Verastem (VSTM) Stock Price Down 5.4% on Analyst Downgrade

Verastem Inc (NASDAQ:VSTM) fell 5.4% on Thursday after Zacks Investment Research downgraded the stock from a hold rating to a sell rating. The company traded as low as $3.15 and last traded at $3.17. 3,763,545 shares changed hands during mid-day trading, an increase of 52% from the average session volume of 2,478,497 shares. The stock had previously closed at $3.35.

A number of other brokerages have also recently weighed in on VSTM. BidaskClub cut Verastem from a “hold” rating to a “sell” rating in a research note on Tuesday, December 11th. ValuEngine cut Verastem from a “buy” rating to a “hold” rating in a research note on Monday, December 17th. HC Wainwright reiterated a “buy” rating and issued a $10.00 price objective (down previously from $13.00) on shares of Verastem in a research note on Thursday. Finally, Raymond James reduced their price objective on Verastem from $12.00 to $6.00 and set an “outperform” rating for the company in a research note on Thursday. Two research analysts have rated the stock with a sell rating, one has issued a hold rating and eight have assigned a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $12.97.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Principal Financial Group Inc. purchased a new stake in shares of Verastem during the fourth quarter worth approximately $35,000. Amalgamated Bank purchased a new stake in shares of Verastem during the fourth quarter worth approximately $35,000. MML Investors Services LLC raised its stake in shares of Verastem by 70.0% during the fourth quarter. MML Investors Services LLC now owns 17,000 shares of the biopharmaceutical company’s stock worth $57,000 after purchasing an additional 7,000 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in shares of Verastem during the fourth quarter worth approximately $62,000. Finally, Blueshift Asset Management LLC purchased a new stake in shares of Verastem during the fourth quarter worth approximately $62,000. Institutional investors own 59.21% of the company’s stock.

The company has a debt-to-equity ratio of 0.20, a current ratio of 2.97 and a quick ratio of 2.97. The company has a market capitalization of $239.08 million, a P/E ratio of -2.31 and a beta of 3.04.

Verastem (NASDAQ:VSTM) last released its quarterly earnings results on Tuesday, March 12th. The biopharmaceutical company reported ($0.37) EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.60) by $0.23. The company had revenue of $1.21 million for the quarter, compared to analysts’ expectations of $5.56 million. Analysts forecast that Verastem Inc will post -1.95 earnings per share for the current fiscal year.

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About Verastem (NASDAQ:VSTM)

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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