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

Verastem, Inc. (NASDAQ:VSTM) – Investment analysts at B. Riley raised their Q3 2024 earnings estimates for Verastem in a research note issued to investors on Wednesday, July 24th. B. Riley analyst K. Patel now expects that the biopharmaceutical company will post earnings per share of ($0.79) for the quarter, up from their prior estimate of ($0.96). B. Riley has a “Buy” rating and a $7.00 price target 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 announced its earnings results on Thursday, May 9th. The biopharmaceutical company reported ($1.26) EPS for the quarter, missing the consensus estimate of ($1.16) by ($0.10).

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

Verastem Stock Performance

Verastem stock opened at $2.97 on Friday. Verastem has a fifty-two week low of $2.54 and a fifty-two week high of $14.22. The firm’s 50 day simple moving average is $4.20 and its 200-day simple moving average is $8.98. The company has a debt-to-equity ratio of 1.60, a current ratio of 4.40 and a quick ratio of 4.40. The company has a market cap of $75.23 million, a P/E ratio of -0.67 and a beta of 0.19.

Institutional Inflows and Outflows

A number of large investors have recently made changes to their positions in VSTM. Bank of New York Mellon Corp bought a new position in Verastem in the second quarter worth $203,000. Citigroup Inc. bought a new stake in shares of Verastem in the 3rd quarter valued at approximately $245,000. Cannon Global Investment Management LLC bought a new stake in shares of Verastem in the 1st quarter valued at approximately $131,000. Vanguard Group Inc. raised its stake in Verastem by 0.9% during the first 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. Finally, International Assets Investment Management LLC increased 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 worth $75,000 after purchasing an additional 9,150 shares in the last quarter. Institutional investors and hedge funds own 88.37% of the company’s stock.

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.