Verastem (VSTM) Price Target Lowered to $10.00 at HC Wainwright

Verastem (NASDAQ:VSTM) had its price target cut by HC Wainwright from $13.00 to $10.00 in a research note published on Thursday, The Fly reports. They currently have a buy rating on the biopharmaceutical company’s stock.

Several other brokerages also recently weighed in on VSTM. BidaskClub downgraded shares of Verastem from a hold rating to a sell rating in a research note on Tuesday, December 11th. ValuEngine downgraded shares of Verastem from a buy rating to a hold rating in a research note on Monday, December 17th. Finally, Zacks Investment Research downgraded shares of Verastem from a buy rating to a hold rating in a research note on Saturday, January 5th. Two investment analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have issued a buy rating to the stock. The company presently has a consensus rating of Buy and a consensus target price of $12.97.

VSTM remained flat at $$3.17 during trading on Thursday. 1,321,899 shares of the company’s stock traded hands, compared to its average volume of 2,478,497. The stock has a market capitalization of $233.92 million, a P/E ratio of -2.31 and a beta of 3.04. The company has a current ratio of 2.97, a quick ratio of 2.97 and a debt-to-equity ratio of 0.20. Verastem has a 12 month low of $2.61 and a 12 month high of $10.35.

Verastem (NASDAQ:VSTM) last announced its earnings results on Tuesday, March 12th. The biopharmaceutical company reported ($0.37) earnings per share for the quarter, beating the consensus estimate of ($0.60) by $0.23. The firm had revenue of $1.21 million during the quarter, compared to analysts’ expectations of $5.56 million. As a group, equities research analysts anticipate that Verastem will post -1.95 EPS for the current year.

A number of hedge funds have recently bought and sold shares of VSTM. Northern Trust Corp lifted its holdings in shares of Verastem by 558.1% during the 2nd quarter. Northern Trust Corp now owns 625,158 shares of the biopharmaceutical company’s stock valued at $4,301,000 after buying an additional 530,166 shares during the period. Wells Fargo & Company MN raised its position in Verastem by 7.9% during the third quarter. Wells Fargo & Company MN now owns 139,162 shares of the biopharmaceutical company’s stock valued at $1,010,000 after acquiring an additional 10,157 shares in the last quarter. BlackRock Inc. raised its position in Verastem by 31.1% during the third quarter. BlackRock Inc. now owns 4,644,888 shares of the biopharmaceutical company’s stock valued at $33,676,000 after acquiring an additional 1,101,976 shares in the last quarter. Cohen Capital Management Inc. acquired a new stake in shares of Verastem in the third quarter worth $1,810,000. Finally, American International Group Inc. grew its stake in shares of Verastem by 32.4% in the third quarter. American International Group Inc. now owns 45,584 shares of the biopharmaceutical company’s stock worth $330,000 after acquiring an additional 11,151 shares during the last quarter. 59.21% of the stock is owned by institutional investors.

About Verastem

Verastem, Inc, operating as Verastem Oncology, is a biopharmaceutical company focusing on developing and commercializing medicines to improve the survival and quality of life of cancer patients. It markets COPIKTRA (duvelisib), an oral inhibitor of phosphoinositide 3-kinase (PI3K) and dual inhibitor of PI3K-delta and PI3K-gamma, which is indicated for the treatment of adult patients with relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma after at least two prior therapies and relapsed or refractory follicular lymphoma (FL) after at least two prior systemic therapies.

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