Verastem (NASDAQ:VSTM) Price Target Raised to $24.00

Verastem (NASDAQ:VSTM) had its target price raised by BTIG Research from $18.00 to $24.00 in a research note released on Thursday,Benzinga reports. They currently have a buy rating on the biopharmaceutical company’s stock.

VSTM has been the subject of several other reports. Guggenheim set a $12.00 target price on Verastem and gave the stock a “buy” rating in a research note on Friday, August 7th. Wall Street Zen upgraded Verastem from a “sell” rating to a “hold” rating in a research report on Sunday, September 27th. Wolfe Research began coverage on shares of Verastem in a research note on Thursday, September 17th. They issued an “outperform” rating on the stock. Mizuho set a $13.00 price target on shares of Verastem and gave the company an “outperform” rating in a research note on Monday, August 10th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Verastem in a report on Monday, September 28th. Eleven research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $16.67.

Verastem Trading Down 6.3%

VSTM opened at $8.65 on Thursday. Verastem has a 52 week low of $3.43 and a 52 week high of $10.82. The company has a quick ratio of 2.22, a current ratio of 2.25 and a debt-to-equity ratio of 1.48. The company has a market capitalization of $783.34 million, a P/E ratio of -3.25 and a beta of 0.39. The stock’s fifty day moving average is $7.64 and its two-hundred day moving average is $5.95.

Verastem (NASDAQ:VSTM) last announced its quarterly earnings results on Thursday, August 6th. The biopharmaceutical company reported ($0.35) earnings per share for the quarter, beating the consensus estimate of ($0.43) by $0.08. Verastem had a negative return on equity of 467.49% and a negative net margin of 231.59%. The firm had revenue of $40.08 million during the quarter, compared to analyst estimates of $22.88 million. Analysts forecast that Verastem will post -1.55 earnings per share for the current year.

Insiders Place Their Bets

In related news, CEO Dan Paterson sold 44,121 shares of Verastem stock in a transaction dated Thursday, October 1st. The stock was sold at an average price of $8.00, for a total value of $352,968.00. Following the sale, the chief executive officer directly owned 652,712 shares in the company, valued at approximately $5,221,696. The trade was a 6.33% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders have sold 48,044 shares of company stock valued at $381,484. Company insiders own 1.94% of the company’s stock.

Hedge Funds Weigh In On Verastem

Hedge funds have recently made changes to their positions in the company. AIGH Capital Management LLC purchased a new position in Verastem in the 1st quarter valued at $10,600,000. Opaleye Management Inc. acquired a new stake in Verastem during the 2nd quarter worth $6,876,000. Armistice Capital LLC grew its holdings in shares of Verastem by 68.7% during the fourth quarter. Armistice Capital LLC now owns 3,536,000 shares of the biopharmaceutical company’s stock worth $27,298,000 after buying an additional 1,440,000 shares in the last quarter. Hennion & Walsh Asset Management Inc. grew its holdings in shares of Verastem by 157.2% during the second quarter. Hennion & Walsh Asset Management Inc. now owns 569,195 shares of the biopharmaceutical company’s stock worth $2,174,000 after buying an additional 347,872 shares in the last quarter. Finally, Ishara Investments LP purchased a new stake in shares of Verastem during the fourth quarter worth $2,084,000. Institutional investors and hedge funds own 88.37% of the company’s stock.

Trending Headlines about Verastem

Here are the key news stories impacting Verastem this week:

• Positive Sentiment: New clinical updates showed encouraging responses for VS-7375 across pancreatic, lung and colorectal cancers. The results support Verastem’s plans to advance the drug toward Phase III trials and strengthen the potential value of its oncology pipeline. Verastem investigational drug clinical update
• Positive Sentiment: Analysts raised their estimates substantially. BTIG lifted its price target from $18 to $24 and maintained a “buy” rating, while Mizuho raised its target from $13 to $14 and assigned an “outperform” rating. The analyst actions imply considerable upside from the recent trading level. Mizuho raises Verastem price target
• Positive Sentiment: The reported analyst consensus price target is $16.50, suggesting Wall Street expects further appreciation if the clinical program continues to progress. Verastem consensus price target
• Positive Sentiment: Management secured substantial oncology financing to fund development of VS-7375 and its anticipated Phase III program. The additional capital may reduce near-term funding concerns and support execution. Verastem oncology financing transaction
• Neutral Sentiment: Despite the positive data, Verastem remains a clinical-stage biotechnology company. Its valuation depends heavily on future trial results, regulatory progress and the eventual commercial potential of VS-7375.
• Negative Sentiment: The financing involves a large share offering, reported at approximately $234 million to $250 million. While it strengthens Verastem’s balance sheet, issuing additional shares can dilute existing shareholders and may limit the stock’s near-term gains. Verastem prices financing

Verastem Company Profile

Verastem Oncology (NASDAQ:VSTM) is a biopharmaceutical company focused on developing and commercializing targeted therapies for cancers driven by abnormalities in the RAS/MAPK signaling pathway. The company’s research is aimed at addressing cancers with limited treatment options, including ovarian cancer and other solid tumors.

Verastem’s lead product, avutometinib, is a treatment targeting the RAF/MEK signaling pathway and is marketed in the United States under the brand name Avmapki for certain patients with recurrent low-grade serous ovarian cancer.