Verastem, Inc. Expected to Post Q3 2024 Earnings of ($0.79) Per Share (NASDAQ:VSTM)

Verastem, Inc. (NASDAQ:VSTM) – Research analysts at B. Riley upped their Q3 2024 earnings estimates for Verastem in a report issued on Wednesday, July 24th. B. Riley analyst K. Patel now expects that the biopharmaceutical company will post earnings of ($0.79) per share for the quarter, up from their previous forecast of ($0.96). B. Riley has a “Buy” rating and a $7.00 price objective on the stock. The consensus estimate for Verastem’s current full-year earnings is ($4.14) per share. B. Riley also issued estimates for Verastem’s Q4 2024 earnings at ($0.65) EPS, FY2024 earnings at ($3.37) EPS, FY2025 earnings at ($1.80) EPS, FY2026 earnings at ($0.90) EPS, FY2027 earnings at $0.34 EPS and FY2028 earnings at $1.32 EPS.

Verastem (NASDAQ:VSTM) last released its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($1.26) EPS for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.10).

Other research analysts have also recently issued reports about the stock. Alliance Global Partners dropped their target price on shares of Verastem from $34.00 to $20.00 and set a “buy” rating on the stock in a report on Wednesday, May 29th. Royal Bank of Canada cut their price objective on shares of Verastem from $32.00 to $16.00 and set an “outperform” rating on the stock in a research report on Tuesday, May 28th. Truist Financial decreased their target price on shares of Verastem from $34.00 to $18.00 and set a “buy” rating for the company in a research report on Monday, July 8th. HC Wainwright reaffirmed a “buy” rating and issued a $17.50 price target on shares of Verastem in a report on Tuesday, May 28th. Finally, StockNews.com downgraded Verastem from a “hold” rating to a “sell” rating in a research report on Tuesday. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, Verastem currently has an average rating of “Moderate Buy” and an average target price of $20.21.

Verastem Price Performance

Shares of VSTM stock opened at $2.97 on Friday. Verastem has a twelve month low of $2.54 and a twelve month high of $14.22. The company has a current ratio of 4.40, a quick ratio of 4.40 and a debt-to-equity ratio of 1.60. The stock has a fifty day simple moving average of $4.20 and a two-hundred day simple moving average of $8.98. The stock has a market capitalization of $75.23 million, a price-to-earnings ratio of -0.67 and a beta of 0.19.

Institutional Investors Weigh In On Verastem

Institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Verastem by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 1,160,931 shares of the biopharmaceutical company’s stock valued at $13,699,000 after acquiring an additional 10,678 shares during the period. Bank of New York Mellon Corp purchased a new position in shares of Verastem during the 2nd quarter valued at about $203,000. Citigroup Inc. purchased a new stake in Verastem in the 3rd quarter worth approximately $245,000. Cannon Global Investment Management LLC purchased a new stake in Verastem during the first quarter worth $131,000. Finally, International Assets Investment Management LLC grew its position in shares of Verastem by 114,375.0% during the 4th quarter. International Assets Investment Management LLC now owns 9,158 shares of the biopharmaceutical company’s stock valued at $75,000 after acquiring an additional 9,150 shares during the period. Institutional investors and hedge funds own 88.37% of the company’s stock.

Verastem Company Profile

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.