In a report released on May 13, Graig Suvannavejh from Mizuho Securities maintained a Buy rating on Verastem (VSTM – Research Report), with a price target of $36.00.
Graig Suvannavejh has given his Buy rating due to a combination of factors which include positive expectations surrounding the upcoming data releases and strategic company developments. The anticipation for Verastem’s updated top-line data from the Phase 2 RAMP 201 study for the avutometinib and defactinib combination in low-grade serous ovarian cancer, along with the initiation of a rolling new drug application, are key catalysts that could drive the stock price upward. The company’s financial position appears robust, with sufficient cash reserves to fund operations well into the first half of 2025, which supports the potential for future growth.
The analyst’s outlook is further bolstered by the timely refinement of the RAMP 201 study data release to the current quarter, signaling imminent news that could influence the stock’s performance. In addition, Verastem’s operational expenditures, while slightly higher than anticipated, are indicative of its commitment to pre-commercialization activities, laying the groundwork for a possible product launch in the near future. These elements collectively form the basis for the Buy rating, as they represent significant milestones that could positively impact Verastem’s valuation and market presence.
In another report released on May 13, H.C. Wainwright also maintained a Buy rating on the stock with a $17.50 price target.
VSTM’s price has also changed dramatically for the past six months – from $6.380 to $12.020, which is a 88.40% increase.
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Verastem (VSTM) Company Description:
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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