Verastem (VSTM) Upgraded at ValuEngine
ValuEngine upgraded shares of Verastem (NASDAQ:VSTM) from a buy rating to a strong-buy rating in a report released on Wednesday.
Several other analysts have also issued reports on VSTM. BidaskClub raised Verastem from a buy rating to a strong-buy rating in a report on Tuesday, August 28th. HC Wainwright boosted their price target on Verastem to $15.00 and gave the company a buy rating in a report on Tuesday, September 25th. Zacks Investment Research raised Verastem from a hold rating to a buy rating and set a $9.00 price target for the company in a report on Friday, July 20th. Raymond James boosted their price target on Verastem from $7.00 to $12.00 in a report on Friday, August 10th. Finally, BTIG Research started coverage on Verastem in a report on Friday, July 13th. They set a buy rating and a $17.00 price target for the company. One equities research analyst has rated the stock with a hold rating, ten have given a buy rating and one has assigned a strong buy rating to the company. Verastem currently has a consensus rating of Buy and a consensus target price of $14.60.
Shares of VSTM traded down $0.21 during trading hours on Wednesday, hitting $5.51. The stock had a trading volume of 2,261,783 shares, compared to its average volume of 2,750,680. The company has a quick ratio of 7.70, a current ratio of 7.70 and a debt-to-equity ratio of 0.19. Verastem has a 12 month low of $2.77 and a 12 month high of $10.35.
In related news, CEO Robert Forrester purchased 10,500 shares of the business’s stock in a transaction on Thursday, September 27th. The stock was acquired at an average price of $7.00 per share, with a total value of $73,500.00. Following the completion of the acquisition, the chief executive officer now owns 209,234 shares of the company’s stock, valued at approximately $1,464,638. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Michael Kauffman purchased 4,000 shares of the business’s stock in a transaction on Friday, September 28th. The shares were bought at an average cost of $7.49 per share, with a total value of $29,960.00. Following the acquisition, the director now directly owns 4,000 shares of the company’s stock, valued at approximately $29,960. The disclosure for this purchase can be found here. Insiders have acquired 19,500 shares of company stock valued at $139,420 in the last three months. 6.51% of the stock is currently owned by corporate insiders.
Several institutional investors have recently made changes to their positions in the company. Wells Fargo & Company MN lifted its position in shares of Verastem by 7.9% in the third quarter. Wells Fargo & Company MN now owns 139,162 shares of the biopharmaceutical company’s stock valued at $1,010,000 after acquiring an additional 10,157 shares in the last quarter. American International Group Inc. lifted its position in shares of Verastem by 32.4% in the third quarter. American International Group Inc. now owns 45,584 shares of the biopharmaceutical company’s stock valued at $330,000 after acquiring an additional 11,151 shares in the last quarter. Creative Planning lifted its position in shares of Verastem by 30.1% in the second quarter. Creative Planning now owns 58,550 shares of the biopharmaceutical company’s stock valued at $403,000 after acquiring an additional 13,550 shares in the last quarter. State Board of Administration of Florida Retirement System purchased a new position in shares of Verastem in the second quarter valued at about $100,000. Finally, Metropolitan Life Insurance Co. NY purchased a new position in shares of Verastem in the second quarter valued at about $130,000. Institutional investors and hedge funds own 43.40% of the company’s stock.
Verastem, Inc, a biopharmaceutical company, focuses on developing and commercializing drugs for the treatment of cancer. Its programs target the focal adhesion kinase (FAK) and the phosphoinositide 3-kinase (PI3K) signaling pathways. The company's lead FAK inhibitor is defactinib, an orally available candidate for combination therapy with immuno-oncology agents and other anti-cancer compounds.
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