StockNews.com Initiates Coverage on Verastem (NASDAQ:VSTM)

Posted by on Apr 11th, 2023

Analysts at StockNews.com began coverage on shares of Verastem (NASDAQ:VSTM – Get Rating) in a report issued on Tuesday. The brokerage set a “hold” rating on the biopharmaceutical company’s stock.

Several other research analysts have also issued reports on the company. Mizuho started coverage on Verastem in a research report on Wednesday, March 29th. They issued a “neutral” rating and a $2.00 price target on the stock. HC Wainwright reissued a “buy” rating and issued a $3.00 target price on shares of Verastem in a research note on Wednesday, March 15th. Finally, Royal Bank of Canada restated an “outperform” rating and set a $3.00 target price on shares of Verastem in a research report on Wednesday, March 15th. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $3.80.

Verastem Stock Performance

Shares of NASDAQ VSTM opened at $0.40 on Tuesday. Verastem has a fifty-two week low of $0.29 and a fifty-two week high of $2.13. The firm has a market capitalization of $79.62 million, a P/E ratio of -1.04 and a beta of 0.78. The company has a debt-to-equity ratio of 0.52, a current ratio of 4.29 and a quick ratio of 4.29. The company’s 50 day simple moving average is $0.50 and its 200 day simple moving average is $0.48.

Institutional Trading of Verastem

Hedge funds have recently added to or reduced their stakes in the business. Merit Financial Group LLC boosted its position in shares of Verastem by 229.2% during the fourth quarter. Merit Financial Group LLC now owns 65,846 shares of the biopharmaceutical company’s stock worth $27,000 after buying an additional 45,846 shares during the period. Eaton Vance Management acquired a new position in Verastem in the 1st quarter valued at about $28,000. Mirabella Financial Services LLP bought a new position in shares of Verastem during the first quarter worth approximately $36,000. XTX Topco Ltd bought a new position in Verastem during the 1st quarter worth $37,000. Finally, Synovus Financial Corp boosted its position in shares of Verastem by 54.0% in the fourth quarter. Synovus Financial Corp now owns 112,411 shares of the biopharmaceutical company’s stock valued at $45,000 after acquiring an additional 39,411 shares during the period. Institutional investors and hedge funds own 60.59% of the company’s stock.

About Verastem

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Verastem, Inc is a biopharmaceutical company, which engages in the development and commercialization of drugs for the treatment of cancer. The company was founded by Richard H. Aldrich, Michelle Dipp, Piyush Gupta, Satish Jindal, Eric S. Lander, Robert F. Weinberg, and Christoph H. Westphal on August 4, 2010 and is headquartered in Needham, MA.

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Analyst Recommendations for Verastem (NASDAQ:VSTM)

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