In a report released today, Swayampakula Ramakanth from H.C. Wainwright reiterated a Buy rating on Verastem (NASDAQ: VSTM), with a price target of $10. The company’s shares closed on Friday at $8.14, close to its 52-week high of $9.14.
According to TipRanks.com, Ramakanth is a 4-star analyst with an average return of 7.3% and a 40.3% success rate. Ramakanth covers the Healthcare sector, focusing on stocks such as Diffusion Pharmaceuticals Inc, IntelGenx Technologies, and Leap Therapeutics Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Verastem with a $13.75 average price target, a 68.9% upside from current levels. In a report issued on August 8, Oppenheimer also assigned a Buy rating to the stock with a $16 price target.
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Based on Verastem’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $10 million and GAAP net loss of $18.37 million. In comparison, last year the company had a GAAP net loss of $13.44 million.
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Verastem, Inc. is a biopharmaceutical company, which engages in the development and commercialization of drugs to treat cancer by the targeted killing of cancer stem cells. Its product candidates include duvelisib, which targets the Phosphoinositide 3-kinase signaling pathway; and defactinib, a targeted inhibitor of the Focal Adhesion Kinase signaling pathway. It evaluates these compounds in both preclinical and clinical studies as potential therapies for certain cancers, including leukemia, lymphoma, lung cancer, ovarian cancer, mesothelioma, and pancreatic 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 Cambridge, MA.
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