Oppenheimer analyst Leah R. Cann maintained a Buy rating on Verastem (VSTM) yesterday and set a price target of $15. The company’s shares closed yesterday at $5.85.
Cann wrote:
“Verastem’s loss per share of $0.29 was lower than our estimated $(0.51). There was an unanticipated payment from CSPC $15 million, in association with the license agreement. This was partially offset by higher than estimated operating expense. SG&A of $25.4 million was higher than our estimated $21.2 million due to infrastructure ramp in association with the launch of Duvelisib. R&D of $11.6 million was slightly lower than our estimated $12.6 million.”
According to TipRanks.com, Cann is a 4-star analyst with an average return of 3.7% and a 40.3% success rate. Cann covers the Healthcare sector, focusing on stocks such as Constellation Pharmaceuticals Inc, Miragen Therapeutics Inc, and CytomX Therapeutics Inc.
Currently, the analyst consensus on Verastem is a Strong Buy with an average price target of $15.42.
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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 3.11M.
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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