Verastem (NASDAQ:VSTM) Share Price Crosses Above 200-Day Moving Average - Here's What Happened

Verastem, Inc. (NASDAQ:VSTM - Get Free Report) shares crossed above its two hundred day moving average during trading on Monday . The stock has a two hundred day moving average of $6.95 and traded as high as $9.41. Verastem shares last traded at $9.29, with a volume of 1,942,564 shares.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on VSTM shares. BTIG Research restated a "buy" rating and set a $20.00 target price on shares of Verastem in a research report on Tuesday, September 9th. Zacks Research upgraded shares of Verastem to a "hold" rating in a research report on Tuesday, August 12th. B. Riley upgraded shares of Verastem to a "strong-buy" rating in a research report on Monday, August 25th. Royal Bank Of Canada raised their target price on shares of Verastem from $12.00 to $13.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, Wall Street Zen upgraded shares of Verastem from a "sell" rating to a "hold" rating in a research report on Sunday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $13.29.

Verastem Trading Up 8.4%

The business's 50-day moving average is $8.78 and its two-hundred day moving average is $6.95. 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 stock has a market capitalization of $571.71 million, a PE ratio of -2.83 and a beta of 0.89.

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

Institutional Investors Weigh In On Verastem

Several institutional investors have recently made changes to their positions in the stock. Squarepoint Ops LLC boosted its position in shares of Verastem by 2,995.6% during the 2nd quarter. Squarepoint Ops LLC now owns 351,569 shares of the biopharmaceutical company's stock worth $1,459,000 after purchasing an additional 340,212 shares in the last quarter. Nomura Holdings Inc. boosted its position in shares of Verastem by 224.2% during the 2nd quarter. Nomura Holdings Inc. now owns 674,596 shares of the biopharmaceutical company's stock worth $2,800,000 after purchasing an additional 466,491 shares in the last quarter. Exome Asset Management LLC purchased a new stake in shares of Verastem during the 2nd quarter worth $2,490,000. E Fund Management Co. Ltd. purchased a new stake in shares of Verastem during the 2nd quarter worth $49,000. Finally, Rafferty Asset Management LLC purchased a new stake in shares of Verastem during the 2nd quarter worth $435,000. 88.37% of the stock is currently owned by hedge funds and other institutional investors.

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.

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