Verastem, Inc. (NASDAQ:VSTM) Short Interest Up 18.2% in October

Verastem, Inc. (NASDAQ:VSTMGet Free Report) was the target of a large increase in short interest during the month of October. As of October 31st, there was short interest totalling 568,300 shares, an increase of 18.2% from the October 15th total of 480,900 shares. Approximately 3.0% of the company’s stock are sold short. Based on an average trading volume of 96,400 shares, the days-to-cover ratio is currently 5.9 days.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on VSTM. StockNews.com cut Verastem from a “hold” rating to a “sell” rating in a research note on Monday. 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 research report on Wednesday, August 9th. Mizuho reissued a “buy” rating and issued a $36.00 price target on shares of Verastem in a research report on Tuesday, August 29th. Finally, B. Riley assumed coverage on shares of Verastem in a research note on Wednesday, September 27th. They issued a “buy” rating and a $21.00 price objective for the company. One equities research analyst has rated the stock with a sell rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $31.00.

Check Out Our Latest Stock Report on VSTM

Verastem Stock Performance

Shares of Verastem stock opened at $6.23 on Wednesday. The firm’s fifty day simple moving average is $7.96 and its 200-day simple moving average is $8.50. Verastem has a 12 month low of $3.87 and a 12 month high of $15.18. The stock has a market capitalization of $157.43 million, a price-to-earnings ratio of -1.54 and a beta of 0.56. The company has a debt-to-equity ratio of 0.48, a current ratio of 7.33 and a quick ratio of 7.33.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Goldman Sachs Group Inc. boosted its stake in shares of Verastem by 19.4% during the second quarter. Goldman Sachs Group Inc. now owns 24,432 shares of the biopharmaceutical company’s stock worth $182,000 after buying an additional 3,973 shares during the period. Bank of New York Mellon Corp lifted its position in Verastem by 27.7% during the 3rd quarter. Bank of New York Mellon Corp now owns 22,758 shares of the biopharmaceutical company’s stock worth $185,000 after acquiring an additional 4,939 shares during the period. Tower Research Capital LLC TRC purchased a new position in shares of Verastem in the 2nd quarter valued at approximately $74,000. Synovus Financial Corp increased its holdings in shares of Verastem by 10.2% in the first quarter. Synovus Financial Corp now owns 108,000 shares of the biopharmaceutical company’s stock valued at $152,000 after purchasing an additional 10,000 shares during the period. Finally, Charles Schwab Investment Management Inc. increased its holdings in shares of Verastem by 2.5% in the first quarter. Charles Schwab Investment Management Inc. now owns 460,493 shares of the biopharmaceutical company’s stock valued at $650,000 after purchasing an additional 11,090 shares during the period. 75.25% of the stock is currently owned by institutional investors and hedge funds.

About Verastem

(Get Free Report)

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.

Further Reading

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