Verastem, Inc. (NASDAQ:VSTM) Given Average Recommendation of “Buy” by Brokerages

Verastem, Inc. (NASDAQ:VSTM) has been assigned an average rating of “Buy” from the five ratings firms that are presently covering the company, Marketbeat reports. Five research analysts have rated the stock with a buy recommendation. The average 12 month target price among brokers that have issued a report on the stock in the last year is $31.00.

A number of brokerages have recently weighed in on VSTM. Mizuho reaffirmed a “buy” rating and issued a $36.00 price target on shares of Verastem in a research note on Tuesday, August 29th. Royal Bank of Canada dropped their target price on shares of Verastem from $34.00 to $32.00 and set an “outperform” rating on the stock in a report on Wednesday, August 9th. B. Riley assumed coverage on shares of Verastem in a report on Wednesday, September 27th. They issued a “buy” rating and a $21.00 target price on the stock. Finally, StockNews.com upgraded shares of Verastem from a “sell” rating to a “hold” rating in a report on Monday, October 23rd.

Verastem Trading Down 4.3 %

Shares of NASDAQ:VSTM opened at $6.38 on Monday. The company has a 50 day moving average of $8.10 and a 200-day moving average of $8.48. The firm has a market cap of $161.16 million, a P/E ratio of -1.58 and a beta of 0.56. Verastem has a twelve month low of $3.87 and a twelve month high of $15.18. The company has a current ratio of 7.33, a quick ratio of 9.14 and a debt-to-equity ratio of 0.48.

Institutional Investors Weigh In On Verastem

Hedge funds have recently made changes to their positions in the company. Tower Research Capital LLC TRC purchased a new stake in shares of Verastem in the 2nd quarter valued at approximately $74,000. Eaton Vance Management purchased a new stake in shares of Verastem in the 1st quarter valued at approximately $28,000. Bank of New York Mellon Corp lifted its position in shares of Verastem by 27.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 22,758 shares of the biopharmaceutical company’s stock valued at $185,000 after acquiring an additional 4,939 shares in the last quarter. Arete Wealth Advisors LLC purchased a new stake in shares of Verastem in the 1st quarter valued at approximately $9,487,000,000. Finally, Goldman Sachs Group Inc. lifted its position in shares of Verastem by 19.4% in the 2nd quarter. Goldman Sachs Group Inc. now owns 24,432 shares of the biopharmaceutical company’s stock valued at $182,000 after acquiring an additional 3,973 shares in the last quarter. Hedge funds and other institutional investors own 75.25% of the company’s stock.

About Verastem

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