Verastem (NASDAQ:VSTM) PT Lowered to $7.00 at B. Riley

Verastem (NASDAQ:VSTM) had its price target trimmed by B. Riley from $21.00 to $7.00 in a research note released on Wednesday morning, Benzinga reports. The firm currently has a buy rating on the biopharmaceutical company’s stock. B. Riley also issued estimates for Verastem’s Q3 2024 earnings at ($0.79) EPS, Q4 2024 earnings at ($0.65) EPS, FY2024 earnings at ($3.37) EPS, FY2025 earnings at ($1.80) EPS, FY2026 earnings at ($0.90) EPS, FY2027 earnings at $0.34 EPS and FY2028 earnings at $1.32 EPS.

Several other research firms have also recently weighed in on VSTM. HC Wainwright reiterated a buy rating and issued a $17.50 target price on shares of Verastem in a research note on Tuesday, May 28th. Alliance Global Partners cut their price target on shares of Verastem from $34.00 to $20.00 and set a buy rating for the company in a research note on Wednesday, May 29th. StockNews.com cut shares of Verastem from a hold rating to a sell rating in a research note on Tuesday. Truist Financial cut their price target on shares of Verastem from $34.00 to $18.00 and set a buy rating for the company in a research note on Monday, July 8th. Finally, Royal Bank of Canada cut their price target on shares of Verastem from $32.00 to $16.00 and set an outperform rating for the company in a research note on Tuesday, May 28th. One equities research analyst has rated the stock with a sell rating and seven have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of Moderate Buy and an average price target of $20.21.

Verastem Stock Down 0.3 %

NASDAQ VSTM opened at $2.96 on Wednesday. The company has a debt-to-equity ratio of 1.60, a quick ratio of 4.40 and a current ratio of 4.40. The firm has a 50-day simple moving average of $4.20 and a 200 day simple moving average of $8.98. Verastem has a twelve month low of $2.54 and a twelve month high of $14.22. The stock has a market cap of $74.98 million, a PE ratio of -0.67 and a beta of 0.19.

Verastem (NASDAQ:VSTM) last released its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($1.26) earnings per share for the quarter, missing the consensus estimate of ($1.16) by ($0.10). On average, research analysts forecast that Verastem will post -4.14 EPS for the current year.

Institutional Trading of Verastem

Hedge funds have recently modified their holdings of the company. International Assets Investment Management LLC increased its holdings in shares of Verastem by 114,375.0% during the fourth quarter. International Assets Investment Management LLC now owns 9,158 shares of the biopharmaceutical company’s stock worth $75,000 after buying an additional 9,150 shares in the last quarter. Cannon Global Investment Management LLC acquired a new stake in shares of Verastem during the first quarter worth approximately $131,000. Bank of New York Mellon Corp acquired a new stake in shares of Verastem during the second quarter worth approximately $203,000. Citigroup Inc. acquired a new stake in shares of Verastem during the third quarter worth approximately $245,000. Finally, Vanguard Group Inc. increased its holdings in shares of Verastem by 0.9% during the first quarter. Vanguard Group Inc. now owns 1,160,931 shares of the biopharmaceutical company’s stock worth $13,699,000 after buying an additional 10,678 shares in the last quarter. Institutional investors and hedge funds own 88.37% of the company’s stock.

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.