HC Wainwright Reaffirms Buy Rating for Verastem (NASDAQ:VSTM)

Verastem (NASDAQ:VSTM)‘s stock had its “buy” rating reiterated by investment analysts at HC Wainwright in a report issued on Friday,Benzinga reports. They currently have a $18.00 price target on the biopharmaceutical company’s stock. HC Wainwright’s price target points to a potential upside of 238.98% from the stock’s previous close.

A number of other research firms have also recently commented on VSTM. Jefferies Financial Group reissued a “buy” rating and set a $15.00 price target (down from $19.00) on shares of Verastem in a report on Monday, March 30th. Mizuho set a $18.00 price target on Verastem in a report on Thursday, February 19th. Guggenheim reissued a “buy” rating on shares of Verastem in a report on Tuesday, December 30th. BTIG Research assumed coverage on Verastem in a report on Thursday, March 12th. They issued a “buy” rating and a $19.00 target price for the company. Finally, Wall Street Zen raised Verastem from a “sell” rating to a “hold” rating in a report on Saturday, March 7th. Two investment analysts have rated the stock with a Strong Buy rating, five have given a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $16.60.

Verastem Price Performance

Verastem stock opened at $5.31 on Friday. The company has a debt-to-equity ratio of 1.33, a quick ratio of 3.07 and a current ratio of 3.09. Verastem has a 52 week low of $4.01 and a 52 week high of $11.24. The stock has a market capitalization of $466.38 million, a P/E ratio of -1.66 and a beta of 0.43. The stock has a fifty day moving average of $5.80 and a 200-day moving average of $7.50.

Verastem (NASDAQ:VSTM) last posted its quarterly earnings results on Wednesday, March 4th. The biopharmaceutical company reported ($0.50) EPS for the quarter, missing analysts’ consensus estimates of ($0.49) by ($0.01). The firm had revenue of $17.54 million during the quarter, compared to the consensus estimate of $16.85 million. On average, sell-side analysts expect that Verastem will post -3.02 earnings per share for the current fiscal year.

Insider Transactions at Verastem

In other Verastem news, CFO Daniel Calkins sold 5,039 shares of the company’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $7.16, for a total value of $36,079.24. Following the completion of the transaction, the chief financial officer owned 104,719 shares of the company’s stock, valued at $749,788.04. This represents a 4.59% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Dan Paterson sold 10,321 shares of the company’s stock in a transaction dated Monday, January 12th. The stock was sold at an average price of $7.16, for a total value of $73,898.36. Following the completion of the transaction, the chief executive officer directly owned 400,104 shares of the company’s stock, valued at approximately $2,864,744.64. The trade was a 2.51% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 16,330 shares of company stock valued at $116,467. Insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On Verastem

Institutional investors and hedge funds have recently bought and sold shares of the company. Russell Investments Group Ltd. increased its holdings in Verastem by 182.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,578 shares of the biopharmaceutical company’s stock worth $40,000 after purchasing an additional 2,960 shares in the last quarter. E Fund Management Co. Ltd. bought a new stake in shares of Verastem in the 2nd quarter valued at about $49,000. Nebula Research & Development LLC bought a new stake in shares of Verastem in the 2nd quarter valued at about $53,000. The Manufacturers Life Insurance Company grew its position in shares of Verastem by 9.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 16,188 shares of the biopharmaceutical company’s stock valued at $67,000 after buying an additional 1,440 shares during the last quarter. Finally, BNP Paribas Financial Markets grew its position in shares of Verastem by 110.9% in the 3rd quarter. BNP Paribas Financial Markets now owns 8,550 shares of the biopharmaceutical company’s stock valued at $75,000 after buying an additional 4,496 shares during the last quarter. Institutional investors and hedge funds own 88.37% of the company’s stock.

About Verastem

Verastem Oncology, Inc is a clinical-stage biopharmaceutical company focused on the discovery and development of small molecule therapies that target cancer stemness and resistance pathways. Established in 2010 and headquartered in Needham, Massachusetts, Verastem Oncology applies a precision-medicine approach to identify key signaling nodes responsible for tumor growth and relapse, with an emphasis on hematologic malignancies and solid tumors. The company’s research platform integrates insights into complex signaling networks to advance novel compounds from early discovery through clinical proof of concept.

The company’s lead marketed product is COPIKTRA (duvelisib), an oral inhibitor of PI3K-delta and PI3K-gamma, which received U.S.