Cantor Fitzgerald Reaffirms Hold Rating for Verastem Inc (VSTM)

Cantor Fitzgerald reissued their hold rating on shares of Verastem Inc (NASDAQ:VSTM) in a research report sent to investors on Thursday, May 11th. They currently have a $2.00 price target on the biopharmaceutical company’s stock.

“DYNAMO Follow-Up Data Coming Soon. VSTM will present follow-up data with duvelisib in double-refractory indolent non-Hodgkin lymphoma (iNHL) at the International Conference on Malignant Melanoma (ICML), commonly referred to as the Lugano Meeting” on June 15th. We think these data could provide support for duvelisib, should the long-term data prove to be durable. Rethinking Duvelisib. Duvelisib’s past history as a development candidate is potentially masking its true market opportunity, as the drug could be used in Imbruvica failures. We don’t view the outcome of the DUO trial as slam dunk”, but we do think that the drug’s potential has been overshadowed by its previous history. The drug is being compared to Novartis’ (Not Covered) Arzerra (ofatumumab), and tested in a setting of relapsed/refractory CLL. Optionality with Defactinib. While duvelisib will be the key driver for the value expansion near term, in our view, VSTM is also continuing development of defactinib. Given the prior history of defactinib (COMMAND) it also appears to us that the clinical profile may not be recognized until additional data are in hand, particularly as some of the work is being conducted via investigator- sponsored trials (ISTs).”,” the firm’s analyst commented.

VSTM has been the subject of a number of other reports. Oppenheimer Holdings, Inc. started coverage on shares of Verastem in a research report on Thursday, April 13th. They issued an outperform rating and a $6.00 price objective for the company. Cann reiterated an outperform rating and set a $6.00 target price on shares of Verastem in a research report on Wednesday, April 12th. HC Wainwright lifted their target price on shares of Verastem from $5.00 to $6.50 and gave the company a buy rating in a research report on Friday, March 24th. Finally, CIBC reiterated an outperform rating and set a $6.00 target price on shares of Verastem in a research report on Thursday, April 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock presently has an average rating of Buy and a consensus target price of $3.64.

Verastem (VSTM) opened at 2.02 on Thursday. Verastem has a 12 month low of $1.05 and a 12 month high of $2.54. The firm’s market capitalization is $74.72 million. The stock has a 50 day moving average of $2.21 and a 200 day moving average of $1.59.

Verastem (NASDAQ:VSTM) last released its quarterly earnings data on Wednesday, May 10th. The biopharmaceutical company reported ($0.35) EPS for the quarter, meeting analysts’ consensus estimates of ($0.35). On average, equities analysts predict that Verastem will post ($1.31) earnings per share for the current fiscal year.

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In other Verastem news, Director Timothy J. Barberich purchased 30,000 shares of the firm’s stock in a transaction on Monday, May 15th. The shares were purchased at an average cost of $2.45 per share, with a total value of $73,500.00. Following the completion of the purchase, the director now owns 69,462 shares of the company’s stock, valued at approximately $170,181.90. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link.

Hedge funds and other institutional investors have recently modified their holdings of the company. FMR LLC increased its position in shares of Verastem by 32.2% in the fourth quarter. FMR LLC now owns 901,200 shares of the biopharmaceutical company’s stock valued at $1,009,000 after buying an additional 219,445 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Verastem by 20.0% in the first quarter. Renaissance Technologies LLC now owns 1,226,600 shares of the biopharmaceutical company’s stock valued at $2,539,000 after buying an additional 204,400 shares during the last quarter. TFS Capital LLC purchased a new position in shares of Verastem during the first quarter valued at approximately $113,000. Vanguard Group Inc. increased its position in shares of Verastem by 5.2% in the first quarter. Vanguard Group Inc. now owns 1,036,613 shares of the biopharmaceutical company’s stock valued at $2,145,000 after buying an additional 51,306 shares during the last quarter. Finally, Geode Capital Management LLC increased its position in shares of Verastem by 0.4% in the first quarter. Geode Capital Management LLC now owns 188,743 shares of the biopharmaceutical company’s stock valued at $390,000 after buying an additional 750 shares during the last quarter.

About Verastem

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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