Millennium Management LLC Decreases Position in Verastem Inc (VSTM)

Millennium Management LLC lowered its stake in Verastem Inc (NASDAQ:VSTM) by 42.8% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 172,934 shares of the biopharmaceutical company’s stock after selling 129,284 shares during the period. Millennium Management LLC’s holdings in Verastem were worth $1,190,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. State Board of Administration of Florida Retirement System acquired a new position in shares of Verastem during the 2nd quarter worth approximately $100,000. Metropolitan Life Insurance Co. NY acquired a new position in shares of Verastem during the 2nd quarter worth approximately $130,000. Voya Investment Management LLC acquired a new position in shares of Verastem during the 2nd quarter worth approximately $139,000. MetLife Investment Advisors LLC acquired a new position in shares of Verastem during the 2nd quarter worth approximately $184,000. Finally, First Allied Advisory Services Inc. acquired a new position in shares of Verastem during the 2nd quarter worth approximately $240,000. Institutional investors and hedge funds own 43.40% of the company’s stock.

In other news, Director Michael Kauffman purchased 4,000 shares of the business’s stock in a transaction dated Friday, September 28th. The stock was bought at an average price of $7.49 per share, with a total value of $29,960.00. Following the acquisition, the director now owns 4,000 shares in the company, valued at approximately $29,960. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert Forrester purchased 10,500 shares of the business’s stock in a transaction dated Thursday, September 27th. The shares were purchased at an average cost of $7.00 per share, with a total value of $73,500.00. Following the acquisition, the chief executive officer now owns 209,234 shares in the company, valued at approximately $1,464,638. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 19,500 shares of company stock valued at $139,420. 6.51% of the stock is currently owned by insiders.

Shares of Verastem stock opened at $5.17 on Friday. Verastem Inc has a 1-year low of $2.77 and a 1-year high of $10.35. The company has a quick ratio of 7.70, a current ratio of 7.70 and a debt-to-equity ratio of 0.19. The company has a market cap of $353.98 million, a PE ratio of -2.94 and a beta of 2.75.

Verastem (NASDAQ:VSTM) last issued its quarterly earnings results on Wednesday, August 8th. The biopharmaceutical company reported ($0.30) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.33) by $0.03. The firm had revenue of $10.00 million for the quarter. On average, research analysts forecast that Verastem Inc will post -1.64 earnings per share for the current year.

VSTM has been the topic of a number of analyst reports. BidaskClub upgraded shares of Verastem from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, August 28th. HC Wainwright increased their target price on shares of Verastem to $15.00 and gave the stock a “buy” rating in a research report on Tuesday, September 25th. Cann restated a “buy” rating and set a $16.00 target price on shares of Verastem in a research report on Thursday, August 9th. Seaport Global Securities set a $16.00 target price on shares of Verastem and gave the stock a “buy” rating in a research report on Friday, July 27th. Finally, BTIG Research set a $17.00 target price on shares of Verastem and gave the stock a “buy” rating in a research report on Tuesday, September 25th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $14.40.

Verastem Profile

Verastem, Inc, a biopharmaceutical company, focuses on developing and commercializing drugs for the treatment of cancer. Its programs target the focal adhesion kinase (FAK) and the phosphoinositide 3-kinase (PI3K) signaling pathways. The company's lead FAK inhibitor is defactinib, an orally available candidate for combination therapy with immuno-oncology agents and other anti-cancer compounds.

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Institutional Ownership by Quarter for Verastem (NASDAQ:VSTM)

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