Verastem (VSTM) Stock Rating Reaffirmed by Cann
Verastem (NASDAQ:VSTM)‘s stock had its “buy” rating reiterated by equities research analysts at Cann in a note issued to investors on Sunday. They presently have a $15.00 price objective on the biopharmaceutical company’s stock. Cann’s price objective would indicate a potential upside of 246.42% from the stock’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 brokerages have also issued reports on VSTM. HC Wainwright reaffirmed a “buy” rating and set a $10.00 target price (up from $6.50) on shares of Verastem in a research report on Thursday, September 7th. Oppenheimer reaffirmed a “buy” rating and set a $6.00 target price on shares of Verastem in a research report on Thursday, October 12th. Cantor Fitzgerald set a $17.00 target price on Verastem and gave the stock a “buy” rating in a research report on Tuesday, October 17th. Roth Capital assumed coverage on Verastem in a research report on Friday, December 1st. They set a “buy” rating and a $12.00 target price for the company. Finally, ValuEngine lowered Verastem from a “sell” rating to a “strong sell” rating in a research report on Friday, December 1st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of “Buy” and an average price target of $8.91.
Verastem (NASDAQ:VSTM) last announced its earnings results on Tuesday, November 7th. The biopharmaceutical company reported ($0.61) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.32) by ($0.29). analysts expect that Verastem will post -1.74 earnings per share for the current fiscal year.
In other Verastem news, Director Timothy J. Barberich acquired 60,538 shares of the stock in a transaction dated Tuesday, December 5th. The stock was purchased at an average cost of $3.95 per share, with a total value of $239,125.10. Following the transaction, the director now owns 130,000 shares in the company, valued at approximately $513,500. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 6.51% of the company’s stock.
Several hedge funds have recently bought and sold shares of VSTM. Renaissance Technologies LLC raised its position in shares of Verastem by 20.0% in the 1st quarter. Renaissance Technologies LLC now owns 1,226,600 shares of the biopharmaceutical company’s stock worth $2,539,000 after acquiring an additional 204,400 shares in the last quarter. Alpine Woods Capital Investors LLC bought a new position in shares of Verastem in the 2nd quarter worth about $109,000. Artal Group S.A. bought a new position in shares of Verastem in the 2nd quarter worth about $1,090,000. Northern Trust Corp raised its position in shares of Verastem by 40.3% in the 2nd quarter. Northern Trust Corp now owns 73,750 shares of the biopharmaceutical company’s stock worth $160,000 after acquiring an additional 21,178 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Verastem by 10.3% in the 2nd quarter. Vanguard Group Inc. now owns 1,143,642 shares of the biopharmaceutical company’s stock worth $2,493,000 after acquiring an additional 107,029 shares in the last quarter. 34.24% of the stock is owned by hedge funds and other institutional investors.
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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