In a report released today, Leah R. Cann from Oppenheimer maintained a Buy rating on Verastem (NASDAQ: VSTM), with a price target of $16. The company’s shares closed on Friday at $6.86.
Cann said:
“We rate Verastem, a clinical-stage biotechnology company, Outperform and we are increasing our price target to account for an increased average forward price-to-sales multiple of the biotechnology sector.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 26.5% and a 61.3% success rate. Cann covers the Healthcare sector, focusing on stocks such as Miragen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Verastem with a $13.17 average price target, representing a 92.0% upside. In a report issued on June 25, Roth Capital also assigned a Buy rating to the stock with a $10 price target.
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The company has a one-year high of $9.07 and a one-year low of $2.77. Currently, Verastem has an average volume of 2.55M.
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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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