B. Riley Has Positive Forecast for Verastem FY2024 Earnings

Verastem, Inc. (NASDAQ:VSTM) – Equities researchers at B. Riley boosted their FY2024 EPS estimates for shares of Verastem in a report released on Monday, November 18th. B. Riley analyst K. Patel now forecasts that the biopharmaceutical company will post earnings per share of ($3.12) for the year, up from their previous estimate of ($3.43). B. Riley has a “Buy” rating and a $7.00 price target on the stock. The consensus estimate for Verastem’s current full-year earnings is ($3.24) per share. B. Riley also issued estimates for Verastem’s Q4 2024 earnings at ($0.86) EPS, FY2025 earnings at ($2.51) EPS, FY2026 earnings at ($1.39) EPS, FY2027 earnings at $0.13 EPS and FY2028 earnings at $1.38 EPS.

Other equities analysts have also recently issued research reports about the stock. Guggenheim initiated coverage on shares of Verastem in a research report on Monday, September 30th. They issued a “buy” rating and a $13.00 price target for the company. Truist Financial lowered their target price on shares of Verastem from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. HC Wainwright reiterated a “buy” rating and issued a $7.00 price objective on shares of Verastem in a report on Friday, October 18th. Royal Bank of Canada restated an “outperform” rating and issued a $13.00 target price on shares of Verastem in a report on Friday, October 18th. Finally, Cantor Fitzgerald reissued an “overweight” rating on shares of Verastem in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating and eight have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $14.57.

Verastem Trading Down 4.3 %

NASDAQ VSTM opened at $3.79 on Thursday. The company has a debt-to-equity ratio of 2.77, a current ratio of 3.23 and a quick ratio of 3.23. The firm has a 50 day simple moving average of $3.28 and a 200-day simple moving average of $3.96. Verastem has a one year low of $2.10 and a one year high of $14.22.

Verastem (NASDAQ:VSTM) last announced its earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($0.60) EPS for the quarter, beating analysts’ consensus estimates of ($0.71) by $0.11.

Institutional Trading of Verastem

A number of hedge funds have recently added to or reduced their stakes in VSTM. Stonepine Capital Management LLC acquired a new position in shares of Verastem in the third quarter valued at approximately $3,918,000. Nantahala Capital Management LLC acquired a new position in Verastem in the 2nd quarter valued at $1,192,000. Geode Capital Management LLC raised its position in Verastem by 67.6% during the 3rd quarter. Geode Capital Management LLC now owns 890,599 shares of the biopharmaceutical company’s stock worth $2,663,000 after buying an additional 359,060 shares during the last quarter. Walleye Capital LLC lifted its stake in shares of Verastem by 493.7% in the 3rd quarter. Walleye Capital LLC now owns 216,126 shares of the biopharmaceutical company’s stock worth $646,000 after acquiring an additional 179,725 shares during the period. Finally, Bank of New York Mellon Corp acquired a new position in shares of Verastem during the second quarter worth about $203,000. 88.37% of the stock is 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.