Verastem (VSTM) Shares Down 7.1%
Verastem Inc (NASDAQ:VSTM)’s share price traded down 7.1% during mid-day trading on Tuesday . The company traded as low as $4.83 and last traded at $4.84. 2,537,389 shares traded hands during trading, an increase of 23% from the average session volume of 2,057,513 shares. The stock had previously closed at $5.21.
A number of equities analysts have recently issued reports on the stock. BidaskClub raised shares of Verastem from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 28th. HC Wainwright increased their price objective on shares of Verastem to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 25th. Raymond James increased their price objective on shares of Verastem from $7.00 to $12.00 in a research report on Friday, August 10th. Cann reissued a “buy” rating and set a $16.00 price objective on shares of Verastem in a research report on Thursday, August 9th. Finally, BTIG Research set a $17.00 price objective on shares of Verastem and gave the stock a “buy” rating in a research report on Tuesday, September 25th. One analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $14.60.
The stock has a market capitalization of $376.34 million, a PE ratio of -2.75 and a beta of 3.14. The company has a current ratio of 2.97, a quick ratio of 2.97 and a debt-to-equity ratio of 0.20.
In other Verastem news, Director Michael Kauffman purchased 4,000 shares of the company’s stock in a transaction that occurred on Friday, September 28th. The shares were acquired at an average price of $7.49 per share, with a total value of $29,960.00. Following the transaction, the director now owns 4,000 shares in the company, valued at $29,960. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Robert Forrester purchased 10,500 shares of the company’s stock in a transaction that occurred on Thursday, September 27th. The stock was acquired at an average cost of $7.00 per share, for a total transaction of $73,500.00. Following the transaction, the chief executive officer now owns 209,234 shares in the company, valued at approximately $1,464,638. The disclosure for this purchase can be found here. In the last ninety days, insiders purchased 19,500 shares of company stock worth $139,420. 5.50% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in VSTM. State Board of Administration of Florida Retirement System bought a new position in shares of Verastem during the 2nd quarter worth approximately $100,000. HRT Financial LLC bought a new position in shares of Verastem during the 3rd quarter worth approximately $109,000. Pacer Advisors Inc. bought a new position in shares of Verastem during the 3rd quarter worth approximately $123,000. B. Riley Wealth Management Inc. bought a new position in shares of Verastem during the 3rd quarter worth approximately $127,000. Finally, Metropolitan Life Insurance Co. NY bought a new position in shares of Verastem during the 2nd quarter worth approximately $130,000. 48.83% of the stock is currently owned by institutional investors and hedge funds.
About Verastem (NASDAQ:VSTM)
Verastem, Inc, operating as a Verastem Oncology, is a biopharmaceutical company focuses on developing and commercializing medicines to improve the survival of life of cancer patients. It markets COPIKTRA (duvelisib), an oral inhibitor of phosphoinositide 3-kinase (PI3K) and is approved dual inhibitor of PI3K-delta and PI3K-gamma, which is indicated for the treatment of adult patients with relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma (CLL/SLL) after at least two prior therapies and relapsed or refractory follicular lymphoma (FL) after at least two prior systemic therapies.
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