Verastem (NASDAQ:VSTM)‘s stock had its “buy” rating reaffirmed by stock analysts at Cantor Fitzgerald in a research note issued on Tuesday. They currently have a $17.00 price objective on the biopharmaceutical company’s stock. Cantor Fitzgerald’s price objective would indicate a potential upside of 407.46% from the stock’s previous close.
The analysts wrote, “Working off Overhangs. We think VSTM shares are undervalued relative to the duvelisib opportunity, and this is partly a function, in our view, of overhangs, particularly cash. VSTM had just under $87 mln in cash, which is sufficient to fund the company into 2H18, but will need additional capital to see duvelisib through commercialization. VSTM has an additional $35 mln available under a debt facility, and the company could add additional cash through a partner deal. It has been our anticipation that VSTM will need to address the capital markets in some way in 2018.””
Several other research firms have also issued reports on VSTM. Zacks Investment Research lowered Verastem from a “hold” rating to a “sell” rating in a research note on Wednesday, February 21st. Raymond James Financial reaffirmed a “buy” rating on shares of Verastem in a research note on Monday, December 11th. ValuEngine lowered Verastem from a “sell” rating to a “strong sell” rating in a research note on Friday, December 1st. B. Riley started coverage on Verastem in a research note on Thursday, March 8th. They issued a “buy” rating and a $15.00 price objective for the company. Finally, Roth Capital started coverage on Verastem in a research note on Friday, December 1st. They issued a “buy” rating and a $12.00 price objective for the company. One research analyst has rated the stock with a sell rating, two have assigned a hold rating and eight have given a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $10.14.
Hedge funds have recently modified their holdings of the stock. Cubist Systematic Strategies LLC bought a new stake in shares of Verastem during the 3rd quarter worth approximately $136,000. SeaCrest Wealth Management LLC bought a new stake in shares of Verastem during the 4th quarter worth approximately $108,000. Spark Investment Management LLC bought a new stake in shares of Verastem during the 4th quarter worth approximately $113,000. Citadel Advisors LLC bought a new stake in shares of Verastem during the 3rd quarter worth approximately $195,000. Finally, Wells Fargo & Company MN lifted its stake in shares of Verastem by 130.5% during the 4th quarter. Wells Fargo & Company MN now owns 45,987 shares of the biopharmaceutical company’s stock worth $141,000 after acquiring an additional 26,036 shares during the last quarter. 33.22% of the stock is owned by hedge funds and other institutional investors.
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Verastem Company Profile
Verastem, Inc is a biopharmaceutical company. The Company is focused on discovering and developing drugs to improve outcomes for patients with cancer. The Company operates in the segment of developing drugs for the treatment of cancer. The Company’s advanced product candidates are VS 6063, VS 4718 and VS 5584.
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