StockNews.com Initiates Coverage on Verastem (NASDAQ:VSTM)

Equities researchers at StockNews.com assumed coverage on shares of Verastem (NASDAQ:VSTMGet Rating) in a research note issued to investors on Monday. The firm set a “hold” rating on the biopharmaceutical company’s stock.

A number of other equities research analysts have also issued reports on VSTM. HC Wainwright dropped their price target on Verastem from $5.00 to $3.00 and set a “buy” rating for the company in a research report on Monday, November 7th. BTIG Research dropped their price target on Verastem from $8.00 to $5.00 and set a “buy” rating for the company in a research report on Wednesday, October 5th. Finally, Alliance Global Partners restated a “buy” rating and issued a $6.00 price target on shares of Verastem in a research report on Wednesday, September 7th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, Verastem currently has a consensus rating of “Moderate Buy” and an average price target of $5.00.

Verastem Price Performance

NASDAQ:VSTM opened at $0.41 on Monday. Verastem has a 12 month low of $0.29 and a 12 month high of $3.02. The stock has a 50 day moving average of $0.61 and a two-hundred day moving average of $0.99. The company has a current ratio of 4.97, a quick ratio of 4.97 and a debt-to-equity ratio of 0.39. The firm has a market cap of $85.70 million, a P/E ratio of -1.05 and a beta of 0.62.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Millennium Management LLC lifted its stake in Verastem by 417.3% during the second quarter. Millennium Management LLC now owns 5,154,530 shares of the biopharmaceutical company’s stock worth $5,979,000 after purchasing an additional 4,158,108 shares in the last quarter. Renaissance Technologies LLC lifted its stake in Verastem by 190.2% during the first quarter. Renaissance Technologies LLC now owns 1,684,106 shares of the biopharmaceutical company’s stock worth $2,375,000 after purchasing an additional 1,103,806 shares in the last quarter. Pura Vida Investments LLC acquired a new position in Verastem during the second quarter worth $1,165,000. Eagle Asset Management Inc. lifted its stake in Verastem by 20.4% during the second quarter. Eagle Asset Management Inc. now owns 5,571,633 shares of the biopharmaceutical company’s stock worth $6,463,000 after purchasing an additional 942,280 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Verastem by 6.6% during the third quarter. Vanguard Group Inc. now owns 8,511,513 shares of the biopharmaceutical company’s stock worth $7,235,000 after purchasing an additional 528,022 shares in the last quarter. 58.55% of the stock is currently owned by hedge funds and other institutional investors.

About Verastem

(Get Rating)

Verastem, Inc, a development-stage biopharmaceutical company, focusing on developing and commercializing drugs for the treatment of cancer. Its product in development includes VS-6766, a dual rapidly accelerated fibrosarcoma (RAF)/mitogen-activated protein kinase (MEK) clamp that blocks MEK kinase activity and the ability of RAF to phosphorylate MEK.

See Also

Analyst Recommendations for Verastem (NASDAQ:VSTM)

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