Royal Bank of Canada Trims Verastem (NASDAQ:VSTM) Target Price to $13.00

Verastem (NASDAQ:VSTM) had its target price lowered by equities researchers at Royal Bank of Canada from $16.00 to $13.00 in a research note issued to investors on Friday, Benzinga reports. The firm presently has an “outperform” rating on the biopharmaceutical company’s stock. Royal Bank of Canada’s target price would indicate a potential upside of 450.85% from the company’s current price.

Several other research firms have also recently weighed in on VSTM. Truist Financial dropped their price target on Verastem from $34.00 to $18.00 and set a “buy” rating for the company in a report on Monday, July 8th. B. Riley dropped their price target on Verastem from $21.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. StockNews.com cut Verastem from a “hold” rating to a “sell” rating in a report on Thursday, August 1st. HC Wainwright reissued a “buy” rating and set a $17.50 price target on shares of Verastem in a report on Tuesday, May 28th. Finally, Alliance Global Partners dropped their price target on Verastem from $34.00 to $20.00 and set a “buy” rating for the company in a report on Wednesday, May 29th. One equities research analyst has rated the stock with a sell rating and seven have given a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $19.79.

Verastem Stock Performance

Shares of NASDAQ VSTM traded up $0.12 during midday trading on Friday, hitting $2.36. 215,817 shares of the company’s stock were exchanged, compared to its average volume of 507,682. The company has a quick ratio of 4.40, a current ratio of 4.40 and a debt-to-equity ratio of 1.60. Verastem has a 12 month low of $2.10 and a 12 month high of $14.22. The company’s 50 day moving average price is $3.11 and its 200 day moving average price is $8.41. The firm has a market capitalization of $59.78 million, a PE ratio of -0.54 and a beta of 0.20.

Verastem (NASDAQ:VSTM) last issued its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.10). As a group, analysts predict that Verastem will post -4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Verastem

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. International Assets Investment Management LLC raised its holdings in shares of Verastem by 114,375.0% during the 4th quarter. International Assets Investment Management LLC now owns 9,158 shares of the biopharmaceutical company’s stock worth $75,000 after buying an additional 9,150 shares in the last quarter. Acadian Asset Management LLC acquired a new position in shares of Verastem during the 2nd quarter worth $82,000. Rhumbline Advisers raised its holdings in shares of Verastem by 4,172.0% during the 2nd quarter. Rhumbline Advisers now owns 28,793 shares of the biopharmaceutical company’s stock worth $86,000 after buying an additional 28,119 shares in the last quarter. Cannon Global Investment Management LLC acquired a new position in shares of Verastem during the 1st quarter worth $131,000. Finally, Bank of New York Mellon Corp acquired a new position in shares of Verastem during the 2nd quarter worth $203,000. 88.37% of the stock is owned by institutional investors and hedge funds.

Verastem Company Profile

Verastem, Inc, a development-stage biopharmaceutical company, focuses on developing and commercializing drugs for the treatment of cancer in the United States. Its product candidates are Avutometinib, an orally available small molecule RAF/MEK clamp that inhibits the ras sarcoma RAF/MEK, ERK mitogen activated pathway kinase pathway which is involved in cell proliferation, migration, transformation, and survival of tumor cells; and Defactinib, an oral small molecule inhibitor of FAK and proline-rich tyrosine kinase for various solid tumors.