Oppenheimer analyst Leah R. Cann maintained a Buy rating on Verastem (NASDAQ: VSTM) today and set a price target of $16. The company’s shares opened today at $6.91.
Cann wrote:
“Having Copiktra added to the NCCN guidelines for follicular lymphoma (FL) treatment, along with the DUO data for CLL having been recently published in the prestigious journal Blood, should increase awareness of recently approved duvelisib (Copiktra) for third-line CLL and FL. These publications should also aid in the drug’s launch. While we have not included any sales of 2019, it is likely the drug will contribute modestly to revenue in 2018, due to Verastem’s readiness to detail and distribute it. We are not adjusting our outlook until the drug is launched and we have a better sense of early adoption patterns, but believe this publication could be impactful to the launch.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 13.7% and a 48.5% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
Verastem has an analyst consensus of Strong Buy, with a price target consensus of $15.50, which is a 124.3% upside from current levels. In a report issued on September 26, H.C. Wainwright also maintained a Buy rating on the stock with a $15 price target.
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The company has a one-year high of $10.35 and a one-year low of $2.77. Currently, Verastem has an average volume of 2.81M.
Based on the recent corporate insider activity of 13 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of VSTM in relation to earlier this year.
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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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