Verastem (VSTM) Upgraded by Zacks Investment Research to “Hold”
Zacks Investment Research upgraded shares of Verastem (NASDAQ:VSTM) from a sell rating to a hold rating in a report published on Wednesday morning.
According to Zacks, “Verastem, Inc., a clinical stage biopharmaceutical company, focuses on discovering and developing drugs to improve outcomes for patients with cancer. Its programs target the focal adhesion kinase (FAK) and the phosphoinositide 3-kinase (PI3K)/mTOR signaling pathways. Its lead FAK inhibitor is defactinib (VS-6063), an orally available candidate for combination therapy with immuno-oncology agents and other anti-cancer compounds. The company’s defactinib is in Phase 1b study for the treatment of pancreatic cancer, as well as in Phase 1/2 clinical trial for the treatment of ovarian cancer, non-small cell lung cancer, mesothelioma, and pancreatic cancer. It also engages in developing duvelisib, an investigational oral therapy that targets the PI3K signaling pathway, as well as attacks malignant B-cells and T-cells and disrupt the tumor microenvironment to help thwart their growth and proliferation for patients with lymphatic cancers through the dual inhibition of PI3K delta and gamma. “
A number of other research firms also recently issued reports on VSTM. Cantor Fitzgerald set a $17.00 price objective on shares of Verastem and gave the stock a buy rating in a report on Tuesday, October 31st. Raymond James Financial reaffirmed a buy rating on shares of Verastem in a report on Monday, December 11th. ValuEngine downgraded shares of Verastem from a sell rating to a strong sell rating in a report on Friday, December 1st. Roth Capital initiated coverage on shares of Verastem in a report on Friday, December 1st. They set a buy rating and a $12.00 price objective for the company. Finally, Oppenheimer set a $13.00 price objective on shares of Verastem and gave the stock a buy rating in a report on Thursday, December 21st. One investment analyst has rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $9.53.
In related news, Director Timothy J. Barberich acquired 60,538 shares of the company’s stock in a transaction dated Tuesday, December 5th. The stock was bought at an average cost of $3.95 per share, with a total value of $239,125.10. Following the acquisition, the director now owns 130,000 shares of the company’s stock, valued at approximately $513,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 6.51% of the company’s stock.
Large investors have recently modified their holdings of the stock. Cubist Systematic Strategies LLC purchased a new position in Verastem in the 3rd quarter worth $136,000. SeaCrest Wealth Management LLC purchased a new position in Verastem in the 4th quarter worth $108,000. Spark Investment Management LLC purchased a new position in Verastem in the 4th quarter worth $113,000. Citadel Advisors LLC purchased a new position in Verastem in the 3rd quarter worth $195,000. Finally, Wells Fargo & Company MN raised its position in Verastem by 130.5% in the 4th quarter. Wells Fargo & Company MN now owns 45,987 shares of the biopharmaceutical company’s stock worth $141,000 after purchasing an additional 26,036 shares during the period. Institutional investors own 29.76% of the company’s stock.
Verastem Company Profile
Verastem, Inc is a biopharmaceutical company. The Company is focused on discovering and developing drugs to improve outcomes for patients with cancer. The Company operates in the segment of developing drugs for the treatment of cancer. The Company’s advanced product candidates are VS 6063, VS 4718 and VS 5584.
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