In a report released today, Sean Lee CFA from H.C. Wainwright maintained a Buy rating on Verastem (VSTM – Research Report), with a price target of $3.00. The company’s shares closed last Friday at $0.39.
Lee CFA covers the Healthcare sector, focusing on stocks such as Gritstone Oncology, Plus Therapeutics, and Verastem. According to TipRanks, Lee CFA has an average return of -21.5% and a 21.36% success rate on recommended stocks.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Verastem with a $4.25 average price target, implying a 990.02% upside from current levels. In a report released on November 4, RBC Capital also maintained a Buy rating on the stock with a $3.00 price target.
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Based on Verastem’s latest earnings release for the quarter ending June 30, the company reported a quarterly GAAP net loss of $21.95 million. In comparison, last year the company earned a revenue of $500 thousand and had a GAAP net loss of $16.9 million
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Verastem, Inc., operating as Verastem Oncology, is 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. The indication in FL is approved under accelerated approval based on overall response rate. In addition, it is developing the focal adhesion kinase inhibitor defactinib, which is being evaluated in three separate clinical collaborations in combination with immunotherapeutic agents for the treatment of various different cancer types, including pancreatic cancer, ovarian cancer, non-small cell lung cancer (NSCLC), and mesothelioma. Verastem, Inc. has collaboration agreements with Yakult Honsha Co., Ltd., CSPS Pharmaceutical Group Limited and The Leukemia & Lymphoma Society. 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 Needham, MA.
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