Polar Asset Management Partners Inc. Takes $300,000 Position in Verastem, Inc. $VSTM

Key Points

• Polar Asset Management Partners Inc. invested $300,000 to acquire 49,800 shares of Verastem, Inc., representing approximately 0.10% of the company's stock.
• Verastem, Inc. reported a quarterly loss of ($0.39) EPS, surpassing the analyst consensus estimate of ($0.64), though its revenue of $2.14 million fell short of expectations.
• Analyst ratings for Verastem range from a "Strong Buy" to a "Hold," with an average target price increase from $12.00 to $13.00, reflecting positive sentiment among analysts.

Polar Asset Management Partners Inc. bought a new position in Verastem, Inc. (NASDAQ:VSTM - Free Report) during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 49,800 shares of the biopharmaceutical company's stock, valued at approximately $300,000. Polar Asset Management Partners Inc. owned 0.10% of Verastem at the end of the most recent quarter.

Several other large investors have also made changes to their positions in the company. AQR Capital Management LLC raised its position in shares of Verastem by 78.2% in the 1st quarter. AQR Capital Management LLC now owns 62,603 shares of the biopharmaceutical company's stock worth $377,000 after buying an additional 27,477 shares during the period. Nomura Holdings Inc. purchased a new position in shares of Verastem in the 1st quarter worth $1,255,000. Wellington Management Group LLP purchased a new position in shares of Verastem in the 1st quarter worth $977,000. Nuveen LLC purchased a new position in Verastem in the first quarter valued at about $305,000. Finally, Invesco Ltd. raised its position in Verastem by 153.3% in the first quarter. Invesco Ltd. now owns 37,184 shares of the biopharmaceutical company's stock valued at $224,000 after purchasing an additional 22,504 shares during the period. 88.37% of the stock is owned by hedge funds and other institutional investors.

Verastem Stock Up 1.0%

Shares of NASDAQ VSTM traded up $0.10 during midday trading on Friday, reaching $9.45. 717,496 shares of the company's stock were exchanged, compared to its average volume of 1,867,495. Verastem, Inc. has a 52-week low of $2.54 and a 52-week high of $11.24. The stock has a market capitalization of $581.29 million, a PE ratio of -2.88 and a beta of 0.93. The company has a debt-to-equity ratio of 2.06, a quick ratio of 3.44 and a current ratio of 3.46. The business's fifty day moving average price is $7.16 and its two-hundred day moving average price is $6.56.

Verastem (NASDAQ:VSTM - Get Free Report) last announced its earnings results on Thursday, August 7th. The biopharmaceutical company reported ($0.39) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.64) by $0.25. The business had revenue of $2.14 million for the quarter, compared to analysts' expectations of $6.01 million. Analysts forecast that Verastem, Inc. will post -3.02 EPS for the current year.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

In related news, CEO Dan Paterson sold 17,808 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $5.13, for a total value of $91,355.04. Following the completion of the sale, the chief executive officer directly owned 443,839 shares of the company's stock, valued at $2,276,894.07. The trade was a 3.86% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders sold 24,488 shares of company stock valued at $127,149 over the last three months. 2.10% of the stock is owned by insiders.

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.