Verastem (NASDAQ:VSTM) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Verastem, Inc., a clinical stage biopharmaceutical company, focuses on discovering and developing drugs to improve outcomes for patients with cancer. Its programs target the focal adhesion kinase (FAK) and the phosphoinositide 3-kinase (PI3K)/mTOR signaling pathways. Its lead FAK inhibitor is defactinib (VS-6063), an orally available candidate for combination therapy with immuno-oncology agents and other anti-cancer compounds. The company’s defactinib is in Phase 1b study for the treatment of pancreatic cancer, as well as in Phase 1/2 clinical trial for the treatment of ovarian cancer, non-small cell lung cancer, mesothelioma, and pancreatic cancer. It also engages in developing duvelisib, an investigational oral therapy that targets the PI3K signaling pathway, as well as attacks malignant B-cells and T-cells and disrupt the tumor microenvironment to help thwart their growth and proliferation for patients with lymphatic cancers through the dual inhibition of PI3K delta and gamma. “
A number of other research analysts have also weighed in on VSTM. ValuEngine lowered shares of Verastem from a “sell” rating to a “strong sell” rating in a report on Friday, December 1st. HC Wainwright restated a “buy” rating and issued a $10.00 price target on shares of Verastem in a research report on Wednesday, November 8th. Cann restated a “buy” rating and issued a $6.00 price target on shares of Verastem in a research report on Tuesday, November 7th. Oppenheimer restated a “buy” rating and issued a $15.00 price target on shares of Verastem in a research report on Sunday, December 10th. Finally, Raymond James Financial restated a “buy” rating on shares of Verastem in a research report on Monday, December 11th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $9.53.
In related news, Director Timothy J. Barberich purchased 60,538 shares of the stock in a transaction that occurred on Tuesday, December 5th. The stock was bought at an average cost of $3.95 per share, for a total transaction of $239,125.10. Following the completion of the transaction, the director now directly owns 130,000 shares in the company, valued at $513,500. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 6.51% of the stock is owned by company insiders.
A number of institutional investors and hedge funds have recently modified their holdings of VSTM. BVF Inc. IL bought a new stake in Verastem in the fourth quarter worth $6,908,000. Point72 Asset Management L.P. bought a new stake in shares of Verastem during the third quarter worth $6,580,000. AWM Investment Company Inc. bought a new stake in shares of Verastem during the fourth quarter worth $1,408,000. EAM Investors LLC bought a new stake in shares of Verastem during the third quarter worth $2,092,000. Finally, Monashee Investment Management LLC bought a new stake in shares of Verastem during the fourth quarter worth $844,000. Institutional investors own 29.76% of the company’s stock.
Verastem Company Profile
Verastem, Inc is a biopharmaceutical company. The Company is focused on discovering and developing drugs to improve outcomes for patients with cancer. The Company operates in the segment of developing drugs for the treatment of cancer. The Company’s advanced product candidates are VS 6063, VS 4718 and VS 5584.
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