Rhumbline Advisers Increases Stock Position in Verastem, Inc. (NASDAQ:VSTM)

Rhumbline Advisers lifted its holdings in shares of Verastem, Inc. (NASDAQ:VSTM) by 4,172.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 28,793 shares of the biopharmaceutical company’s stock after purchasing an additional 28,119 shares during the period. Rhumbline Advisers’ holdings in Verastem were worth $86,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. boosted its stake in shares of Verastem by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 1,160,931 shares of the biopharmaceutical company’s stock worth $13,699,000 after acquiring an additional 10,678 shares in the last quarter. Cannon Global Investment Management LLC purchased a new position in Verastem during the 1st quarter valued at about $131,000. Finally, Bank of New York Mellon Corp purchased a new position in Verastem during the second quarter worth $203,000. 88.37% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on VSTM. B. Riley cut their price target on Verastem from $21.00 to $7.00 and set a “buy” rating for the company in a report on Wednesday, July 24th. Royal Bank of Canada dropped their target price on shares of Verastem from $16.00 to $13.00 and set an “outperform” rating for the company in a research report on Friday, August 9th. Truist Financial lowered their target price on Verastem from $18.00 to $15.00 and set a “buy” rating for the company in a research note on Tuesday, August 13th. Guggenheim started coverage on Verastem in a research note on Monday. They issued a “buy” rating and a $13.00 price target on the stock. Finally, StockNews.com upgraded shares of Verastem from a “sell” rating to a “hold” rating in a research note on Monday, August 12th. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Verastem currently has a consensus rating of “Moderate Buy” and a consensus target price of $14.57.

Verastem Stock Performance

Shares of NASDAQ VSTM opened at $2.99 on Tuesday. The company has a quick ratio of 3.28, a current ratio of 3.28 and a debt-to-equity ratio of 1.88. The stock has a market capitalization of $75.72 million, a P/E ratio of -0.68 and a beta of 0.16. Verastem, Inc. has a 52-week low of $2.10 and a 52-week high of $14.22. The firm’s 50-day moving average price is $2.59 and its two-hundred day moving average price is $5.87.

Verastem (NASDAQ:VSTM) last released its quarterly earnings results on Thursday, August 8th. The biopharmaceutical company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($1.06) by $0.75. The business had revenue of $10.00 million during the quarter. As a group, sell-side analysts forecast that Verastem, Inc. will post -3.36 earnings per share for the current year.

About Verastem

Verastem, Inc, a development-stage biopharmaceutical company, focuses on developing and commercializing drugs for the treatment of cancer in the United States. Its product candidates are Avutometinib, an orally available small molecule RAF/MEK clamp that inhibits the ras sarcoma RAF/MEK, ERK mitogen activated pathway kinase pathway which is involved in cell proliferation, migration, transformation, and survival of tumor cells; and Defactinib, an oral small molecule inhibitor of FAK and proline-rich tyrosine kinase for various solid tumors.