Geode Capital Management LLC Raises Stock Position in Verastem, Inc. (NASDAQ:VSTM)

Geode Capital Management LLC lifted its stake in Verastem, Inc. (NASDAQ:VSTM) by 67.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 890,599 shares of the biopharmaceutical company’s stock after buying an additional 359,060 shares during the period. Geode Capital Management LLC owned approximately 2.00% of Verastem worth $2,663,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Walleye Capital LLC boosted its stake in Verastem by 493.7% in the third quarter. Walleye Capital LLC now owns 216,126 shares of the biopharmaceutical company’s stock valued at $646,000 after acquiring an additional 179,725 shares in the last quarter. Nantahala Capital Management LLC purchased a new stake in shares of Verastem in the 2nd quarter valued at about $1,192,000. XTX Topco Ltd purchased a new stake in shares of Verastem in the 3rd quarter valued at about $112,000. SG Americas Securities LLC purchased a new position in Verastem during the 3rd quarter worth approximately $43,000. Finally, Charles Schwab Investment Management Inc. grew its stake in Verastem by 46.3% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 103,601 shares of the biopharmaceutical company’s stock worth $310,000 after buying an additional 32,791 shares during the last quarter. 88.37% of the stock is currently owned by institutional investors and hedge funds.

Verastem Price Performance

Shares of VSTM opened at $6.54 on Wednesday. The firm has a market capitalization of $291.08 million, a PE ratio of -2.05 and a beta of 0.24. The stock’s 50 day moving average is $4.55 and its two-hundred day moving average is $3.43. Verastem, Inc. has a twelve month low of $2.10 and a twelve month high of $14.22. The company has a current ratio of 3.23, a quick ratio of 3.23 and a debt-to-equity ratio of 2.77.

Verastem (NASDAQ:VSTM) last posted its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.11. Research analysts anticipate that Verastem, Inc. will post -3.16 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on VSTM shares. StockNews.com downgraded Verastem from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. BTIG Research increased their price target on shares of Verastem from $13.00 to $20.00 and gave the stock a “buy” rating in a research note on Tuesday, December 31st. Guggenheim assumed coverage on shares of Verastem in a research report on Monday, September 30th. They set a “buy” rating and a $13.00 price objective on the stock. Mizuho upped their target price on shares of Verastem from $7.00 to $9.00 and gave the company an “outperform” rating in a report on Thursday, December 19th. Finally, Cantor Fitzgerald reiterated an “overweight” rating on shares of Verastem in a research note on Friday, October 18th. One research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $13.38.

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.