Verastem, Inc. (NASDAQ:VSTM – Get Free Report) shares rose 6.4% during trading on Monday . The company traded as high as $7.02 and last traded at $7.00. Approximately 1,119,111 shares were traded during trading, a decline of 50% from the average daily volume of 2,233,417 shares. The stock had previously closed at $6.58.
Analysts Set New Price Targets
A number of equities research analysts recently weighed in on the company. BTIG Research reissued a “buy” rating and set a $18.00 target price on shares of Verastem in a research report on Thursday, July 2nd. HC Wainwright reaffirmed a “buy” rating and issued a $18.00 price target on shares of Verastem in a report on Wednesday, June 24th. Mizuho set a $13.00 price objective on Verastem and gave the stock an “outperform” rating in a report on Monday, August 10th. Royal Bank Of Canada set a $14.00 price objective on Verastem and gave the company an “outperform” rating in a research report on Tuesday, July 7th. Finally, Jefferies Financial Group cut their target price on Verastem from $15.00 to $8.00 and set a “buy” rating for the company in a research note on Tuesday, June 23rd. Two investment analysts have rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $13.83.
View Our Latest Analysis on Verastem
Verastem Stock Performance
Verastem (NASDAQ:VSTM – Get Free Report) last issued its quarterly earnings data on Thursday, August 6th. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.43) by $0.08. The firm had revenue of $40.08 million during the quarter, compared to the consensus estimate of $22.88 million. Verastem had a negative return on equity of 467.49% and a negative net margin of 231.59%. On average, research analysts anticipate that Verastem, Inc. will post -1.6 earnings per share for the current year.
Insider Transactions at Verastem
In related news, CEO Dan Paterson sold 20,871 shares of the company’s stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $4.18, for a total transaction of $87,240.78. Following the transaction, the chief executive officer owned 591,242 shares in the company, valued at $2,471,391.56. This represents a 3.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 26,262 shares of company stock worth $111,897. 1.94% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On Verastem
A number of institutional investors have recently modified their holdings of VSTM. Bank of New York Mellon Corp bought a new stake in shares of Verastem during the second quarter valued at approximately $706,000. Hennion & Walsh Asset Management Inc. lifted its holdings in Verastem by 157.2% during the 2nd quarter. Hennion & Walsh Asset Management Inc. now owns 569,195 shares of the biopharmaceutical company’s stock worth $2,174,000 after buying an additional 347,872 shares in the last quarter. Seven Fleet Capital Management LP boosted its position in Verastem by 715.1% in the 1st quarter. Seven Fleet Capital Management LP now owns 123,400 shares of the biopharmaceutical company’s stock valued at $654,000 after buying an additional 108,260 shares during the last quarter. Bank of America Corp DE boosted its holdings in Verastem by 31.6% in the first quarter. Bank of America Corp DE now owns 416,985 shares of the biopharmaceutical company’s stock valued at $2,210,000 after acquiring an additional 100,123 shares during the last quarter. Finally, ADAR1 Capital Management LLC acquired a new stake in shares of Verastem during the 1st quarter worth approximately $377,000. 88.37% of the stock is owned by institutional investors.
About Verastem
Verastem Oncology, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule therapies that target cancer stemness and resistance pathways. Established in 2010 and headquartered in Needham, Massachusetts, Verastem Oncology applies a precision-medicine approach to identify key signaling nodes responsible for tumor growth and relapse, with an emphasis on hematologic malignancies and solid tumors. The company’s research platform integrates insights into complex signaling networks to advance novel compounds from early discovery through clinical proof of concept.
The company’s lead marketed product is COPIKTRA (duvelisib), an oral inhibitor of PI3K-delta and PI3K-gamma, which received U.S.
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