Truist Financial Lowers Verastem (NASDAQ:VSTM) Price Target to $34.00

Verastem (NASDAQ:VSTM) had its target price lowered by stock analysts at Truist Financial from $39.00 to $34.00 in a research report issued on Wednesday, Benzinga reports. The firm presently has a “buy” rating on the biopharmaceutical company’s stock. Truist Financial’s target price suggests a potential upside of 461.98% from the stock’s current price.

A number of other equities research analysts also recently issued reports on VSTM. B. Riley started coverage on shares of Verastem in a research report on Wednesday, September 27th. They issued a “buy” rating and a $21.00 price objective for the company. Royal Bank of Canada decreased their price target on Verastem from $34.00 to $32.00 and set an “outperform” rating for the company in a research report on Wednesday, August 9th. Mizuho reaffirmed a “buy” rating and set a $36.00 price target on shares of Verastem in a research report on Tuesday, August 29th. Finally, StockNews.com downgraded Verastem from a “hold” rating to a “sell” rating in a research report on Monday. One analyst has rated the stock with a sell rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat, Verastem has a consensus rating of “Moderate Buy” and an average price target of $30.17.

Verastem Trading Down 1.5 %

NASDAQ:VSTM opened at $6.05 on Wednesday. The company has a debt-to-equity ratio of 0.48, a current ratio of 7.33 and a quick ratio of 7.33. The firm has a 50-day moving average of $7.80 and a 200-day moving average of $8.50. The company has a market cap of $152.87 million, a PE ratio of -1.50 and a beta of 0.56. Verastem has a one year low of $3.87 and a one year high of $15.18.

Hedge Funds Weigh In On Verastem

A number of large investors have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Verastem by 6.6% in the third quarter. Vanguard Group Inc. now owns 8,511,513 shares of the biopharmaceutical company’s stock worth $7,235,000 after acquiring an additional 528,022 shares during the period. Millennium Management LLC boosted its stake in Verastem by 417.3% during the second quarter. Millennium Management LLC now owns 5,154,530 shares of the biopharmaceutical company’s stock valued at $5,979,000 after buying an additional 4,158,108 shares during the period. Geode Capital Management LLC boosted its stake in Verastem by 3.5% during the first quarter. Geode Capital Management LLC now owns 1,896,552 shares of the biopharmaceutical company’s stock valued at $787,000 after buying an additional 64,245 shares during the period. Renaissance Technologies LLC boosted its stake in Verastem by 190.2% during the first quarter. Renaissance Technologies LLC now owns 1,684,106 shares of the biopharmaceutical company’s stock valued at $2,375,000 after buying an additional 1,103,806 shares during the period. Finally, Jefferies Financial Group Inc. bought a new stake in Verastem during the fourth quarter valued at $662,000. 75.25% of the stock is owned by institutional investors.

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.