Verastem (NASDAQ:VSTM) Stock Price Expected to Rise, BTIG Research Analyst Says

Verastem (NASDAQ:VSTM) had its price objective lifted by research analysts at BTIG Research from $13.00 to $20.00 in a report released on Tuesday, Marketbeat reports. The brokerage currently has a “buy” rating on the biopharmaceutical company’s stock. BTIG Research’s price target indicates a potential upside of 286.85% from the company’s current price.

Several other research firms have also commented on VSTM. Guggenheim assumed coverage on Verastem in a research report on Monday, September 30th. They set a “buy” rating and a $13.00 price target on the stock. HC Wainwright reaffirmed a “buy” rating and set a $7.00 price objective on shares of Verastem in a research note on Thursday, December 19th. Cantor Fitzgerald reiterated an “overweight” rating on shares of Verastem in a research report on Friday, October 18th. StockNews.com downgraded shares of Verastem from a “hold” rating to a “sell” rating in a report on Tuesday, November 19th. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $13.00 target price on shares of Verastem in a research report on Friday, October 18th. One research analyst has rated the stock with a sell rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $13.00.

Verastem Stock Performance

NASDAQ:VSTM opened at $5.17 on Tuesday. The business’s fifty day moving average price is $4.28 and its 200 day moving average price is $3.33. The firm has a market capitalization of $230.10 million, a PE ratio of -1.62 and a beta of 0.22. 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 2.77, a current ratio of 3.23 and a quick ratio of 3.23.

Verastem (NASDAQ:VSTM) last released its quarterly earnings data on Wednesday, November 6th. The biopharmaceutical company reported ($0.60) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.71) by $0.11. On average, sell-side analysts anticipate that Verastem will post -3.16 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Verastem

Several hedge funds have recently added to or reduced their stakes in the business. JPMorgan Chase & Co. raised its stake in Verastem by 55.4% in the 3rd quarter. JPMorgan Chase & Co. now owns 16,878 shares of the biopharmaceutical company’s stock valued at $50,000 after purchasing an additional 6,016 shares during the last quarter. Barclays PLC lifted its stake in shares of Verastem by 546.7% during the 3rd quarter. Barclays PLC now owns 55,708 shares of the biopharmaceutical company’s stock worth $167,000 after purchasing an additional 47,094 shares during the period. Geode Capital Management LLC grew its position in shares of Verastem by 67.6% in the third quarter. Geode Capital Management LLC now owns 890,599 shares of the biopharmaceutical company’s stock valued at $2,663,000 after purchasing an additional 359,060 shares during the period. XTX Topco Ltd purchased a new stake in Verastem in the 3rd quarter valued at about $112,000. Finally, State Street Corp lifted its holdings in shares of Verastem by 18.2% during the 3rd quarter. State Street Corp now owns 424,264 shares of the biopharmaceutical company’s stock worth $1,269,000 after acquiring an additional 65,265 shares during the period. 88.37% of the stock is currently owned by hedge funds and other institutional investors.

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.