Royal Bank of Canada Begins Coverage on Verastem (NASDAQ:VSTM)

Equities research analysts at Royal Bank of Canada started coverage on shares of Verastem (NASDAQ:VSTMGet Rating) in a report released on Thursday, The Fly reports. The brokerage set an “outperform” rating and a $5.00 price target on the biopharmaceutical company’s stock. Royal Bank of Canada’s price target would indicate a potential upside of 226.80% from the stock’s current price.

A number of other analysts have also recently weighed in on the company. Cantor Fitzgerald restated an “overweight” rating on shares of Verastem in a research note on Friday, April 1st. HC Wainwright restated a “buy” rating on shares of Verastem in a research note on Tuesday, March 29th. Truist Financial initiated coverage on Verastem in a research note on Wednesday, March 9th. They issued a “buy” rating and a $6.00 price target on the stock. Zacks Investment Research upgraded Verastem from a “sell” rating to a “hold” rating in a research report on Tuesday. Finally, StockNews.com upgraded Verastem from a “sell” rating to a “hold” rating in a research report on Tuesday, April 5th. Two research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $5.63.

Verastem stock opened at $1.53 on Thursday. Verastem has a 1-year low of $1.04 and a 1-year high of $4.94. The stock has a market cap of $285.08 million, a PE ratio of -3.73 and a beta of 0.95. The stock’s fifty day moving average is $1.33 and its two-hundred day moving average is $2.03.

Verastem (NASDAQ:VSTMGet Rating) last posted its quarterly earnings results on Monday, March 28th. The biopharmaceutical company reported ($0.09) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.10) by $0.01. Verastem had a negative return on equity of 76.14% and a negative net margin of 3,468.09%. As a group, analysts anticipate that Verastem will post -0.36 earnings per share for the current year.

A number of hedge funds have recently modified their holdings of the stock. Principal Financial Group Inc. increased its position in Verastem by 6.3% in the 3rd quarter. Principal Financial Group Inc. now owns 70,971 shares of the biopharmaceutical company’s stock valued at $219,000 after acquiring an additional 4,217 shares during the period. Personal CFO Solutions LLC increased its position in Verastem by 7.6% in the 3rd quarter. Personal CFO Solutions LLC now owns 74,365 shares of the biopharmaceutical company’s stock valued at $229,000 after acquiring an additional 5,254 shares during the period. Valeo Financial Advisors LLC increased its position in Verastem by 40.6% in the 4th quarter. Valeo Financial Advisors LLC now owns 22,500 shares of the biopharmaceutical company’s stock valued at $46,000 after acquiring an additional 6,500 shares during the period. New York State Common Retirement Fund increased its position in Verastem by 8.6% in the 4th quarter. New York State Common Retirement Fund now owns 98,143 shares of the biopharmaceutical company’s stock valued at $201,000 after acquiring an additional 7,797 shares during the period. Finally, Synovus Financial Corp acquired a new position in Verastem in the 3rd quarter valued at about $31,000. Hedge funds and other institutional investors own 74.09% of the company’s stock.

Verastem Company Profile (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.

Read More

The Fly logo

Analyst Recommendations for Verastem (NASDAQ:VSTM)

Receive News & Ratings for Verastem Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Verastem and related companies with MarketBeat.com's FREE daily email newsletter.