Verastem (NASDAQ:VSTM) Stock Rating Upgraded by BTIG Research

Verastem (NASDAQ:VSTM) was upgraded by equities researchers at BTIG Research to a “strong-buy” rating in a note issued to investors on Wednesday,Zacks.com reports.

VSTM has been the topic of a number of other reports. HC Wainwright initiated coverage on shares of Verastem in a report on Wednesday, February 4th. They set a “buy” rating and a $18.00 target price on the stock. Zacks Research downgraded Verastem from a “strong-buy” rating to a “hold” rating in a report on Tuesday, November 18th. Wall Street Zen upgraded Verastem from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Mizuho set a $18.00 target price on shares of Verastem in a research note on Thursday, February 19th. Finally, Weiss Ratings reissued a “sell (d-)” rating on shares of Verastem in a research report on Wednesday, January 21st. Three equities research analysts have rated the stock with a Strong Buy rating, five have issued a Buy rating, one has assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Buy” and an average price target of $16.83.

Verastem Stock Down 4.1%

Shares of VSTM opened at $5.60 on Wednesday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 3.07 and a current ratio of 3.09. Verastem has a 52 week low of $4.01 and a 52 week high of $11.24. The stock has a market capitalization of $373.95 million, a price-to-earnings ratio of -1.75 and a beta of 0.40. The stock has a fifty day moving average of $6.34 and a 200-day moving average of $8.09.

Verastem (NASDAQ:VSTM) last issued its quarterly earnings data on Wednesday, March 4th. The biopharmaceutical company reported ($0.50) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.01). The company had revenue of $17.54 million during the quarter, compared to analyst estimates of $16.85 million. As a group, sell-side analysts anticipate that Verastem will post -3.02 earnings per share for the current fiscal year.

Insider Transactions at Verastem

In other news, CFO Daniel Calkins sold 5,039 shares of the firm’s stock in a transaction that occurred on Monday, January 12th. The stock was sold at an average price of $7.16, for a total value of $36,079.24. Following the transaction, the chief financial officer owned 104,719 shares in the company, valued at $749,788.04. This trade represents a 4.59% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dan Paterson sold 10,321 shares of the company’s stock in a transaction on Monday, January 12th. The stock was sold at an average price of $7.16, for a total value of $73,898.36. Following the sale, the chief executive officer owned 400,104 shares of the company’s stock, valued at $2,864,744.64. This trade represents a 2.51% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 17,678 shares of company stock worth $128,685 in the last 90 days. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Verastem

A number of hedge funds have recently bought and sold shares of the company. Squarepoint Ops LLC lifted its position in shares of Verastem by 2,995.6% during the second quarter. Squarepoint Ops LLC now owns 351,569 shares of the biopharmaceutical company’s stock valued at $1,459,000 after purchasing an additional 340,212 shares in the last quarter. Los Angeles Capital Management LLC bought a new position in shares of Verastem in the second quarter valued at approximately $106,000. Jefferies Financial Group Inc. lifted its holdings in Verastem by 48.4% during the third quarter. Jefferies Financial Group Inc. now owns 590,184 shares of the biopharmaceutical company’s stock worth $5,211,000 after acquiring an additional 192,429 shares during the period. Panagora Asset Management Inc. purchased a new position in Verastem in the second quarter worth $550,000. Finally, Armistice Capital LLC purchased a new stake in shares of Verastem during the 2nd quarter valued at $8,864,000. 88.37% of the stock is owned by hedge funds and other institutional investors.

Verastem Company Profile

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.