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Black Diamond reverses sharply to $2.28 after initial Phase 2 rally, down 35.8% on May 22
- Black Diamond Therapeutics announced positive Phase 2 results on May 21, initially driving the stock up 16–47% that day to $3.55.
- The stock reversed sharply on May 22, plunging 35.8% to close at $2.28 on 8.36 million shares traded, which is 5.9 times its 20-day average volume.
- The May 22 decline erased the prior day's gains, suggesting profit-taking or reassessment of the trial data's commercial implications after the initial enthusiasm.
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Conclusion
BDTX rose from prior levels to $3.55 on May 21 (announcement day, +16–47% intraday), then fell to $2.28 on May 22, a 35.77% drop. Volume on May 22 was 8,359,700 vs. a 20-day average of 1,415,214 (5.91x). The Phase 2 trial showed mPFS of 15.2 months, ORR of 60%, and CNS ORR of 86%.