Verastem (VSTM) Stock Rating Reaffirmed by Cann
Verastem (NASDAQ:VSTM)‘s stock had its “buy” rating reissued by research analysts at Cann in a research note issued to investors on Sunday. They currently have a $15.00 price objective on the biopharmaceutical company’s stock, up from their previous price objective of $6.00. Cann’s target price points to a potential upside of 316.67% from the company’s previous close.
The analysts wrote, “Verastem presented the DUO data at the American Society of Hematology (ASH) 2017 on Sunday, December 10, 2017. Investigators concluded that DUO results support duvelisib oral monotherapy as a potential new and convenient treatment option for previously treated CLL/SLL patients and the adverse event profile of duvelisib was manageable. Based on the balance of efficacy and adverse events reported from the DUO study, we continue to expect that Verastem will launch duvelisib in 2019, and it will be the primary revenue and earnings driver for Verastem. Our outlook for duvelisib remains unchanged and positive. We are raising our target price to $15 from our prior target of $6 to reflect decreased risk of failure, now that details of the DUO data are released.””
Several other research analysts have also commented on the company. ValuEngine lowered Verastem from a “sell” rating to a “strong sell” rating in a research report on Friday, December 1st. Roth Capital began coverage on Verastem in a research report on Friday, December 1st. They set a “buy” rating and a $12.00 price target for the company. HC Wainwright restated a “buy” rating and set a $10.00 price target on shares of Verastem in a research report on Wednesday, November 8th. Zacks Investment Research upgraded Verastem from a “sell” rating to a “hold” rating in a research report on Wednesday, November 8th. Finally, Cantor Fitzgerald set a $17.00 price target on Verastem and gave the stock a “buy” rating in a research report on Tuesday, October 31st. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Buy” and a consensus target price of $10.03.
Verastem (NASDAQ:VSTM) last released its quarterly earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.61) EPS for the quarter, missing the consensus estimate of ($0.32) by ($0.29). research analysts anticipate that Verastem will post -1.74 earnings per share for the current fiscal year.
In related news, Director Timothy J. Barberich bought 60,538 shares of the firm’s stock in a transaction that occurred on Tuesday, December 5th. The stock was purchased at an average cost of $3.95 per share, for a total transaction of $239,125.10. Following the completion of the acquisition, the director now owns 130,000 shares in the company, valued at approximately $513,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 6.51% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Susquehanna International Group LLP boosted its holdings in Verastem by 137.1% in the third quarter. Susquehanna International Group LLP now owns 75,526 shares of the biopharmaceutical company’s stock valued at $355,000 after purchasing an additional 43,675 shares during the period. Cubist Systematic Strategies LLC purchased a new position in Verastem in the third quarter valued at $136,000. Point72 Asset Management L.P. purchased a new position in Verastem in the third quarter valued at $6,580,000. Dimensional Fund Advisors LP boosted its holdings in Verastem by 93.9% in the third quarter. Dimensional Fund Advisors LP now owns 561,969 shares of the biopharmaceutical company’s stock valued at $2,641,000 after purchasing an additional 272,141 shares during the period. Finally, Citadel Advisors LLC purchased a new position in Verastem in the third quarter valued at $195,000. Hedge funds and other institutional investors own 34.24% of the company’s stock.
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Verastem Company Profile
Verastem, Inc is a biopharmaceutical company. The Company is focused on discovering and developing drugs to improve outcomes for patients with cancer. The Company operates in the segment of developing drugs for the treatment of cancer. The Company’s advanced product candidates are VS 6063, VS 4718 and VS 5584.
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