“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.”,” the firm’s analyst commented.
A number of other research firms also recently issued reports on VSTM. Zacks Investment Research upgraded shares of Verastem from a hold rating to a buy rating and set a $9.00 price target for the company in a research report on Friday, July 20th. BTIG Research assumed coverage on shares of Verastem in a research report on Friday, July 13th. They set a buy rating and a $17.00 price target for the company. BidaskClub downgraded shares of Verastem from a strong-buy rating to a buy rating in a research report on Thursday, July 26th. Seaport Global Securities set a $16.00 price target on shares of Verastem and gave the company a buy rating in a research report on Friday, July 27th. Finally, ValuEngine upgraded shares of Verastem from a buy rating to a strong-buy rating in a research report on Monday, June 18th. Eleven equities research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of Buy and an average price target of $13.90.
Verastem (NASDAQ:VSTM) last posted its quarterly earnings results on Wednesday, August 8th. The biopharmaceutical company reported ($0.30) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.33) by $0.03. The company had revenue of $10.00 million for the quarter. equities analysts forecast that Verastem will post -1.54 EPS for the current year.
In other Verastem news, VP Joseph M. Lobacki acquired 7,700 shares of the company’s stock in a transaction dated Friday, June 8th. The stock was acquired at an average cost of $5.79 per share, with a total value of $44,583.00. Following the purchase, the vice president now directly owns 7,700 shares in the company, valued at approximately $44,583. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 6.51% of the company’s stock.
Institutional investors and hedge funds have recently modified their holdings of the company. State Board of Administration of Florida Retirement System purchased a new position in shares of Verastem during the 2nd quarter worth approximately $100,000. First Allied Advisory Services Inc. purchased a new position in shares of Verastem during the 2nd quarter worth approximately $240,000. SeaCrest Wealth Management LLC increased its stake in shares of Verastem by 112.6% during the 2nd quarter. SeaCrest Wealth Management LLC now owns 37,104 shares of the biopharmaceutical company’s stock worth $255,000 after purchasing an additional 19,651 shares in the last quarter. Wells Fargo & Company MN increased its stake in shares of Verastem by 130.5% during the 4th quarter. Wells Fargo & Company MN now owns 45,987 shares of the biopharmaceutical company’s stock worth $141,000 after purchasing an additional 26,036 shares in the last quarter. Finally, Barrett Asset Management LLC purchased a new position in shares of Verastem during the 2nd quarter worth approximately $344,000. 25.85% of the stock is owned by institutional investors and hedge funds.
Verastem Company Profile
Verastem, Inc, a biopharmaceutical company, focuses on developing and commercializing drugs for the treatment of cancer. Its programs target the focal adhesion kinase (FAK) and the phosphoinositide 3-kinase (PI3K) signaling pathways. The company's lead FAK inhibitor is defactinib, an orally available candidate for combination therapy with immuno-oncology agents and other anti-cancer compounds.
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