Wellington Management Group LLP lessened its stake in Verastem, Inc. (NASDAQ:VSTM – Free Report) by 65.8% during the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 51,700 shares of the biopharmaceutical company’s stock after selling 99,540 shares during the quarter. Wellington Management Group LLP owned approximately 0.06% of Verastem worth $197,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Russell Investments Group Ltd. increased its holdings in Verastem by 182.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,578 shares of the biopharmaceutical company’s stock valued at $40,000 after acquiring an additional 2,960 shares during the last quarter. E Fund Management Co. Ltd. purchased a new stake in Verastem in the 2nd quarter worth $49,000. Nebula Research & Development LLC bought a new position in shares of Verastem during the 2nd quarter valued at about $53,000. The Manufacturers Life Insurance Company boosted its holdings in shares of Verastem by 9.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 16,188 shares of the biopharmaceutical company’s stock valued at $67,000 after purchasing an additional 1,440 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Verastem by 110.9% during the third quarter. BNP Paribas Financial Markets now owns 8,550 shares of the biopharmaceutical company’s stock valued at $75,000 after purchasing an additional 4,496 shares in the last quarter. Institutional investors own 88.37% of the company’s stock.
Insider Transactions at Verastem
In other news, CEO Dan Paterson sold 20,871 shares of the firm’s stock in a transaction that occurred 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 directly owned 591,242 shares of the company’s stock, valued at $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 available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 26,262 shares of company stock worth $111,897 in the last quarter. Corporate insiders own 1.94% of the company’s stock.
Analysts Set New Price Targets
Read Our Latest Analysis on VSTM
Verastem Stock Performance
Verastem stock opened at $7.32 on Friday. The company’s 50-day moving average price is $6.55 and its 200-day moving average price is $5.57. The company has a quick ratio of 2.22, a current ratio of 2.25 and a debt-to-equity ratio of 1.48. The company has a market cap of $662.90 million, a PE ratio of -2.75 and a beta of 0.32. Verastem, Inc. has a twelve month low of $3.43 and a twelve month high of $10.82.
Verastem (NASDAQ:VSTM – Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.35) EPS for the quarter, beating analysts’ consensus estimates 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 net margin of 231.59% and a negative return on equity of 467.49%. On average, equities research analysts forecast that Verastem, Inc. will post -1.56 EPS for the current fiscal year.
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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