Oppenheimer analyst Leah R. Cann maintained a Buy rating on Verastem (NASDAQ: VSTM) yesterday and set a price target of $16. The company’s shares closed yesterday at $7.79.
Cann said:
“Verastem’s loss per share of $0.30 was in line with our estimated $0.30. There was an unanticipated upfront payment from Yakult of $10 million, in association with a collaboration agreement. This was offset by higher than estimated operating expense. SG&A of $15.8 million was higher than our estimated $90.0 million due to infrastructure ramp in association with the anticipated launch of Duvelisib in Q4 2018. R&D of $12.4 million exceeded our estimated $10.6 million due to further development of Duvelisib.”
According to TipRanks.com, Cann is a 5-star analyst with an average return of 20.5% and a 54.9% success rate. Cann covers the Healthcare sector, focusing on stocks such as Miragen Therapeutics Inc, CytomX Therapeutics Inc, and Crispr Therapeutics AG.
Currently, the analyst consensus on Verastem is a Strong Buy with an average price target of $13.75, which is a 76.5% upside from current levels. In a report issued on July 27, Seaport Global also reiterated a Buy rating on the stock with a $16 price target.
.
See today’s analyst top recommended stocks >>
Based on Verastem’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $21.05 million. In comparison, last year the company had a GAAP net loss of $13.44 million.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
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.
Read More on VSTM:
