Verastem (NASDAQ:VSTM) Stock Rating Reaffirmed by Royal Bank of Canada

Verastem (NASDAQ:VSTM)‘s stock had its “outperform” rating reaffirmed by research analysts at Royal Bank of Canada in a research note issued on Friday, Benzinga reports. They currently have a $13.00 target price on the biopharmaceutical company’s stock. Royal Bank of Canada’s price objective suggests a potential upside of 339.19% from the stock’s previous close.

Other equities analysts also recently issued reports about the company. B. Riley dropped their price objective on Verastem from $21.00 to $7.00 and set a “buy” rating for the company in a research note on Wednesday, July 24th. Cantor Fitzgerald restated an “overweight” rating on shares of Verastem in a research report on Friday. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price target on shares of Verastem in a research note on Friday. Truist Financial dropped their target price on shares of Verastem from $18.00 to $15.00 and set a “buy” rating for the company in a report on Tuesday, August 13th. Finally, Guggenheim assumed coverage on Verastem in a research report on Monday, September 30th. They set a “buy” rating and a $13.00 price target for the company. One investment analyst has rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $14.57.

Verastem Trading Up 11.3 %

Shares of VSTM stock opened at $2.96 on Friday. Verastem has a 1-year low of $2.10 and a 1-year high of $14.22. The company has a debt-to-equity ratio of 1.88, a current ratio of 3.28 and a quick ratio of 3.28. The business’s fifty day moving average price is $2.67 and its 200 day moving average price is $5.11. The firm has a market capitalization of $74.96 million, a PE ratio of -0.67 and a beta of 0.17.

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

Hedge Funds Weigh In On Verastem

A number of large investors have recently bought and sold shares of the stock. SG Americas Securities LLC acquired a new position in shares of Verastem during the third quarter worth about $43,000. Nantahala Capital Management LLC acquired a new position in Verastem during the 2nd quarter worth $1,192,000. Acadian Asset Management LLC acquired a new position in Verastem in the second quarter worth about $82,000. Rhumbline Advisers increased its holdings in shares of Verastem by 4,172.0% in the 2nd quarter. Rhumbline Advisers now owns 28,793 shares of the biopharmaceutical company’s stock valued at $86,000 after acquiring an additional 28,119 shares during the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in Verastem during the second quarter valued at $203,000. Hedge funds and other institutional investors own 88.37% of the company’s stock.

About Verastem

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.