Nuveen LLC Makes New Investment in Verastem, Inc. $VSTM

Key Points

• Nuveen LLC acquired 50,633 shares of Verastem, Inc. for approximately $305,000, increasing its stake to 0.10% as of the latest SEC filing.
• Verastem recently beat earnings expectations by reporting a loss of ($0.39) earnings per share against a consensus estimate of ($0.64), but its revenue of $2.14 million fell short of expectations.
• Analysts have raised their ratings on Verastem, with Royal Bank of Canada setting a new price target of $13.00, reflecting overall positive sentiment and a consensus target price of $13.29.

Nuveen LLC bought a new position in shares of Verastem, Inc. (NASDAQ:VSTM - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 50,633 shares of the biopharmaceutical company's stock, valued at approximately $305,000. Nuveen LLC owned 0.10% of Verastem as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in VSTM. Invesco Ltd. lifted its holdings in shares of Verastem by 153.3% during the 1st quarter. Invesco Ltd. now owns 37,184 shares of the biopharmaceutical company's stock valued at $224,000 after buying an additional 22,504 shares during the period. Deutsche Bank AG grew its position in shares of Verastem by 61.9% during the first quarter. Deutsche Bank AG now owns 39,079 shares of the biopharmaceutical company's stock valued at $236,000 after purchasing an additional 14,941 shares in the last quarter. Charles Schwab Investment Management Inc. grew its position in shares of Verastem by 3.7% during the first quarter. Charles Schwab Investment Management Inc. now owns 117,784 shares of the biopharmaceutical company's stock valued at $710,000 after purchasing an additional 4,183 shares in the last quarter. Jefferies Financial Group Inc. purchased a new position in shares of Verastem during the first quarter valued at about $1,631,000. Finally, Rhumbline Advisers grew its position in shares of Verastem by 32.8% during the first quarter. Rhumbline Advisers now owns 49,959 shares of the biopharmaceutical company's stock valued at $301,000 after purchasing an additional 12,330 shares in the last quarter. 88.37% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Dan Paterson sold 17,808 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $5.13, for a total transaction of $91,355.04. Following the sale, the chief executive officer owned 443,839 shares in the company, valued at $2,276,894.07. The trade was a 3.86% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In the last 90 days, insiders have sold 24,488 shares of company stock valued at $127,149. Company insiders own 2.10% of the company's stock.

Verastem Price Performance

Shares of VSTM stock traded down $0.13 during trading hours on Wednesday, hitting $9.79. The company's stock had a trading volume of 2,037,473 shares, compared to its average volume of 1,869,439. The company has a current ratio of 3.46, a quick ratio of 3.44 and a debt-to-equity ratio of 2.06. The stock has a market cap of $602.48 million, a price-to-earnings ratio of -2.97 and a beta of 0.93. The business has a fifty day moving average of $6.96 and a 200-day moving average of $6.51. Verastem, Inc. has a twelve month low of $2.54 and a twelve month high of $11.24.

Verastem (NASDAQ:VSTM - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The biopharmaceutical company reported ($0.39) EPS for the quarter, topping analysts' consensus estimates of ($0.64) by $0.25. The firm had revenue of $2.14 million for the quarter, compared to analyst estimates of $6.01 million. As a group, equities research analysts anticipate that Verastem, Inc. will post -3.02 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have issued reports on the stock. Zacks Research raised shares of Verastem to a "hold" rating in a research note on Tuesday, August 12th. Royal Bank Of Canada boosted their target price on shares of Verastem from $12.00 to $13.00 and gave the company an "outperform" rating in a research report on Friday, August 8th. B. Riley upgraded shares of Verastem to a "strong-buy" rating in a research report on Monday, August 25th. BTIG Research reaffirmed a "buy" rating and set a $20.00 price objective on shares of Verastem in a research note on Tuesday. Finally, Wall Street Zen raised shares of Verastem from a "sell" rating to a "hold" rating in a research note on Sunday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $13.29.

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.