Truist Financial Trims Verastem (NASDAQ:VSTM) Target Price to $15.00

Verastem (NASDAQ:VSTM) had its target price lowered by Truist Financial from $18.00 to $15.00 in a research note published on Tuesday, Benzinga reports. Truist Financial currently has a buy rating on the biopharmaceutical company’s stock.

A number of other research firms have also issued reports on VSTM. HC Wainwright reduced their price target on shares of Verastem from $17.50 to $7.00 and set a buy rating for the company in a research report on Monday, August 12th. B. Riley reduced their price target on shares of Verastem from $21.00 to $7.00 and set a buy rating for the company in a research report on Wednesday, July 24th. Alliance Global Partners dropped their price objective on shares of Verastem from $34.00 to $20.00 and set a buy rating on the stock in a research note on Wednesday, May 29th. Royal Bank of Canada dropped their price objective on shares of Verastem from $16.00 to $13.00 and set an outperform rating on the stock in a research note on Friday, August 9th. Finally, StockNews.com raised shares of Verastem from a sell rating to a hold rating in a research note on Monday, August 12th. One equities research analyst has rated the stock with a hold rating and seven have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of Moderate Buy and a consensus price target of $17.86.

Verastem Stock Performance

VSTM opened at $2.30 on Tuesday. Verastem has a 12-month low of $2.10 and a 12-month high of $14.22. The company has a current ratio of 3.28, a quick ratio of 3.28 and a debt-to-equity ratio of 1.88. The firm has a market capitalization of $92.55 million, a PE ratio of -0.52 and a beta of 0.20. The firm has a 50 day moving average of $2.97 and a two-hundred day moving average of $8.11.

Verastem (NASDAQ:VSTM) last posted its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($1.06) by $0.75. The business had revenue of $10.00 million for the quarter. On average, analysts anticipate that Verastem will post -3.95 EPS for the current year.

Institutional Investors Weigh In On Verastem

A number of institutional investors have recently added to or reduced their stakes in the stock. Acadian Asset Management LLC acquired a new stake in Verastem in the 2nd quarter valued at $82,000. Rhumbline Advisers grew its stake in Verastem by 4,172.0% in the 2nd quarter. Rhumbline Advisers now owns 28,793 shares of the biopharmaceutical company’s stock valued at $86,000 after acquiring an additional 28,119 shares during the period. Bank of New York Mellon Corp acquired a new stake in Verastem in the 2nd quarter valued at $203,000. Vanguard Group Inc. grew its stake in Verastem by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 1,160,931 shares of the biopharmaceutical company’s stock valued at $13,699,000 after acquiring an additional 10,678 shares during the period. Finally, Cannon Global Investment Management LLC acquired a new stake in Verastem during the 1st quarter worth $131,000. 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.