Verastem (NASDAQ:VSTM) Now Covered by Guggenheim

Analysts at Guggenheim initiated coverage on shares of Verastem (NASDAQ:VSTM) in a research report issued to clients and investors on Monday, Marketbeat Ratings reports. The brokerage set a “buy” rating and a $13.00 price target on the biopharmaceutical company’s stock. Guggenheim’s price target points to a potential upside of 360.99% from the stock’s previous close.

Several other brokerages have also issued reports on VSTM. Truist Financial reduced their target price on Verastem from $18.00 to $15.00 and set a “buy” rating on the stock in a research report on Tuesday, August 13th. Royal Bank of Canada cut their price objective on shares of Verastem from $16.00 to $13.00 and set an “outperform” rating on the stock in a report on Friday, August 9th. StockNews.com upgraded shares of Verastem from a “sell” rating to a “hold” rating in a research note on Monday, August 12th. B. Riley dropped their target price on shares of Verastem from $21.00 to $7.00 and set a “buy” rating on the stock in a research report on Wednesday, July 24th. Finally, HC Wainwright decreased their price target on shares of Verastem from $17.50 to $7.00 and set a “buy” rating for the company in a report on Monday, August 12th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $14.57.

Verastem Stock Down 5.7 %

Shares of Verastem stock opened at $2.82 on Monday. The company has a quick ratio of 3.28, a current ratio of 3.28 and a debt-to-equity ratio of 1.88. The company has a market cap of $71.42 million, a P/E ratio of -0.64 and a beta of 0.16. The firm’s 50 day moving average price is $2.59 and its 200-day moving average price is $5.87. Verastem has a 52-week low of $2.10 and a 52-week high of $14.22.

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

Hedge Funds Weigh In On Verastem

Institutional investors have recently bought and sold shares of the business. Cannon Global Investment Management LLC purchased a new position in shares of Verastem during the 1st quarter valued at about $131,000. Acadian Asset Management LLC acquired a new stake in Verastem during the second quarter worth about $82,000. Rhumbline Advisers grew its holdings 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 acquiring an additional 28,119 shares during the period. Bank of New York Mellon Corp purchased a new position in Verastem during the second quarter valued at approximately $203,000. Finally, Nantahala Capital Management LLC acquired a new position in Verastem in the second quarter valued at approximately $1,192,000. 88.37% of the stock is owned by hedge funds and other institutional investors.

About Verastem

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.