Verastem price target lowered to $34 from $36 at RBC Capital

RBC Capital lowered the firm’s price target on Verastem to $34 from $36 but keeps an Outperform rating on the shares. The firm maintains its conviction on the set-up for the stock given the regulatory alignment, a confirmatory trial, and near-term visibility on an accelerated approval path, the analyst tells investors in a research note. RBC further cites the company’s sustained confidence that underscores the strong updated 12-month data cut of the avutometinib+defactinib arm from Part A of the phase 2 RAMP 201 study in patients with low-grade serous ovarian cancer which showed an objective response rate of 45%, reaffirming its position as an attractive combotx candidate.