Verastem (NASDAQ:VSTM) Given New $13.00 Price Target at Royal Bank of Canada

Verastem (NASDAQ:VSTM) had its price objective reduced by Royal Bank of Canada from $16.00 to $13.00 in a research report sent to investors on Friday, Benzinga reports. They currently have an outperform rating on the biopharmaceutical company’s stock.

Several other equities analysts also recently issued reports on VSTM. Alliance Global Partners cut their price target on shares of Verastem from $34.00 to $20.00 and set a buy rating for the company in a report on Wednesday, May 29th. Truist Financial decreased their price objective on shares of Verastem from $34.00 to $18.00 and set a buy rating for the company in a report on Monday, July 8th. B. Riley decreased their price objective on shares of Verastem from $21.00 to $7.00 and set a buy rating for the company in a report on Wednesday, July 24th. StockNews.com cut shares of Verastem from a hold rating to a sell rating in a report on Thursday, August 1st. Finally, HC Wainwright reiterated a buy rating and issued a $17.50 price target on shares of Verastem in a report on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average target price of $19.79.

Verastem Price Performance

VSTM stock traded up $0.11 during trading on Friday, hitting $2.35. 284,406 shares of the stock traded hands, compared to its average volume of 508,129. Verastem has a one year low of $2.10 and a one year high of $14.22. The stock has a market cap of $59.52 million, a price-to-earnings ratio of -0.53 and a beta of 0.20. The company has a 50 day simple moving average of $3.08 and a 200 day simple moving average of $8.34. The company has a current ratio of 4.40, a quick ratio of 4.40 and a debt-to-equity ratio of 1.60.

Verastem (NASDAQ:VSTM) last announced its quarterly earnings results on Thursday, May 9th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.10). Equities analysts expect that Verastem will post -4 EPS for the current fiscal year.

Hedge Funds Weigh In On Verastem

Several institutional investors and hedge funds have recently modified their holdings of the business. Acadian Asset Management LLC acquired a new position in shares of Verastem in the second quarter valued at about $82,000. Rhumbline Advisers grew its stake in Verastem by 4,172.0% during the second quarter. Rhumbline Advisers now owns 28,793 shares of the biopharmaceutical company’s stock worth $86,000 after buying an additional 28,119 shares in the last quarter. Bank of New York Mellon Corp acquired a new stake in Verastem during the second quarter worth about $203,000. Vanguard Group Inc. grew its stake in Verastem by 0.9% during the first quarter. Vanguard Group Inc. now owns 1,160,931 shares of the biopharmaceutical company’s stock worth $13,699,000 after buying an additional 10,678 shares in the last quarter. Finally, Cannon Global Investment Management LLC acquired a new stake in Verastem during the first quarter worth about $131,000. 88.37% of the stock is currently owned by institutional investors and hedge funds.

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.