Verastem (NASDAQ:VSTM) Given New $15.00 Price Target at Truist Financial

Verastem (NASDAQ:VSTM) had its target price lowered by stock analysts at Truist Financial from $18.00 to $15.00 in a note issued to investors on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the biopharmaceutical company’s stock.

A number of other brokerages have also issued reports on VSTM. HC Wainwright dropped their target price on Verastem from $17.50 to $7.00 and set a “buy” rating on the stock in a research report on Monday. StockNews.com raised Verastem from a “sell” rating to a “hold” rating in a report on Monday. Royal Bank of Canada decreased their price objective on Verastem from $16.00 to $13.00 and set an “outperform” rating on the stock in a report on Friday. B. Riley reduced their target price on Verastem from $21.00 to $7.00 and set a “buy” rating on the stock in a report on Wednesday, July 24th. Finally, Alliance Global Partners dropped their price objective on Verastem from $34.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. One analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. Based on data from MarketBeat, Verastem currently has a consensus rating of “Moderate Buy” and an average target price of $17.86.

Verastem Stock Up 2.6 %

Shares of NASDAQ VSTM traded up $0.06 during mid-day trading on Tuesday, reaching $2.38. 42,772 shares of the company’s stock were exchanged, compared to its average volume of 504,988. The firm has a market capitalization of $60.29 million, a price-to-earnings ratio of -0.55 and a beta of 0.20. The company has a current ratio of 3.28, a quick ratio of 3.28 and a debt-to-equity ratio of 1.88. The business has a fifty day simple moving average of $3.05 and a 200 day simple moving average of $8.25. Verastem has a twelve month low of $2.10 and a twelve month high of $14.22.

Verastem (NASDAQ:VSTM) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.75. The business had revenue of $10.00 million for the quarter. As a group, equities analysts expect that Verastem will post -4 EPS for the current fiscal year.

Institutional Investors Weigh In On Verastem

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC acquired a new stake in Verastem during the second quarter worth approximately $82,000. Rhumbline Advisers grew its stake in Verastem by 4,172.0% in the second 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 period. Bank of New York Mellon Corp acquired a new stake in Verastem in the second quarter valued at approximately $203,000. Vanguard Group Inc. grew its stake in 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 acquiring an additional 10,678 shares during the period. Finally, Cannon Global Investment Management LLC bought a new position in shares of Verastem in the first quarter valued at approximately $131,000. Institutional investors and hedge funds own 88.37% of the company’s stock.

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.