Verastem (NASDAQ:VSTM – Get Free Report)‘s stock had its “buy” rating reissued by research analysts at BTIG Research in a report issued on Monday, Marketbeat.com reports. They currently have a $18.00 target price on the biopharmaceutical company’s stock. BTIG Research’s price objective would indicate a potential upside of 116.74% from the stock’s current price.
Other analysts have also issued research reports about the company. Cantor Fitzgerald reiterated an “overweight” rating on shares of Verastem in a research note on Monday, September 28th. Royal Bank Of Canada set a $14.00 price target on shares of Verastem and gave the stock an “outperform” rating in a report on Tuesday, July 7th. Wall Street Zen upgraded shares of Verastem from a “sell” rating to a “hold” rating in a report on Sunday, September 27th. HC Wainwright restated a “buy” rating and issued a $18.00 target price on shares of Verastem in a research note on Monday. Finally, Weiss Ratings raised shares of Verastem from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, September 4th. Nine investment analysts have rated the stock with a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $13.83.
View Our Latest Analysis on VSTM
Verastem Trading Up 7.2%
Verastem (NASDAQ:VSTM – Get Free Report) last issued its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.35) earnings per share for the quarter, topping the consensus estimate of ($0.43) by $0.08. Verastem had a negative return on equity of 467.49% and a negative net margin of 231.59%.The firm had revenue of $40.08 million for the quarter, compared to the consensus estimate of $22.88 million. Sell-side analysts predict that Verastem will post -1.56 earnings per share for the current year.
Insider Buying and Selling
In other Verastem news, CEO Dan Paterson sold 44,121 shares of the company’s stock in a transaction on Thursday, October 1st. The stock was sold at an average price of $8.00, for a total transaction of $352,968.00. Following the completion of the sale, the chief executive officer owned 652,712 shares in the company, valued at $5,221,696. This represents a 6.33% decrease in their ownership of the stock. The transaction 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. Insiders have sold a total of 48,044 shares of company stock valued at $381,484 over the last ninety days. Insiders own 1.94% of the company’s stock.
Hedge Funds Weigh In On Verastem
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Royal Bank of Canada grew its position in Verastem by 15.3% during the 1st quarter. Royal Bank of Canada now owns 110,729 shares of the biopharmaceutical company’s stock worth $587,000 after purchasing an additional 14,683 shares during the period. Seven Fleet Capital Management LP purchased a new stake in shares of Verastem in the fourth quarter worth about $117,000. Bank of New York Mellon Corp grew its holdings in Verastem by 31.8% during the first quarter. Bank of New York Mellon Corp now owns 161,707 shares of the biopharmaceutical company’s stock worth $857,000 after acquiring an additional 39,018 shares during the period. Hsbc Holdings PLC purchased a new position in Verastem during the first quarter valued at approximately $210,000. Finally, ADAR1 Capital Management LLC acquired a new position in Verastem in the first quarter valued at approximately $377,000. Hedge funds and other institutional investors own 88.37% of the company’s stock.
Verastem Company Profile
Verastem Oncology (NASDAQ:VSTM) 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 lead product, avutometinib, is a treatment targeting the RAF/MEK signaling pathway and is marketed in the United States under the brand name Avmapki for certain patients with recurrent low-grade serous ovarian cancer.
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