Royal Bank of Canada reissued their outperform rating on shares of Verastem (NASDAQ:VSTM – Free Report) in a report published on Friday, Benzinga reports. They currently have a $13.00 target price on the biopharmaceutical company’s stock.
Several other research analysts have also recently commented on VSTM. StockNews.com upgraded Verastem from a “sell” rating to a “hold” rating in a research note on Monday, August 12th. Truist Financial cut their price target on Verastem from $18.00 to $15.00 and set a “buy” rating on the stock in a research note on Tuesday, August 13th. Cantor Fitzgerald restated an “overweight” rating on shares of Verastem in a research note on Friday. HC Wainwright restated a “buy” rating and set a $7.00 price objective on shares of Verastem in a research note on Friday. Finally, B. Riley cut their price objective on Verastem from $21.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $14.57.
Check Out Our Latest Report on Verastem
Verastem Price Performance
Verastem (NASDAQ:VSTM – Get Free Report) last issued its quarterly earnings data on Thursday, August 8th. The biopharmaceutical company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.75. The company had revenue of $10.00 million for the quarter. As a group, research analysts predict that Verastem will post -3.36 EPS for the current year.
Hedge Funds Weigh In On Verastem
A number of institutional investors and hedge funds have recently added to or reduced their stakes in VSTM. Cannon Global Investment Management LLC acquired a new stake in shares of Verastem during the 1st quarter valued at $131,000. Vanguard Group Inc. lifted its position in shares of Verastem by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 1,160,931 shares of the biopharmaceutical company’s stock valued at $13,699,000 after acquiring an additional 10,678 shares during the last quarter. Bank of New York Mellon Corp purchased a new stake in shares of Verastem in the second quarter valued at $203,000. Rhumbline Advisers lifted its holdings in shares of Verastem by 4,172.0% in the second quarter. Rhumbline Advisers now owns 28,793 shares of the biopharmaceutical company’s stock valued at $86,000 after purchasing an additional 28,119 shares in the last quarter. Finally, Acadian Asset Management LLC purchased a new stake in shares of Verastem in the second quarter valued at $82,000. 88.37% of the stock is owned by institutional investors.
Verastem Company Profile
Verastem, Inc, a development-stage biopharmaceutical company, focuses on developing and commercializing drugs for the treatment of cancer in the United States. Its product candidates are Avutometinib, an orally available small molecule RAF/MEK clamp that inhibits the ras sarcoma RAF/MEK, ERK mitogen activated pathway kinase pathway which is involved in cell proliferation, migration, transformation, and survival of tumor cells; and Defactinib, an oral small molecule inhibitor of FAK and proline-rich tyrosine kinase for various solid tumors.
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