Verastem (NASDAQ:VSTM) was upgraded by ValuEngine from a “buy” rating to a “strong-buy” rating in a report released on Wednesday.
Several other equities research analysts have also recently commented on VSTM. BidaskClub cut shares of Verastem from a “buy” rating to a “hold” rating in a research report on Friday, October 26th. HC Wainwright reiterated a “buy” rating and issued a $10.00 price target on shares of Verastem in a research report on Monday, August 13th. Zacks Investment Research upgraded shares of Verastem from a “hold” rating to a “buy” rating and set a $9.00 price target on the stock in a research report on Friday, July 20th. Raymond James boosted their price target on shares of Verastem from $7.00 to $12.00 in a research report on Friday, August 10th. Finally, BTIG Research began coverage on shares of Verastem in a research report on Friday, July 13th. They issued a “buy” rating and a $17.00 price target on the stock. One research analyst has rated the stock with a hold rating, ten have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $14.40.
Shares of Verastem stock opened at $5.72 on Wednesday. The company has a current ratio of 7.70, a quick ratio of 7.70 and a debt-to-equity ratio of 0.19. Verastem has a 52 week low of $2.77 and a 52 week high of $10.35. The stock has a market capitalization of $374.58 million, a price-to-earnings ratio of -3.25 and a beta of 3.14.
Verastem (NASDAQ:VSTM) last issued its quarterly earnings results on Wednesday, November 7th. The biopharmaceutical company reported ($0.29) EPS for the quarter, topping the consensus estimate of ($0.43) by $0.14. The business had revenue of $15.51 million during the quarter. As a group, analysts predict that Verastem will post -1.64 earnings per share for the current year.
In related news, CEO Robert Forrester purchased 10,500 shares of the company’s stock in a transaction that occurred on Thursday, September 27th. The shares were purchased at an average price of $7.00 per share, with a total value of $73,500.00. Following the purchase, the chief executive officer now owns 209,234 shares of the company’s stock, valued at approximately $1,464,638. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael Kauffman purchased 4,000 shares of the company’s stock in a transaction that occurred on Friday, September 28th. The stock was bought at an average cost of $7.49 per share, for a total transaction of $29,960.00. Following the purchase, the director now directly owns 4,000 shares in the company, valued at approximately $29,960. The disclosure for this purchase can be found here. Insiders purchased a total of 19,500 shares of company stock worth $139,420 in the last three months. 6.51% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of the stock. Wells Fargo & Company MN increased its stake in Verastem by 7.9% in the 3rd quarter. Wells Fargo & Company MN now owns 139,162 shares of the biopharmaceutical company’s stock worth $1,010,000 after purchasing an additional 10,157 shares in the last quarter. Northern Trust Corp increased its stake in Verastem by 558.1% in the 2nd quarter. Northern Trust Corp now owns 625,158 shares of the biopharmaceutical company’s stock worth $4,301,000 after purchasing an additional 530,166 shares in the last quarter. Bank of New York Mellon Corp increased its stake in Verastem by 820.5% in the 2nd quarter. Bank of New York Mellon Corp now owns 352,720 shares of the biopharmaceutical company’s stock worth $2,426,000 after purchasing an additional 314,401 shares in the last quarter. MetLife Investment Advisors LLC purchased a new position in Verastem in the 2nd quarter worth about $184,000. Finally, Metropolitan Life Insurance Co. NY purchased a new position in Verastem in the 2nd quarter worth about $130,000. 43.40% of the stock is currently owned by hedge funds and other institutional investors.
Verastem, Inc, a biopharmaceutical company, focuses on developing and commercializing drugs for the treatment of cancer. Its programs target the focal adhesion kinase (FAK) and the phosphoinositide 3-kinase (PI3K) signaling pathways. The company's lead FAK inhibitor is defactinib, an orally available candidate for combination therapy with immuno-oncology agents and other anti-cancer compounds.
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