Verastem (NASDAQ:VSTM) Price Target Cut to $7.00

Verastem (NASDAQ:VSTM) had its price objective decreased by stock analysts at HC Wainwright from $17.50 to $7.00 in a report issued on Monday, Benzinga reports. The brokerage presently has a “buy” rating on the biopharmaceutical company’s stock. HC Wainwright’s price target points to a potential upside of 199.15% from the stock’s current price.

A number of other brokerages have also recently weighed in on VSTM. Alliance Global Partners decreased their price target on shares of Verastem from $34.00 to $20.00 and set a “buy” rating for the company in a research report on Wednesday, May 29th. B. Riley decreased their target price on Verastem from $21.00 to $7.00 and set a “buy” rating for the company in a research report on Wednesday, July 24th. Truist Financial lowered their target price on Verastem from $34.00 to $18.00 and set a “buy” rating for the company in a research note on Monday, July 8th. StockNews.com lowered Verastem from a “hold” rating to a “sell” rating in a research report on Thursday, August 1st. Finally, Royal Bank of Canada decreased their price target on Verastem from $16.00 to $13.00 and set an “outperform” rating for the company in a report on Friday. One analyst has rated the stock with a sell rating and seven have issued a buy rating to the company. According to data from MarketBeat.com, Verastem presently has a consensus rating of “Moderate Buy” and a consensus target price of $18.29.

Verastem Trading Down 0.4 %

Shares of NASDAQ:VSTM traded down $0.01 during trading on Monday, reaching $2.34. 316,852 shares of the stock were exchanged, compared to its average volume of 506,888. The firm’s 50-day moving average price is $3.08 and its 200 day moving average price is $8.32. The firm has a market cap of $59.27 million, a price-to-earnings ratio of -0.53 and a beta of 0.20. Verastem has a 12-month low of $2.10 and a 12-month high of $14.22. The company has a debt-to-equity ratio of 1.88, a quick ratio of 3.28 and a current ratio of 3.28.

Verastem (NASDAQ:VSTM) last released its quarterly earnings data on Thursday, May 9th. The biopharmaceutical company reported ($1.26) earnings per share (EPS) for the quarter, missing the consensus estimate of ($1.16) by ($0.10). On average, sell-side analysts anticipate that Verastem will post -4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Verastem

Hedge funds have recently bought and sold shares of the business. International Assets Investment Management LLC raised its position in shares of Verastem by 114,375.0% in the 4th quarter. International Assets Investment Management LLC now owns 9,158 shares of the biopharmaceutical company’s stock valued at $75,000 after purchasing an additional 9,150 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Verastem by 0.9% in 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 during the last quarter. Cannon Global Investment Management LLC acquired a new stake in Verastem in the first quarter valued at $131,000. Acadian Asset Management LLC bought a new position in Verastem during the 2nd quarter valued at $82,000. Finally, Rhumbline Advisers grew its holdings in Verastem by 4,172.0% during the 2nd quarter. Rhumbline Advisers now owns 28,793 shares of the biopharmaceutical company’s stock worth $86,000 after acquiring an additional 28,119 shares in the last quarter. Institutional investors and hedge funds own 88.37% of the company’s stock.

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.