Verastem, Inc. (NASDAQ:VSTM – Get Free Report) shares were down 7% during trading on Tuesday. The company traded as low as $7.66 and last traded at $7.6750. 1,573,566 shares were traded during mid-day trading, a decline of 30% from the average session volume of 2,262,950 shares. The stock had previously closed at $8.25.
Analyst Upgrades and Downgrades
Several brokerages have recently weighed in on VSTM. Weiss Ratings raised Verastem from a “sell (e+)” rating to a “sell (d-)” rating in a research report on Friday, September 4th. Jefferies Financial Group lowered their price target on Verastem from $15.00 to $8.00 and set a “buy” rating for the company in a report on Tuesday, June 23rd. Wall Street Zen raised Verastem from a “sell” rating to a “hold” rating in a report on Sunday, September 27th. Guggenheim set a $12.00 price objective on shares of Verastem and gave the stock a “buy” rating in a report on Friday, August 7th. Finally, BTIG Research restated a “buy” rating and set a $18.00 price objective on shares of Verastem in a research report on Monday, October 5th. Ten investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $13.83.
Get Our Latest Research Report on VSTM
Verastem Stock Down 8.5%
Verastem (NASDAQ:VSTM – Get Free Report) last posted its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.35) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.43) by $0.08. The firm had revenue of $40.08 million during the quarter, compared to analysts’ expectations of $22.88 million. Verastem had a negative net margin of 231.59% and a negative return on equity of 467.49%. Research analysts expect that Verastem, Inc. will post -1.55 EPS for the current year.
Insider Activity
In other news, CEO Dan Paterson sold 44,121 shares of the stock in a transaction that occurred on Thursday, October 1st. The shares were sold at an average price of $8.00, for a total value of $352,968.00. Following the sale, the chief executive officer directly 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 document filed with the Securities & Exchange Commission, which is available through 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 quarter. 1.94% of the stock is owned by corporate insiders.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of VSTM. Seven Fleet Capital Management LP acquired a new position in shares of Verastem in the fourth quarter worth $117,000. Hsbc Holdings PLC purchased a new stake in shares of Verastem in the first quarter valued at $210,000. ADAR1 Capital Management LLC acquired a new stake in shares of Verastem during the first quarter valued at $377,000. Quantinno Capital Management LP acquired a new stake in shares of Verastem during the first quarter valued at $394,000. Finally, Knott David M Jr acquired a new stake in shares of Verastem during the first quarter valued at $551,000. 88.37% of the stock is currently owned by institutional investors and hedge funds.
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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