Verastem (NASDAQ:VSTM) Given New $16.00 Price Target at Royal Bank of Canada

Verastem (NASDAQ:VSTM - Free Report) had its price objective increased by Royal Bank of Canada from $13.00 to $16.00 in a report released on Tuesday morning,Benzinga reports. They currently have an outperform rating on the biopharmaceutical company's stock.

Several other research analysts have also commented on the company. BTIG Research boosted their price objective on Verastem from $13.00 to $20.00 and gave the stock a "buy" rating in a report on Tuesday, December 31st. HC Wainwright reissued a "buy" rating and issued a $7.00 price target on shares of Verastem in a research note on Thursday, December 19th. StockNews.com downgraded Verastem from a "hold" rating to a "sell" rating in a research report on Tuesday, November 19th. Cantor Fitzgerald reissued an "overweight" rating on shares of Verastem in a report on Friday, October 18th. Finally, Guggenheim initiated coverage on Verastem in a research note on Monday, September 30th. They issued a "buy" rating and a $13.00 target price for the company. One equities research analyst has rated the stock with a sell rating and nine have issued a buy rating to the company. According to data from MarketBeat, Verastem currently has a consensus rating of "Moderate Buy" and a consensus target price of $13.38.

Verastem Price Performance

VSTM traded down $0.18 on Tuesday, hitting $6.54. 1,899,230 shares of the stock were exchanged, compared to its average volume of 3,977,713. The business has a 50-day moving average of $4.49 and a two-hundred day moving average of $3.40. The firm has a market capitalization of $291.08 million, a price-to-earnings ratio of -2.05 and a beta of 0.24. The company has a debt-to-equity ratio of 2.77, a current ratio of 3.23 and a quick ratio of 3.23. Verastem has a 12 month low of $2.10 and a 12 month high of $14.22.

Verastem (NASDAQ:VSTM - Get Free Report) last announced its quarterly earnings results on Wednesday, November 6th. The biopharmaceutical company reported ($0.60) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.71) by $0.11. Sell-side analysts forecast that Verastem will post -3.16 EPS for the current fiscal year.

Institutional Investors Weigh In On Verastem

Several institutional investors have recently bought and sold shares of VSTM. FMR LLC purchased a new stake in shares of Verastem during the third quarter worth about $41,000. SG Americas Securities LLC acquired a new stake in shares of Verastem during the third quarter worth $43,000. JPMorgan Chase & Co. grew its holdings in shares of Verastem by 55.4% during the third quarter. JPMorgan Chase & Co. now owns 16,878 shares of the biopharmaceutical company's stock valued at $50,000 after buying an additional 6,016 shares during the last quarter. Apollon Wealth Management LLC increased its holdings in shares of Verastem by 104.6% in the third quarter. Apollon Wealth Management LLC now owns 20,457 shares of the biopharmaceutical company's stock valued at $61,000 after purchasing an additional 10,457 shares during the period. Finally, Acadian Asset Management LLC acquired a new stake in Verastem during the 2nd quarter valued at approximately $82,000. 88.37% of the stock is currently owned by institutional investors and hedge funds.

About Verastem

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.