibition of EGFR mutations that drive intrinsic and acquired resistance to current generation tyrosine kinase inhibitors, coupled with favorable drug-like properties seen in preclinical models. We look forward to the upcoming initiation of the Phase 1 Study in the first quarter of 2022.”

– said David Epstein, Ph.D., President and Chief Executive Officer of Black Diamond Therapeutics

The latest update has led the stock gain. However, the future performance is still uncertain since it was dipping yesterday and soaring today. Investors can now watch out for latest developments in the stock.

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