Verastem (NASDAQ:VSTM) Sees Strong Trading Volume

Shares of Verastem Inc (NASDAQ:VSTM) saw unusually-high trading volume on Friday . Approximately 5,237,776 shares were traded during mid-day trading, an increase of 115% from the previous session’s volume of 2,436,606 shares.The stock last traded at $1.47 and had previously closed at $1.31.

VSTM has been the subject of several recent research reports. Cantor Fitzgerald initiated coverage on Verastem in a research report on Wednesday, April 3rd. They issued an “overweight” rating and a $5.00 price target for the company. ValuEngine lowered Zosano Pharma from a “buy” rating to a “hold” rating in a research report on Wednesday, May 1st. B. Riley reissued a “buy” rating and issued a $26.00 price target (up from $24.00) on shares of KEMET in a research report on Thursday, May 9th. BTIG Research boosted their price target on Innovative Industrial Properties to $148.00 and gave the stock a “buy” rating in a research report on Thursday, June 20th. Finally, HC Wainwright set a $12.00 price target on IMV and gave the stock a “buy” rating in a research report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. Verastem presently has an average rating of “Hold” and a consensus price target of $7.66.

The business has a 50 day simple moving average of $1.47. The company has a quick ratio of 7.56, a current ratio of 7.57 and a debt-to-equity ratio of 1.42. The firm has a market cap of $108.60 million, a PE ratio of -1.07 and a beta of 2.98.

Verastem (NASDAQ:VSTM) last announced its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($0.51) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.46) by ($0.05). Verastem had a negative return on equity of 79.68% and a negative net margin of 315.21%. The business had revenue of $1.67 million for the quarter, compared to analysts’ expectations of $2.84 million. Sell-side analysts anticipate that Verastem Inc will post -1.97 EPS for the current fiscal year.

Hedge funds have recently made changes to their positions in the stock. Commonwealth Equity Services LLC grew its holdings in shares of Verastem by 43.2% during the second quarter. Commonwealth Equity Services LLC now owns 26,697 shares of the biopharmaceutical company’s stock worth $40,000 after purchasing an additional 8,054 shares in the last quarter. Marshall Wace North America L.P. bought a new stake in Verastem in the 1st quarter worth approximately $62,000. Marshall Wace LLP bought a new stake in Verastem in the 1st quarter worth approximately $319,000. Stratos Wealth Partners LTD. bought a new stake in Verastem in the 1st quarter worth approximately $30,000. Finally, Rhumbline Advisers lifted its position in Verastem by 26.2% in the 1st quarter. Rhumbline Advisers now owns 110,813 shares of the biopharmaceutical company’s stock worth $328,000 after buying an additional 23,000 shares during the last quarter. Hedge funds and other institutional investors own 43.82% of the company’s stock.

About Verastem (NASDAQ:VSTM)

Verastem, Inc, a biopharmaceutical company, focusing on developing and commercializing medicines to improve the survival and quality of life of cancer patients. It markets COPIKTRA (duvelisib), an oral inhibitor of phosphoinositide 3-kinase (PI3K) and dual inhibitor of PI3K-delta and PI3K-gamma, which is indicated for the treatment of adult patients with relapsed or refractory chronic lymphocytic leukemia/small lymphocytic lymphoma after at least two prior therapies and relapsed or refractory follicular lymphoma (FL) after at least two prior systemic therapies.

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