Verastem (NASDAQ:VSTM) Earns Outperform Rating from Royal Bank of Canada

Royal Bank of Canada reissued their outperform rating on shares of Verastem (NASDAQ:VSTM) in a report published on Friday morning, Benzinga reports. Royal Bank of Canada currently has a $13.00 target price on the biopharmaceutical company’s stock.

VSTM has been the topic of a number of other reports. Guggenheim started coverage on shares of Verastem in a research note on Monday, September 30th. They issued a “buy” rating and a $13.00 target price on the stock. Cantor Fitzgerald restated an “overweight” rating on shares of Verastem in a research report on Friday. Truist Financial cut their target price on shares of Verastem from $18.00 to $15.00 and set a “buy” rating for the company in a research report on Tuesday, August 13th. B. Riley reduced their target price on Verastem from $21.00 to $7.00 and set a “buy” rating on the stock in a research note on Wednesday, July 24th. Finally, StockNews.com raised Verastem from a “sell” rating to a “hold” rating in a research note on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $14.57.

Verastem Trading Up 11.3 %

Shares of VSTM stock opened at $2.96 on Friday. The company has a market capitalization of $119.11 million, a PE ratio of -0.89 and a beta of 0.17. Verastem has a 52-week low of $2.10 and a 52-week high of $14.22. The business’s fifty day moving average is $2.67 and its 200 day moving average is $5.06. The company has a debt-to-equity ratio of 1.88, a quick ratio of 3.28 and a current ratio of 3.28.

Verastem (NASDAQ:VSTM) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.31) earnings per share for the quarter, beating the consensus estimate of ($1.06) by $0.75. The business had revenue of $10.00 million during the quarter. On average, equities research analysts anticipate that Verastem will post -3.36 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Nantahala Capital Management LLC bought a new stake in shares of Verastem in the 2nd quarter valued at about $1,192,000. Bank of New York Mellon Corp purchased a new position in Verastem in the 2nd quarter worth approximately $203,000. Rhumbline Advisers lifted its position 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 purchasing an additional 28,119 shares during the last quarter. Acadian Asset Management LLC purchased a new stake in shares of Verastem during the second quarter valued at approximately $82,000. Finally, SG Americas Securities LLC purchased a new stake in shares of Verastem during the third quarter valued at approximately $43,000. 88.37% of the stock is owned by institutional investors.

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.