Verastem’s (VSTM) Buy Rating Reaffirmed at BTIG Research

Verastem (NASDAQ:VSTM)‘s stock had its “buy” rating reiterated by analysts at BTIG Research in a research note issued to investors on Thursday,Benzinga reports. They presently have a $18.00 target price on the biopharmaceutical company’s stock. BTIG Research’s target price points to a potential upside of 306.69% from the company’s previous close.

Several other research analysts have also commented on the company. Wall Street Zen lowered Verastem from a “hold” rating to a “sell” rating in a report on Saturday, June 20th. Jefferies Financial Group dropped their target price on shares of Verastem from $15.00 to $8.00 and set a “buy” rating on the stock in a research report on Tuesday, June 23rd. Alliance Global Partners restated a “buy” rating on shares of Verastem in a research note on Friday, May 8th. HC Wainwright reiterated a “buy” rating and set a $18.00 target price on shares of Verastem in a research report on Wednesday, June 24th. Finally, Mizuho cut their price target on Verastem from $16.00 to $14.00 and set an “outperform” rating on the stock in a research report on Thursday, May 14th. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $14.60.

Verastem Stock Performance

Shares of NASDAQ VSTM traded up $0.33 during midday trading on Thursday, reaching $4.43. 1,898,334 shares of the stock were exchanged, compared to its average volume of 2,207,615. The company has a quick ratio of 3.00, a current ratio of 3.04 and a debt-to-equity ratio of 0.89. The firm has a 50-day simple moving average of $4.49 and a two-hundred day simple moving average of $5.75. Verastem has a twelve month low of $3.43 and a twelve month high of $11.24. The firm has a market cap of $388.91 million, a price-to-earnings ratio of -1.63 and a beta of 0.29.

Insider Buying and Selling

In other Verastem news, CEO Dan Paterson sold 20,871 shares of the stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $4.18, for a total transaction of $87,240.78. Following the completion of the sale, the chief executive officer directly owned 591,242 shares of the company’s stock, valued at approximately $2,471,391.56. This trade represents a 3.41% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 1.94% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Verastem

A number of hedge funds and other institutional investors have recently bought and sold shares of VSTM. Seven Fleet Capital Management LP raised its position in Verastem by 715.1% during the 1st quarter. Seven Fleet Capital Management LP now owns 123,400 shares of the biopharmaceutical company’s stock worth $654,000 after buying an additional 108,260 shares during the last quarter. Bank of America Corp DE boosted its holdings in shares of Verastem by 31.6% in the first quarter. Bank of America Corp DE now owns 416,985 shares of the biopharmaceutical company’s stock valued at $2,210,000 after acquiring an additional 100,123 shares in the last quarter. ADAR1 Capital Management LLC acquired a new position in shares of Verastem during the first quarter worth about $377,000. Royal Bank of Canada raised its holdings in Verastem by 15.3% during the first quarter. Royal Bank of Canada now owns 110,729 shares of the biopharmaceutical company’s stock worth $587,000 after purchasing an additional 14,683 shares in the last quarter. Finally, Exome Asset Management LLC raised its holdings in Verastem by 58.5% during the first quarter. Exome Asset Management LLC now owns 636,700 shares of the biopharmaceutical company’s stock worth $3,375,000 after purchasing an additional 234,957 shares in the last quarter. 88.37% of the stock is currently owned by hedge funds and other institutional investors.

Verastem Company Profile

Verastem Oncology, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule therapies that target cancer stemness and resistance pathways. Established in 2010 and headquartered in Needham, Massachusetts, Verastem Oncology applies a precision-medicine approach to identify key signaling nodes responsible for tumor growth and relapse, with an emphasis on hematologic malignancies and solid tumors. The company’s research platform integrates insights into complex signaling networks to advance novel compounds from early discovery through clinical proof of concept.

The company’s lead marketed product is COPIKTRA (duvelisib), an oral inhibitor of PI3K-delta and PI3K-gamma, which received U.S.