Wall Street Zen downgraded shares of Verastem (NASDAQ:VSTM – Free Report) from a hold rating to a sell rating in a research report released on Saturday morning,Wall Street Zen reports.
Several other equities research analysts also recently commented on VSTM. Wolfe Research assumed coverage on Verastem in a report on Thursday. They issued an “outperform” rating on the stock. Mizuho set a $13.00 price target on Verastem and gave the company an “outperform” rating in a report on Monday, August 10th. HC Wainwright reiterated a “buy” rating and issued a $18.00 price target on shares of Verastem in a research note on Friday, September 11th. BTIG Research reissued a “buy” rating and set a $18.00 price objective on shares of Verastem in a research report on Friday, September 11th. Finally, Jefferies Financial Group cut their price objective on shares of Verastem from $15.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, June 23rd. One research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $13.83.
Read Our Latest Stock Report on Verastem
Verastem Price Performance
Verastem (NASDAQ:VSTM – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.35) EPS for the quarter, topping analysts’ consensus estimates of ($0.43) by $0.08. The firm had revenue of $40.08 million for the quarter, compared to analysts’ expectations of $22.88 million. Verastem had a negative return on equity of 467.49% and a negative net margin of 231.59%. Analysts expect that Verastem will post -1.56 EPS for the current fiscal year.
Insider Activity at Verastem
In other Verastem news, CEO Dan Paterson sold 20,871 shares of Verastem stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $4.18, for a total value of $87,240.78. Following the completion of the sale, the chief executive officer owned 591,242 shares of the company’s stock, valued at approximately $2,471,391.56. This trade represents a 3.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last three months, insiders sold 26,262 shares of company stock valued at $111,897. 1.94% of the stock is currently owned by company insiders.
Institutional Inflows and Outflows
A number of hedge funds and other institutional investors have recently modified their holdings of VSTM. Opaleye Management Inc. bought a new stake in Verastem in the 2nd quarter worth about $6,876,000. Bank of New York Mellon Corp bought a new position in Verastem during the 2nd quarter valued at about $706,000. Hennion & Walsh Asset Management Inc. lifted its stake 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 valued at $2,174,000 after acquiring an additional 347,872 shares during the period. Seven Fleet Capital Management LP boosted its holdings in shares of Verastem by 715.1% during the 1st quarter. Seven Fleet Capital Management LP now owns 123,400 shares of the biopharmaceutical company’s stock valued at $654,000 after acquiring an additional 108,260 shares during the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Verastem by 31.6% during the 1st 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. 88.37% of the stock is owned by institutional investors.
Verastem Company Profile
Verastem Oncology is a biopharmaceutical company focused on developing and commercializing targeted therapies for cancers driven by abnormalities in the RAS/MAPK signaling pathway. The company’s research is aimed at addressing cancers with limited treatment options, including ovarian cancer and other solid tumors.
Verastem’s principal products include avutometinib, a RAF/MEK pathway inhibitor, and defactinib, a focal adhesion kinase (FAK) inhibitor. The company has studied these therapies both individually and in combination, with the goal of improving cancer-cell response and overcoming treatment resistance.
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