Verastem (NASDAQ:VSTM) Shares Up 8.3% – Time to Buy?

Verastem, Inc. (NASDAQ:VSTM) traded up 8.3% during mid-day trading on Tuesday . The stock traded as high as $5.72 and last traded at $5.8160. 864,905 shares changed hands during trading, a decline of 62% from the average session volume of 2,253,258 shares. The stock had previously closed at $5.37.

Analyst Ratings Changes

A number of brokerages have issued reports on VSTM. HC Wainwright reiterated a “buy” rating and set a $18.00 price target on shares of Verastem in a research report on Wednesday, June 24th. Mizuho cut their price objective on shares of Verastem from $16.00 to $14.00 and set an “outperform” rating on the stock in a research note on Thursday, May 14th. Royal Bank Of Canada set a $14.00 price objective on shares of Verastem and gave the stock an “outperform” rating in a report on Tuesday, July 7th. BTIG Research reissued a “buy” rating and set a $18.00 target price on shares of Verastem in a research note on Thursday, July 2nd. Finally, Jefferies Financial Group dropped their price target 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. Two analysts have rated the stock with a Strong Buy rating, seven have given a Buy rating, one has given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, Verastem has an average rating of “Moderate Buy” and a consensus target price of $14.40.

Verastem Stock Performance

The company’s 50-day moving average price is $4.35 and its two-hundred day moving average price is $5.53. The company has a market cap of $503.50 million, a P/E ratio of -2.12 and a beta of 0.29. The company has a current ratio of 3.04, a quick ratio of 3.00 and a debt-to-equity ratio of 0.89.

Insider Buying and Selling at Verastem

In other Verastem news, CEO Dan Paterson sold 20,871 shares of the business’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $4.18, for a total transaction of $87,240.78. Following the sale, the chief executive officer owned 591,242 shares in the company, valued at approximately $2,471,391.56. The trade was a 3.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 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

Several hedge funds and other institutional investors have recently added to or reduced their stakes in VSTM. Polar Capital Holdings Plc increased its holdings in shares of Verastem by 270.7% during the fourth quarter. Polar Capital Holdings Plc now owns 3,925,126 shares of the biopharmaceutical company’s stock worth $30,302,000 after buying an additional 2,866,350 shares in the last quarter. AIGH Capital Management LLC acquired a new position in Verastem in the first quarter valued at about $10,600,000. Farallon Capital Management LLC acquired a new position in shares of Verastem in the fourth quarter valued at approximately $15,440,000. SymBiosis Capital Partners LLC acquired a new stake in shares of Verastem in the 4th quarter valued at about $15,440,000. Finally, Armistice Capital LLC lifted its holdings in shares of Verastem by 68.7% in the fourth quarter. Armistice Capital LLC now owns 3,536,000 shares of the biopharmaceutical company’s stock valued at $27,298,000 after purchasing an additional 1,440,000 shares in the last quarter. Institutional investors own 88.37% of the company’s stock.

About Verastem

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.