Acadian Asset Management LLC Takes $82,000 Position in Verastem, Inc. (NASDAQ:VSTM)

Acadian Asset Management LLC bought a new stake in shares of Verastem, Inc. (NASDAQ:VSTM) during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor bought 27,689 shares of the biopharmaceutical company’s stock, valued at approximately $82,000. Acadian Asset Management LLC owned about 0.11% of Verastem as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Rhumbline Advisers increased its position in Verastem by 4,172.0% during the 2nd quarter. Rhumbline Advisers now owns 28,793 shares of the biopharmaceutical company’s stock worth $86,000 after purchasing an additional 28,119 shares in the last quarter. Cannon Global Investment Management LLC acquired a new stake in shares of Verastem during the 1st quarter worth about $131,000. Bank of New York Mellon Corp purchased a new stake in shares of Verastem during the second quarter worth about $203,000. Finally, Vanguard Group Inc. raised its position in shares of Verastem by 0.9% in the first quarter. Vanguard Group Inc. now owns 1,160,931 shares of the biopharmaceutical company’s stock valued at $13,699,000 after buying an additional 10,678 shares during the last quarter. Hedge funds and other institutional investors own 88.37% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently issued reports on VSTM shares. Royal Bank of Canada decreased their target price on shares of Verastem from $16.00 to $13.00 and set an “outperform” rating on the stock in a research report on Friday, August 9th. B. Riley lowered their price objective on Verastem from $21.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Alliance Global Partners decreased their price target on Verastem from $34.00 to $20.00 and set a “buy” rating on the stock in a research note on Wednesday, May 29th. StockNews.com upgraded Verastem from a “sell” rating to a “hold” rating in a report on Monday, August 12th. Finally, HC Wainwright cut their price objective on shares of Verastem from $17.50 to $7.00 and set a “buy” rating on the stock in a report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $14.83.

Verastem Stock Performance

NASDAQ VSTM opened at $2.88 on Friday. The company has a debt-to-equity ratio of 1.88, a current ratio of 3.28 and a quick ratio of 3.28. Verastem, Inc. has a 1-year low of $2.10 and a 1-year high of $14.22. The firm has a market capitalization of $72.94 million, a P/E ratio of -0.65 and a beta of 0.16. The business’s 50-day simple moving average is $2.67 and its 200-day simple moving average is $6.27.

Verastem (NASDAQ:VSTM) last announced its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.31) earnings per share for the quarter, beating analysts’ consensus estimates of ($1.06) by $0.75. The business had revenue of $10.00 million for the quarter. Equities analysts predict that Verastem, Inc. will post -3.36 EPS for the current year.

Verastem Company Profile

Verastem, Inc, a development-stage biopharmaceutical company, focuses on developing and commercializing drugs for the treatment of cancer in the United States. Its product candidates are Avutometinib, an orally available small molecule RAF/MEK clamp that inhibits the ras sarcoma RAF/MEK, ERK mitogen activated pathway kinase pathway which is involved in cell proliferation, migration, transformation, and survival of tumor cells; and Defactinib, an oral small molecule inhibitor of FAK and proline-rich tyrosine kinase for various solid tumors.