Shares of Verastem, Inc. (NASDAQ:VSTM) fell 9% during trading on Wednesday after the company announced weaker than expected quarterly earnings. The stock traded as low as $3.41 and last traded at $3.56, with a volume of 1,154,875 shares changing hands. The stock had previously closed at $3.91.
The biopharmaceutical company reported ($0.36) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.34) by $0.02.
VSTM has been the topic of a number of research reports. Zacks Investment Research lowered shares of Verastem from a “hold” rating to a “sell” rating in a report on Saturday, August 12th. Cantor Fitzgerald reissued a “hold” rating and set a $2.00 target price on shares of Verastem in a report on Thursday, June 8th. Oppenheimer Holdings, Inc. set a $6.00 target price on shares of Verastem and gave the stock a “buy” rating in a report on Wednesday, May 10th. Cann reissued a “buy” rating on shares of Verastem in a report on Wednesday. Finally, Jefferies Group LLC reissued a “hold” rating and set a $1.50 target price on shares of Verastem in a report on Wednesday, June 28th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and four have assigned a buy rating to the company’s stock. Verastem presently has an average rating of “Hold” and an average price target of $4.61.
Several hedge funds and other institutional investors have recently modified their holdings of VSTM. Alpine Woods Capital Investors LLC purchased a new position in shares of Verastem during the second quarter worth about $109,000. TFS Capital LLC purchased a new position in shares of Verastem during the first quarter worth about $113,000. Northern Trust Corp increased its position in shares of Verastem by 40.3% in the second quarter. Northern Trust Corp now owns 73,750 shares of the biopharmaceutical company’s stock worth $160,000 after buying an additional 21,178 shares during the period. OxFORD Asset Management LLP purchased a new position in shares of Verastem during the second quarter worth about $234,000. Finally, Dimensional Fund Advisors LP increased its position in shares of Verastem by 697.6% in the second quarter. Dimensional Fund Advisors LP now owns 289,828 shares of the biopharmaceutical company’s stock worth $632,000 after buying an additional 253,492 shares during the period. Hedge funds and other institutional investors own 22.35% of the company’s stock.
The stock’s market cap is $117.26 million. The stock has a 50-day moving average price of $3.44 and a 200 day moving average price of $2.22.
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Verastem, Inc is a biopharmaceutical company. The Company is focused on discovering and developing drugs to improve outcomes for patients with cancer. The Company operates in the segment of developing drugs for the treatment of cancer. The Company’s advanced product candidates are VS 6063, VS 4718 and VS 5584.
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